Building Societies Act, 1976

Suspension and cancellation of registration.

94.—(1) (a) Where the Registrar is satisfied that a society has wilfully and after notice from the Registrar violated any provision of this Act or failed to comply with a requirement of or under this Act, he may suspend the registration of the society for a period of not more than three months and may extend the suspension from time to time by not more than three months on each occasion.

(b) Where the Registrar is satisfied that a society has ceased to function, he may cancel the registration of the society.

(2) As soon as practicable after a cancellation or suspension under this section takes effect, the Registrar shall cause a notice of the cancellation or suspension to be published in Iris Oifigiúil and in at least one daily newspaper published in the State and circulating in the area in which the chief office of the society is situated.

(3) The Registrar shall, as soon as may be after a cancellation or suspension under this section, notify the Central Bank of the cancellation or suspension.

(4) Where the registration of a society is cancelled or suspended under this section the society may, within the period of two months beginning on the date of receipt of the Registrar's decision, appeal to the Court and the Court may, if it thinks proper, set aside the cancellation or suspension.

(5) Without prejudice to any other provision of this section, the Registrar may cancel the registration of a society at the society's request, evidenced in such manner as he may direct.

(6) Where the registration of a society is cancelled or suspended under this section, the society shall, subject to subsection (4), cease from the coming into effect of the cancellation or suspension (and, in the case of a suspension, for as long as it continues) to enjoy the privileges of a society.

(7) Subsection (6) shall have effect without prejudice to any liability actually incurred by the society and any such liability may be enforced against the society as if the cancellation or suspension had not taken place.