Building Societies Act, 1976

• Jurisdiction: Ireland
• Citation: IR No. 38/1976

Number 38 of 1976
BUILDING SOCIETIES ACT, 1976
ARRANGEMENT OF SECTIONS
PART I
Preliminary and General
Section 1. Short title. 2. Interpretation. 3. Commencement. 4. Service of notices. 5. Regulations. 6. Repeals. 7. Expenses.
PART II
Establishment, Rules, Powers etc. of Societies
8. Establishment of a society. 9. Use of certain words. 10. Rules. 11. Registration of rules and incorporation of a society. 12. Alteration of rules. 13. Change of name. 14. Chief office. 15. Use of registered name. 16. Land and buildings. 17. Membership. 18. Restrictions on commencement of business. 19. Permission to advertise. 20. Deposit at Central Bank. 21. Provisions supplemental to section 20. 22. Power to raise funds and to borrow money. 23. Provisions supplemental to section 22.
24. Loans by one society to another. 25. Union of societies. 26. Transfer of and undertaking to fulfil engagements. 27. Confirmation and registration of union under section 25 or transfer or undertaking under section 26. 28. Statement for members relating to proposal under section 25 or 26.
PART III
Control of Societies by Registrar.
29. Power of Registrar to appoint inspector or call special meeting. 30. Provisions supplemental to section 29. 31. Power of Registrar to suspend raising of funds, etc. 32. Power of Registrar to suspend advertising. 33. Order by Court regarding direction under section 31 or 32. 34. Power to inspect and obtain documents, etc. 35. Control of advertising. 36. Forms and fees.
PART IV
Ratios and Investments
37. Control of ratios between assets and liabilities. 38. Investment of surplus funds.
PART V
Management and Administration of Societies
39. Officer to give security and to account for money. 40. Directors. 41. Disclosure of interest by director. 42. Prohibition on bankrupts and other persons. 43. Loans to directors, etc. 44. Payments made to director. 45. Prohibition of tax-free payment to directors. 46. Directors' names on business letters, etc. 47. General provisions relating to disputes. 48. Determination of disputes by arbitration. 49. Determination of disputes by Registrar. 50. Determination of disputes by Circuit Court. 51. Notice of meeting. 52. Right to attend meetings. 53. Voting at meeting. 54. Proxies. 55. Right to demand a poll. 56. Special resolution. 57. Members' special resolution. 58. Annual general meeting. 59. Keeping of books of account, etc. 60. Annual accounts. 61. Display of statement. 62. Form of accounts. 63. Signing of balance sheet. 64. Directors' report. 65. Provisions relating to certain documents. 66. Appointment of auditor. 67. Resolutions relating to appointment and removal of auditor. 68. Qualifications for appointment as auditor. 69. Auditor's report, right of access to books and to attend meetings, etc. 70. Submission of returns and information.
71. Liability of officer. 72. Court's power to grant relief to officer of a society. 73. Register of members. 74. Register of directors and secretary. 75. Commission, insurance etc. 76. Regulations relating to management of society.
PART VI
Loans
77. Amounts and purposes of loans. 78. Security for loans. 79. Valuation of security for loans. 80. Loan on second mortgage. 81. Prohibition of balloting for loans. 82. Sale of mortgaged property. 83. Records of loans. 84. Discharge of mortgage.
PART VII
Miscellaneous
85. Registrar of Building Societies. 86. Annual report by Registrar. 87. Guarantee by Minister for Finance of borrowings by societies. 88. Financial year of a society. 89. Provisions as to evidence. 90. Form of registers, records and books of account. 91. Exemption from stamp duty. 92. Offences. 93. Provisions relating to judgments against a society. 94. Suspension and cancellation of registration. 95. Winding up. 96. Building Societies Advisory Committee. 97. Savings, etc.
SCHEDULE
Enactments Repealed
Acts Referred to Arbitration Act, 1954 1954, No. 26 Companies Act, 1963 1963, No. 33 Central Bank Act, 1971 1971, No. 24 Building Societies Act, 1974 1974, No. 9 Registration of Title Act, 1964 1964, No. 16 Registration of Deeds Act, 1707 1707, c. 2 Registry of Deeds (Ireland) Act, 1832 1832, c. 87
Number 38 of 1976
BUILDING SOCIETIES ACT, 1976
AN ACT TO CONSOLIDATE WITH AMENDMENTS THE LAW RELATING TO BUILDING SOCIETIES. [21st December, 1976]
BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:
PART I Preliminary and General
	Short title.	1.—This Act may be cited as the Building Societies Act, 1976.
	Interpretation.	2.—(1) In this Act—
	“Act of 1954” means the Arbitration Act, 1954 ;
	“Act of 1963” means the Companies Act, 1963 ;
	“Act of 1971” means the Central Bank Act, 1971 ;
	“alteration”, in relation to the rules of a society, includes any addition to the rules and also includes the rescission of all or any of the rules, whether with or without the substitution of one or more than one rule for any rules rescinded, and cognate words shall be construed accordingly;
	“bank” means the holder of a licence under section 9 of the Act of 1971;
	“board of directors”, in relation to a society managed by a committee of management, means that committee;
	“Central Bank” means the Central Bank of Ireland;
	“commission” includes any gift, bonus, fee, payment or other benefit;
	“Court” means the High Court, except where the context otherwise requires;
	“director” includes a member of a committee of management and any other person occupying the position of director, by whatever name called;
	“member”, in relation to a society, has the meaning assigned to it by section 17;
	“member of the family”, in relation to a person, means the spouse, son, daughter, step-son, step-daughter, adopted son or adopted daughter of that person;
	“Minister” means the Minister for Local Government;
	“mortgage” includes charge;
	“officer”, in relation to a society, includes a director, chief executive or secretary, and in Part V also includes an auditor;
	“prescribed” means prescribed by regulations made under this Act;
	“Registrar” has the meaning assigned to it by section 85;
	“society” means a building society established under this Act for the purpose of raising, in accordance with this Act, funds (by the subscriptions of the members, the acceptance of deposits and loans) for making loans to members on security by the mortgage of freehold or leasehold estate or interest;
	“solicit deposits or subscriptions for shares” includes publish or display any matter soliciting deposits or subscriptions for shares whether by notice, circular, photograph, film, sound broadcasting, television, personal canvassing or otherwise;
	“special resolution” has the meaning assigned to it by section 56.
	(2) In this Act a reference to a Part or section is to a Part or section of this Act, unless it is indicated that reference to some other enactment is intended.
	(3) In this Act a reference to a subsection, paragraph or subparagraph is to the subsection, paragraph or subparagraph of the provision in which the reference occurs, unless it is indicated that reference to some other provision is intended.
	Commencement.	3.—This Act shall come into operation on such day or days as may be fixed by order or orders of the Minister, either generally or with reference to a particular purpose or provision, and different days may be fixed for different purposes and different provisions of this Act.
	Service of notices.	4.—Where notice is required by this Act to be served on a person, it shall, unless otherwise specified in this Act, be addressed to him and shall be served on or given to him in one of the following ways—
	(a) where it is addressed to him by name, by delivering it to him;
	(b) by leaving it at the address at which he ordinarily resides or, in a case in which an address for service has been furnished, at that address;
	(c) by sending it by ordinary prepaid post addressed to him at the address at which he ordinarily resides or, in a case in which an address for service has been furnished, at that address.
	Regulations.	5.—(1) (a) Subject to paragraph (b), the Minister may make regulations prescribing any matter or thing referred to in this Act as prescribed or to be prescribed.
	(b) For the purposes of Part IV, the Minister for Finance may make regulations prescribing any matter or thing referred to in that Part as prescribed or to be prescribed.
	(2) Regulations under this Act may apply either generally or by reference to a specified class or classes of societies, loans, rules or such other matters as the Minister making the regulations may consider appropriate.
	(3) Without prejudice to any other power conferred by this Act, regulations thereunder may contain such incidental, consequential, transitional or supplementary provisions as may appear to the Minister making the...