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Regulations relating to management of society.
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76.—(1) The Minister may, on the recommendation of the Registrar and after consultation with the Minister for Finance and the Building Societies Advisory Committee, make such regulations relating to the management of societies as he considers necessary or expedient for the purpose of securing their proper and efficient management or for the purpose of promoting the orderly and proper regulation of building society business.
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(2) Without prejudice to the generality of subsection (1), regulations under this section may provide—
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(a) for limits (calculated by reference to amounts, percentages or otherwise) on the expenditure that may be incurred by a society for the purpose of or arising from its operation and management,
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(b) for a code of practice relating to societies, with which societies shall take all practicable steps to comply.
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(3) Regulations under this section may apply to all societies or to a specified class or classes of societies, and to all expenditure of the type referred to in subsection (2) (a) or to a specified class or classes of that expenditure, and different limits and different provisions of a code of practice may apply to a specified class or classes of societies, and a class or classes of societies may be so specified by reference to such matters as the Minister, on the recommendation of the Registrar, may consider appropriate.
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(4) Where regulations are proposed to be made under this section, a draft of the proposed regulations shall be laid before each House of the Oireachtas and the regulations shall not be made until a resolution approving of the draft has been passed by each such House.
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