41. 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 the power to acquire and hold premises for the purposes of its business3.

A registered friendly society, or any branch of it, may, if its rules so provide, take any land on lease in the names of the trustees of the society or branch4; and an incorporated friendly society may acquire and hold land for the purpose of carrying on any of its activities or for the purpose of enabling a subsidiary of the society,