Commentary

179 Grounds for winding up by the court

BUILDING SOCIETIES vol 6(1)
| Commentary

179 Grounds for winding up by the court

| Commentary

179 Grounds for winding up by the court

The Building Societies Act 1986 applies the applicable winding up legislation1 to the winding up of a building society by the court2. The grounds on which a building society may be wound up are as follows3:

  1. 179.1

        if the society has by special resolution resolved that it be wound up by the court4;

  2. 179.2

        if the number of members is reduced below ten5;

  3. 179.3

        if the number of directors is reduced below two6;

  4. 179.4

        if, being a society registered as a building society under the Building Societies Act 1986 or the repealed

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