Building Societies Act, 1989


Formation and Authorisation of Building Societies

Objects and general powers of a building society.

9.—(1) A building society may have as its objects the undertaking of any of the activities permitted by or under this Act and shall have as one of its objects the raising of funds for making housing loans.

(2) A society shall have the powers conferred by or under this Act and any incidental powers that are necessary for the achievement of its objects subject to—

(a) compliance with any requirement that, for a power to be exercisable by a society, it must be adopted by the society; and

(b) the exercise by the Central Bank of its functions under this Act, the Currency and Central Bank Acts, 1927 to 1971, or regulations made under any such Act.