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. |