| Commentary

14 Incorporation

| Commentary

14 Incorporation

A building society is established under the Building Societies Act 1986 on compliance by the persons establishing it with certain requirements1, and is incorporated under that Act as from the date of registration by the central office of the Financial Services Authority2. It must be established by ten or more persons, who must agree upon the purpose or principal purpose3 of the society, and upon the extent of its powers4, in a memorandum which complies with the statutory requirements5, and upon rules for the regulation of the society which also comply with the relevant requirements6. They must send

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