| Commentary

12 Powers

| Commentary

12 Powers

Under the Building Societies Act 1997 the existence and scope of a building society’s powers to make loans now depends solely on the terms of its memorandum1. The 1997 Act has therefore dispensed with the need for the express statutory powers which previously enabled a building society to make advances secured on land in the United Kingdom, to participate in syndicated lending and to make advances secured on land overseas2; and also of the restrictions that certain powers had to be expressly adopted by a building society in order to be exercisable or were only available to a

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