Commentary

1.2 Subsequent legislation

BUILDING SOCIETIES vol 6(1)
| Commentary

1.2 Subsequent legislation

| Commentary

1.2 Subsequent legislation

The Building Societies Act 1986 was considerably amended by later statutes and subordinate legislation, principally the Building Societies Act 1997, which made extensive amendments the main purpose of which was to broaden the financial scope of building societies while maintaining their fundamental character1; to update the supervisory powers of the Building Societies Commission2; to equate the voting rights of borrowing members with those of shareholding members3; to exclude bodies corporate from borrowing membership and to impose severe restrictions on their power to become shareholding members4; and to increase the accountability of societies to their customers5.

Other legislation includes,

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