Building Societies (Amendment) Act 2006

Amendment of section 36 of Principal Act.

15.— Section 36 of the Principal Act is amended—

(a) by deleting subsection (1)(b),

(b) by substituting the following for subsection (2):

“(2) Each power to which this section relates, except for powers that are ancillary or incidental and related to those powers, must, in order to be exercisable, be adopted by the society by a special resolution and recorded in its memorandum.”,

and

(c) in subsection (4), by substituting “prior approval of the Central Bank” for “approval of the Central Bank”.