CHAPTER 42:03
BUILDING SOCIETIES

ARRANGEMENT OF SECTIONS

SECTION

PART I
Preliminary

    1.    Short title

    2.    Interpretation

    3.    Application

    4.    Name of terminating society

PART II
Registration of Societies and Matters Incidental thereto

    5.    Prohibition of unregistered society

    6.    Mode of forming society

    7.    Matters which must be provided in rules of society

    8.    Alteration of rules

    9.    Rules open to public

    10.    Registration of societies

    11.    Registrar may inspect books and accounts of any association

    12.    Effect of registration

    13.    Conclusiveness of certificate of registration

    14.    Cancellation or suspension of registration

    15.    Name of society

    16.    Change of name of society

PART III
Powers of Societies, Deposits, Shares, Advances and Financial Provisions
with respect to Societies

    17.    Powers of society

    18.    Minors and married women may be members of society

    19.    Conditions in regard to savings deposits and fixed deposits

    20.    Maximum savings deposit or fixed deposit by individual

    21.    Saving in the case of deposits by a trustee

    22.    Conditions relating to shares

    23.    Maximum shareholding by individual

    24.    Society may redeem share in certain circumstances

    25.    Advances must be reducible or fixed-term advances

    26.    Limit as to amount of advance

    27.    President may guarantee repayment of advances

    28.    Limit as to amount of advance when President has guaranteed repayment

    29.    Method of calculating interest must be stated in advertisement relating to advances

    30.    Advance on property already mortgaged prohibited

    31.    Society may make further advances for certain purposes

    32.    Limitation as to sum total of advances

    33.    Valuation of property for purposes of advance

    34.    Valuator must have no pecuniary interest in advance

    35.    Duty of director, etc. to disclose interest in advance

    36.    Society may recover certain amounts in addition to amounts entitled to under mortgage or cession

    37.    Registrar may examine books of society

    38.    Non-compliance with Act does not invalidate advance

    39.    Establishment of statutory reserve fund

    40.    Restriction on pledging of investments and mortgages

    41.    Restriction on borrowings

    42.    Society must hold certain amount daily as security for repayments

PART IV
Management and Administration

    43.    Head office of society

    44.    Financial year of society

    45.    Periodical statements as to financial position

    46.    Annual accounts

    47.    Society must provide fidelity cover

    48.    Annual and special general meetings

    49.    Minutes of proceedings of meetings of society or directors

    50.    Inspection of minute books

    51.    Keeping of books of account

    52.    Appointment of auditors

    53.    Disqualifications for appointment as auditor

    54.    Contents of auditor's report

    55.    Auditor's right of access to books and to attend general meetings

    56.    Investigation of society's affairs on application of members

    57.    Investigation of society's affairs in other cases

    58.    Production of documents and evidence on investigation

    59.    Inspector's reports

    60.    Proceedings on inspector's report

    61.    Expenses of investigation of society's affairs

    62.    Saving for attorneys and bankers

    63.    Inspector's report to be evidence

    64.    Directors and secretary

    65.    Validity of acts of directors

    66.    Disqualification for appointment as director

    67.    Amalgamation of two or more societies

    67A.    Conversion of a society into a company

    67B.    Protective provisions

    67C.    Tax exemptions

    67D.    Licences

    68.    Modes of winding-up

    69.    Liability of members

    70.    Liability of borrowers

    71.    Judicial management of society

PART V
Foreign Building Societies

    72.    Registration of foreign building societies

    73.    Provisions of this Act to apply

PART VI
General

    74.    Lost or destroyed share certificates, etc.

    75.    Inspection of documents by public

    76.    Default in rendering accounts and furnishing information

    77.    Acceptance of benefits prohibited

    78.    False statements

    79.    Default in complying with financial provisions

    80.    Evidence

    81.    Penalties

    82.    Regulations

First Schedule

Second Schedule

Third Schedule

Proc. 36, 1961,
H.C.N. 17, 1963,
HMC Order 1, 1963,
L.N. 84, 1966,
Act 43, 1970,
Act 70, 1970,
Act 39, 1978,
Act 1, 1986,
Act 18, 2006
Act 3, 2014,
S.I. 81, 2014,
Act 40, 2018,
S.I. 53, 2019.

An Act to provide for the control of building societies.

[Date of Commencement: 3rd May, 1961]

PART I
Preliminary (ss 1-4)

1. Short title