Building Societies Act, 1989
|
Premises. |
20.—(1) A building society may acquire or provide itself with premises for the purpose of— | |
(a) conducting its business, or | ||
(b) enabling a subsidiary or other associated body of the society to conduct the business of the society or of that body from the premises. | ||
(2) If the premises are acquired or provided for the purpose of the business of a society, a subsidiary or other associated body, the society may acquire or otherwise provide itself with and hold the premises notwithstanding that part only of the premises is or will be required for that purpose. | ||
(3) A society— | ||
(a) may dispose of the whole or part of any premises held under this section, and | ||
(b) if no part of the premises comes to be or, as the case may be, is any longer occupied for the business of the society, a subsidiary or other associated body, shall, subject to subsection (4), sell its estate or interest in the premises as soon as it is practicable to do so without undue loss. | ||
(4) Subsection (3) (b) does not require a society to sell any premises if the society may hold it under section 21 and elects to do so by a resolution of the board of directors. |