173. Building societies, friendly societies, trade unions.

The power of a building society to deal with land is governed by its constitution1 but a party to a transaction has no duty to inquire as to the capacity of the building society or the authority of its directors2. It will also have power to sell land as a lender where it has lent money on mortgage and the lender's power of sale has become exercisable3. Registered friendly societies and co-operative or community benefit societies have power to buy, sell and hold land, subject to the rules of each individual society