Commentary

16 Contents of the memorandum

BUILDING SOCIETIES vol 6(1)
| Commentary

16 Contents of the memorandum

| Commentary

16 Contents of the memorandum

The memorandum of a new building society must specify the following matters: the name of the society and the address of its principal office1; that the purpose or principal purpose of the society is to be that of making loans which are secured on residential property and are funded substantially by its members2; any purposes of the society other than that one3; and the powers of the society4.

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