28. Building societies, friendly societies, credit unions and trade unions.

Subject to the provisions of the Building Societies Act 1986, 1a building society has the powers conferred on it by its memorandum2. This may include a power to lease property held for the purpose of conducting its business3. A building society may also lease land as mortgagee in possession in accordance with the statutory powers conferred by the Law of Property Act 1925 on such a mortgagee4.

Registered friendly societies, or branches, if their rules so provide, have powers of leasing land held for the purpose of carrying on any of its activities in the names of the trustees5. An