Building Societies Act, 1942
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Amendment of section 15 of the Principal Act. |
2.—(1) Section 15 of the Principal Act is hereby amended by the deletion of paragraph (2) thereof and the substitution in lieu of that paragraph of the following paragraph, that is to say :— | |
“(2) In a permanent society the total amount so received on deposit or loan and not repaid by the society (not reckoning any loan the payment of which by the society is guaranteed by a local authority under section 3 of the Housing (Amendment) Act, 1941 (No. 18 of 1941) ) shall not at any time exceed three-fourths of the amount for the time being secured to the society by mortgages from its members.” | ||
(2) Section 15 of the Principal Act is hereby amended by the deletion of paragraph (5) thereof and the substitution in lieu of that paragraph of the following paragraph, that is to say :— | ||
“(5) Every deposit book or acknowledgment or security of any kind given for a deposit or loan by a society shall have printed or written therein or thereon, the whole of the following sections, that is to say: section 14 of the Building Societies Act, 1874, section 15 of that Act as amended by the Building Societies Act, 1942, and section 14 of the Building Societies Act, 1894.” |