Building Societies

Cap. 310 · Revised Edition 2020 · 61 sections

s. 1Short title
s. 2Interpretation
s. 3Objects of Society
s. 4Incorporation
s. 5Appeal in case of refusal by Attorney General to certify rules, etc
s. 6Document admissible in evidence
s. 7Commencement of business
s. 8Name of society to include “Building Society”
s. 9Distinction in names of society
s. 10Society to use registered name only
s. 11Change in name of society
s. 12Change of chief office
s. 13Matters to be set forth in the rules
s. 14Copies of rules
s. 15Amendment or addition to rules
s. 16Rules may be made to provide forms of conveyance, etc
s. 17Rules to be binding on members and others
s. 18Evidence of rules of society
s. 19Officers to give security
s. 20Officers to render account when called upon
s. 21Funds raised by issue of shares
s. 22Deposits or loans at interest
s. 23Payment of sums not exceeding $2,000 when members or depositors die intestate
s. 24Limits of borrowing power
s. 25Provisions as to deposit
s. 26Liability for receipt of excess loans or deposits
s. 27Investment of surplus funds
s. 28Dispute as to construction of mortgage deed, etc
s. 29Determination of disputes by arbitration
s. 30Determination of disputes by Registrar General
s. 31Determination of disputes by Supreme Court
s. 32Determination to be final
s. 33Societies may unite with others, or one society may transfer its engagements to another
s. 34Proceedings necessary for the termination or dissolution of a society
s. 35Cancelling and suspension of registration
s. 36Cancellation of registration at request of society
s. 37Effect of cancellation or suspension of registration
s. 38Application of the Companies Act
s. 39Application of Act to persons conducting dissolution of society
s. 40Liability of borrowing members in event of dissolution
s. 41Account and balance sheet to be sent to Registrar General on dissolution
s. 42Power to dissolve society after investigation
s. 43Power to make advances and maximum rates of interest
s. 44Prohibition of balloting for advances
s. 45Society may make advances to members on security only of their uncharged shares
s. 46Mortgages not exceeding $15,000 exempt from stamp duty
s. 47Admission of infants as members
s. 48Disability of infants
s. 49Provision for the case of a member dying intestate leaving an infant beneficiary
s. 50Shares
s. 51Power to acquire business premises
s. 52Societies to make annual audits and statements of the funds to the members
s. 53Inspection of books
s. 54Power of Registrar General on application to appoint inspector or call special meeting
s. 55Report admissible in evidence
s. 56Limitation of liability of members
s. 57Fees
s. 58Offences in relation to property of building societies
s. 59Penalty for falsifying documents
s. 60Gifts, etc., not to be accepted by officials
s. 61Offences