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38 1976

BUILDING SOCIETIES ACT, 1976

PART I

Preliminary and General

Short title.

1. —This Act may be cited as the Building Societies Act, 1976.

Interpretation.

2. —(1) In this Act—

Act of 1954” means the Arbitration Act, 1954 ;

Act of 1963” means the Companies Act, 1963 ;

Act of 1971” means the Central Bank Act, 1971 ;

alteration”, in relation to the rules of a society, includes any addition to the rules and also includes the rescission of all or any of the rules, whether with or without the substitution of one or more than one rule for any rules rescinded, and cognate words shall be construed accordingly;

bank” means the holder of a licence under section 9 of the Act of 1971;

board of directors”, in relation to a society managed by a committee of management, means that committee;

Central Bank” means the Central Bank of Ireland;

commission” includes any gift, bonus, fee, payment or other benefit;

Court” means the High Court, except where the context otherwise requires;

director” includes a member of a committee of management and any other person occupying the position of director, by whatever name called;

member”, in relation to a society, has the meaning assigned to it by section 17;

member of the family”, in relation to a person, means the spouse, son, daughter, step-son, step-daughter, adopted son or adopted daughter of that person;

Minister” means the Minister for Local Government;

mortgage” includes charge;

officer”, in relation to a society, includes a director, chief executive or secretary, and in Part V also includes an auditor;

prescribed” means prescribed by regulations made under this Act;

Registrar” has the meaning assigned to it by section 85;

society” means a building society established under this Act for the purpose of raising, in accordance with this Act, funds (by the subscriptions of the members, the acceptance of deposits and loans) for making loans to members on security by the mortgage of freehold or leasehold estate or interest;

solicit deposits or subscriptions for shares” includes publish or display any matter soliciting deposits or subscriptions for shares whether by notice, circular, photograph, film, sound broadcasting, television, personal canvassing or otherwise;

special resolution” has the meaning assigned to it by section 56.

(2) In this Act a reference to a Part or section is to a Part or section of this Act, unless it is indicated that reference to some other enactment is intended.

(3) In this Act a reference to a subsection, paragraph or subparagraph is to the subsection, paragraph or subparagraph of the provision in which the reference occurs, unless it is indicated that reference to some other provision is intended.

Commencement.

3. —This Act shall come into operation on such day or days as may be fixed by order or orders of the Minister, either generally or with reference to a particular purpose or provision, and different days may be fixed for different purposes and different provisions of this Act.

Service of notices.

4. —Where notice is required by this Act to be served on a person, it shall, unless otherwise specified in this Act, be addressed to him and shall be served on or given to him in one of the following ways—

(a) where it is addressed to him by name, by delivering it to him;

(b) by leaving it at the address at which he ordinarily resides or, in a case in which an address for service has been furnished, at that address;

(c) by sending it by ordinary prepaid post addressed to him at the address at which he ordinarily resides or, in a case in which an address for service has been furnished, at that address.

Regulations.

5. —(1) (a) Subject to paragraph (b), the Minister may make regulations prescribing any matter or thing referred to in this Act as prescribed or to be prescribed.

(b) For the purposes of Part IV, the Minister for Finance may make regulations prescribing any matter or thing referred to in that Part as prescribed or to be prescribed.

(2) Regulations under this Act may apply either generally or by reference to a specified class or classes of societies, loans, rules or such other matters as the Minister making the regulations may consider appropriate.

(3) Without prejudice to any other power conferred by this Act, regulations thereunder may contain such incidental, consequential, transitional or supplementary provisions as may appear to the Minister making the regulations to be necessary or proper for any purpose of this Act or in consequence of, or to give full effect to, any provision of this Act.

(4) Every regulation made under this Act (other than a regulation under section 76) shall be laid before each House of the Oireachtas as soon as may be after it is made and, if a resolution annulling the regulation is passed by either such House within the next 21 days on which that House has sat after the regulation is laid before it, the regulation shall be annulled accordingly, but without prejudice to the validity of anything previously done thereunder.

Repeals.

6. —The enactments specified in column (2) of the Schedule are hereby repealed to the extent specified in column (3) of the Schedule.

Expenses.

7. —(1) The expenses incurred by the Minister in the administration of this Act shall, to such extent as may be sanctioned by the Minister for Finance, be paid out of moneys provided by the Oireachtas.

(2) The expenses incurred by the Minister for Finance in the administration of this Act shall be paid out of moneys provided by the Oireachtas.

(3) The expenses incurred by the Minister for Industry and Commerce in the administration of this Act shall, to such extent as may be sanctioned by the Minister for Finance, be paid out of moneys provided by the Oireachtas.