(1) A building society may have as its objects the undertaking of any of the activities permitted by or under this Act and shall have as one of its objects the raising of funds for making housing loans.

(2) A society shall have the powers conferred by or under this Act and  any ancillary or incidental powers that are related to the furtherance of its objects subject to -

(a) compliance with any requirement that, for a power to be exercisable by a society, it must be adopted by the society save as provided for in section 36(2), and

(b) the exercise by the Central Bank of its functions under this Act, the Central Bank Acts 1942 to 1998, or regulations made under any such Act.