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