Building Societies Act, 1989

Repeals and consequential provisions.

6.—(1) Subject to subsections (2), (4) and (5), the enactments specified in column (2) of the First Schedule are hereby repealed to the extent specified in column (3) of the Schedule.

(2) Subject to subsection (3), Part III of the Building Societies Regulations, 1987 (S.I. No. 27 of 1987) as amended by the Building Societies Regulations (Amendment) Regulations, 1987 (S.I. No. 339 of 1987) shall continue in force, as if made by the Central Bank under section 11 (2) and with the substitution of “Central Bank” for “Registrar”, in relation to—

(a) loans made prior to the commencement of section 22 on the security of a mortgage of freehold or leasehold estate or interest in a house, and

(b) housing loans made on or after the said commencement.

(3) Rule I of the First Schedule to the said Regulations (redemption of loans) shall not apply to a housing loan, made on or after the commencement of section 22 , in respect of which the mortgage or loan agreement provides that the rate of interest may not be changed or may only be changed at intervals of not less than one year.

(4) A society that, immediately before the repeal of section 3 of the Building Societies (Amendment) Act, 1986 , is entitled, by virtue of that section and regulations thereunder, to make loans to members for the purpose of carrying out improvement works to a dwelling shall continue to be entitled to make such loans as if that section had not been repealed until, but only until—

(a) the date on which the memorandum of the society takes effect in accordance with section 124 (8), or

(b) the date on which the power to make loans under section 23 (1) (e) becomes exercisable by the society,

whichever is the earlier.

(5) Notwithstanding the repeal of the Building Societies Act, 1976 , sections 20, excepting subsections (9) and (11), and 21 of that Act, shall continue to apply in relation to the exercise by a building society of any function to which an authorisation under section 17 relates pending the coming into force of Part IX .