Building Societies Act, 1989

Cancellation of registration.

110.—(1) The Central Bank shall cancel the registration of a building society that has been—

(a) dissolved by virtue of section 95 or 96 ,

(b) wound up under section 109 and dissolved, or

(c) converted into a public limited company under Part XI .

(2) Where the Central Bank is satisfied, with respect to a society—

(a) that a certificate of incorporation has been obtained for the society by fraud or mistake and that the society is not an authorised society,

(b) that the society has ceased to function, or

(c) that the society has failed to comply with section 124 (5),

the Bank may cancel the registration of the society.

(3) Without prejudice to subsection (2), the Central Bank may, if it thinks fit, cancel the registration of a society at the society's request, evidenced in such manner as the Bank may direct.

(4) Before cancelling the registration of a society under subsection (2), the Central Bank shall give to the society not less than 2 months' notice, specifying the grounds of the proposed cancellation.

(5) Where the registration of a society is cancelled under subsection (2), the society may within 1 month appeal to the Court and on any such appeal the Court may, if it thinks proper, set aside the cancellation.

(6) Where the registration of a society is cancelled under subsection (2) or (3), then, subject to the right of appeal conferred by subsection (5), the society shall cease to be a building society within the meaning of this Act.

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

(8) As soon as practicable after the cancellation of the registration of a society under this section, the Central Bank shall cause notice thereof to be published in at least 2 daily newspapers published in the State and circulating in the area in which the chief office of the society is situated.