Building Societies Act, 1989

• Jurisdiction: Ireland
• Citation: IR No. 17/1989
• Year: 1989

Number 17 of 1989
BUILDING SOCIETIES ACT, 1989
ARRANGEMENT OF SECTIONS
PART I
Preliminary and General
Section 1. Short title and commencement. 2. Interpretation. 3. Regulations, directions, etc. 4. Regulations to remove difficulties. 5. Modification of Act to conform with changes in company and banking law. 6. Repeals and consequential provisions. 7. Service of notices. 8. Expenses.
PART II
Formation and Authorisation of Building Societies
9. Objects and general powers of a building society. 10. Formation, registration and incorporation. 11. Supplemental provisions relating to memorandum and rules. 12. Acts of a society. 13. Registered name. 14. Alteration of memorandum and rules. 15. Chief office of society. 16. Membership and liability of members. 17. Authorisation to raise funds.
PART III
Powers of a Building Society
18. Power to raise funds and borrow money. 19. Death of shareholder or depositor. 20. Premises. 21. Holding and developing land. 22. Housing loans. 23. Other loans. 24. Tiered interest rates. 25. Assessment of security for loans. 26. Sale or retention of mortgaged property. 27. Discharge of mortgage. 28. Investment in and support of bodies corporate, etc. 29. Financial services. 30. Bonds and sureties. 31. Conveyancing services. 32. Auctioneering services and other services relating to land. 33. Power to operate outside the State. 34. Power to hedge. 35. Prohibition on linking services. 36. Exercise of powers.
PART IV
Control and Supervision of Building Societies by Central Bank
37. Duty of the Central Bank as respects building societies. 38. Supply of mortgage finance. 39. Asset and liability ratios and structures. 40. Revocation of authorisation and giving of direction by Central Bank. 41. Inspections, information, etc. 42. Control of advertising. 43. Power of Court to prohibit certain contraventions of Act. 44. Disclosure of information. 45. Appointment of inspector and calling of special meeting. 46. Provisions supplemental to section 45. 47. Inspectors' reports and proceedings thereon.
PART V
Management of Building Societies
48. Directors. 49. Chief executive and secretary. 50. Directors: Appointment and retirement. 51. Directors: Supplementary provisions as to elections, etc. 52. Connected persons. 53. Disclosure by directors of interests in contracts. 54. Contracts of employment of directors. 55. Inspection of directors' service contracts. 56. Substantial property transactions involving directors and connected persons. 57. Restrictions on loans etc. to directors and connected persons. 58. Sanctions for breach of section 57. 59. Records of loans etc. falling within section 57. 60. Record and disclosure of certain business. 61. Particulars of directors' salaries etc. to be given in accounts. 62. Prohibition of tax-free payments. 63. Directors' names on business letters. 64. Disqualification of certain persons from acting as directors or auditors of or managing building societies. 65. Register of members. 66. Register of directors, etc.
PART VI
Meetings, Resolutions, Voting, etc.
67. Annual general meeting. 68. Notice of meetings. 69. Members' entitlement to vote on resolutions. 70. Special resolutions. 71. Conversion resolutions. 72. Proxies. 73. Right to demand a poll. 74. Members' right to propose and circulate resolutions. 75. Postal ballots.
PART VII
Accounts and Audit
76. Accounting records, systems of business control and keeping of title deeds. 77. Annual accounts. 78. Directors' report. 79. Summary financial statement. 80. Display of statement. 81. Signing of balance sheet. 82. Documents to be laid before annual general meeting. 83. Appointment and removal of auditors. 84. Resolutions relating to appointment and removal of auditors. 85. Resignation of auditors. 86. Requisitioning of general meeting of society by resigning auditor. 87. Qualifications for appointment as auditor. 88. Auditors' report, right of access to books and to attend general meeting. 89. Duties of auditor. 90. Penalty for false statements to auditors.
PART VIII
Disputes and Complaints
91. Settlement of disputes. 92. Investigation of complaints.
PART IX
Savings Protection
93. Deposit at Central Bank. 94. Protection of shareholders' and depositors' funds.
PART X
Amalgamations and Transfers of Engagements
95. Amalgamation of societies. 96. Transfer of engagements. 97. Statement for members relating to proposed amalgamation or transfer of engagements. 98. Confirmation of amalgamation or transfer. 99. Compensation for loss of office and bonuses to members.
PART XI
Conversion to Public Limited Company
100. Interpretation of this Part. 101. Conversion of a society to a public limited company. 102. Protective provisions. 103. Conversion statement. 104. Confirmation and registration of conversion scheme by Central Bank. 105. Petition to High Court against conversion scheme. 106. Registration of society as a company. 107. Consequential provisions on conversion of society. 108. Conversion regulations.
PART XII
Winding up, etc.
109. Winding up. 110. Cancellation of registration. 111. Liability of officers of society to penalty where proper accounting records not kept. 112. Personal liability of officers of society where proper accounting records not kept.
PART XIII
Miscellaneous
113. Financial year of a society. 114. Liability of officer. 115. Court's power to grant relief to an officer of a society. 116. Provisions as to evidence. 117. Form of registers, records, etc. 118. Exemption from stamp duty. 119. Offences. 120. Furnishing false information, etc. 121. Judgments against a society. 122. Public file of a society. 123. Subsidy by Minister in respect of interest on housing loans made by a society. 124. Savings and transitional provisions. 125. Transfer of functions to Central Bank. 126. Amendments to the Bankers' Books Evidence Acts, 1879 and 1959, and the Bills of Exchange Act, 1882. 127. Recognition of building society accounts.
FIRST SCHEDULE
Enactments Repealed
SECOND SCHEDULE
Provisions applicable as respects the memorandum and rules
THIRD SCHEDULE
Supplementary provisions in relation to authorisation
FOURTH SCHEDULE
Supplementary provisions in relation to revocation of an authorisation
FIFTH SCHEDULE
Supplementary provisions in relation to a direction by the Central Bank underSection 40
Acts Referred to Age of Majority Act, 1985 1985, No. 2 Arbitration Act, 1954 1954, No. 26 Arbitration Act, 1980 1980, No. 7 Auctioneers and House Agents Act, 1947 1947, No. 10 Auctioneers and House Agents Act, 1967 1967, No. 9 Bankers' Books Evidence Act, 1879 42 & 43 Vict., c. 11 Bankers' Books Evidence (Amendment) Act, 1959 1959, No. 21 Bills of Exchange Act, 1882 45 & 46 Vict., c. 61 Building Societies Act, 1976 1976, No. 38 Building Societies (Amendment) Act, 1980 1980, No. 31 Building Societies (Amendment) Act, 1983 1983, No. 25 Building Societies (Amendment) Act, 1986 1986, No. 36 Central Bank Act, 1942 1942, No. 22 Central Bank Act, 1971 1971, No. 24 Companies Act, 1963 1963, No. 33 Conveyancing Act, 1881 44 & 45 Vict., c. 41 Currency Act, 1927 1927, No. 32 European Communities Act, 1972 1972, No. 27 Housing (Miscellaneous Provisions) Act, 1979 1979, No. 27 Housing Act, 1988 1988, No. 28 Industrial Credit Act, 1933 1933, No. 25 Land Act, 1984 1984, No. 24 Petty Sessions Ireland Act, 1851 14 & 15 Vict., c. 93 Registration of Title Act, 1964 1964, No. 16 Registry of Deeds Act, 1707 6 Anne, c.2 Registry of Deeds (Ireland) Act, 1832 2 & 3 Will. 4. c.87 Solicitors Act, 1954 1954, No. 36 Succession Act, 1965 1965, No. 27
Number 17 of 1989
BUILDING SOCIETIES ACT, 1989
AN ACT TO MAKE FURTHER AND BETTER PROVISION WITH RESPECT TO BUILDING SOCIETIES AND TO PROVIDE FOR RELATED MATTERS. [12th July, 1989]
BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:
PART I Preliminary and General
	Short title and commencement.	1.—(1) This Act may be cited as the Building Societies Act, 1989.
	(2) 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 so fixed for different purposes and different provisions.
	Interpretation.	2.—(1) In this Act, unless the context otherwise requires—
	“Act of 1963” means the Companies Act, 1963 ;
	“Act...