Building Societies Act, 1989

Recognition of building society accounts.

127.—(1) A reference in any enactment to the deposit of money or the keeping of an account in a bank shall, unless the context otherwise requires, be construed as including the deposit of money with or the keeping of an account in a building society that is authorised within the meaning of section 17 and the provisions of any such enactment in relation to the rights and obligations of a bank in respect of accounts in a bank shall apply to a building society as they apply to a bank.

(2) Any deposit or account to which subsection (1) relates may be held in the form of a shareholding in the society.