|
|
Savings, etc.
|
97.—(1) In so far as any order, regulation, rule, agreement, appeal, application, conveyance, decision, lease, loan, mortgage, payment or reference made or any approval, consent or direction given, requirement imposed, certificate or instrument issued or register kept, resolution passed, notice served or any other thing done under any enactment repealed by this Act could have been made, given, imposed, issued, kept, passed, served or done under a corresponding provision of this Act, it shall not be invalidated by any repeal effected by this Act but shall, if in force immediately before that enactment was so repealed, have effect as if made, given, imposed, issued, kept, passed, served or done (as the case may be) under the corresponding provision of this Act.
|
|
| |
(2) The repeals effected by this Act shall not affect the registration or incorporation of any society registered or incorporated under an enactment so repealed, and any such registration or incorporation shall be deemed to be a registration or incorporation under this Act.
|
|
| |
(3) Where any act or omission is an offence under an enactment repealed by this Act and that enactment provides a penalty for the continuation of the offence, the continuation of the act or omission after the commencement of this section shall be an offence under the provision of this Act which corresponds to the provision of the repealed enactment creating the offence.
|
|
| |
(4) Where, in its application to a particular building society, a period of time specified in a provision (referred to as the repealed provision) of an enactment repealed by this Act has not expired at the commencement of the provision (referred to as the corresponding provision) of this Act corresponding to the repealed provision, the corresponding provision shall have effect as if it had been in operation at the commencement of the period.
|
|
| |
(5) A reference in any document to an enactment repealed by this Act shall, unless the context otherwise requires, be construed as a reference to the corresponding provision of this Act.
|
|
| |
(6) Where the Registrar, after consultation with the Minister and the Minister for Finance, is satisfied that it would be in the public interest or in the interest of the orderly and proper regulation of building society business to do so, he may declare a society to be a society to which this subsection applies.
|
|
| |
(7) The Registrar may not declare a society to be a society to which subsection (6) applies unless written evidence has been produced satisfying him that—
|
|
| |
(a) the officers and members of the society are linked by trade, occupation or employment in one business undertaking,
|
|
| |
(b) the funds of the society are used solely to enable members to acquire houses for their own occupation,
|
|
| |
(c) no fee, emolument or other remuneration is paid to any officer of the society (other than an auditor) from the funds of the society,
|
|
| |
(d) the society had been incorporated on or before the 5th day of December, 1965, and had begun to carry on business on or before that date,
|
|
| |
(e) the society has not, since the 5th day of December, 1965, advertised for or otherwise solicited deposits or subscriptions for shares other than from persons in trade, occupation or employment in the business undertaking referred to in paragraph (a), and
|
|
| |
(f) the society is able to meet its obligations to its creditors, has not suspended any payments lawfully due by it and is not in arrears with any interest due on shares in, or deposits with, the society.
|
|
| |
(8) Where the Registrar declares under subsection (6) a society to be a society to which that subsection applies, such requirements of sections 20, 37 and 38 as he shall specify in the declaration shall not apply to the society.
|
|
| |
(9) Where the Registrar is of opinion that all of the matters specified in subsection (7) no longer apply to a society, he may cancel a declaration under subsection (6) relating to that society and thereupon all the provisions of sections 20, 37 and 38 shall apply to that society.
|
|
| |
(10) A declaration under subsection (6) may be varied by the Registrar after consultation with the Minister and the Minister for Finance.
|
|
| |
(11) In this Act “under this Act” shall, where the context requires, include any Act repealed by this Act or the corresponding provision of such a repealed Act, and cognate words and phrases shall be construed accordingly.
|
