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Building Societies Act, 1989 (No. 17)Introductory TextActs Referred toPart I Preliminary and General (ss. 1-8)1. Short title and commencement.2. Interpretation.3. Regulations, directions, etc.4. Regulations to remove difficulties.5. Modification of Act to conform with changes in company and banking law.6. Repeals and consequential provisions.7. Service of notices.8. Expenses.Part II Formation and Authorisation of Building Societies (ss. 9-17F)9. Objects and general powers of a building society.10. Formation, registration and incorporation.11. Supplemental provisions relating to memorandum and rules.12. Acts of a society.13. Registered name.14. Alteration of memorandum and rules.15. Chief office of society.16. Membership and liability of members.17. Authorisation to raise funds.17A. Programme of operations and structural organisation17B. Initial capital17C. Effective direction of business and place of head office17D. Members17DA. Assessment of suitability of shareholders or members17DB. Waiver for credit institutions permanently affiliated to central body17E. Refusal of authorisation17F. Prior consultation of competent authoritiesPart III Powers of a Building Society (ss. 18-36)18. Power to raise funds and borrow money.18A. Relationship framework.19. Death of shareholder or depositor.20. Premises.21. Holding and developing land.22. Housing loans.23. Other loans.24. Tiered interest rates.25. Assessment of security for loans.26. Sale or retention of mortgaged property.27. Discharge of mortgage.28. Investment in and support of bodies corporate, etc.29. Financial services.30. Bonds and sureties.31. Conveyancing services.32. Services relating to land.33. Power to operate outside the State.34. Power to hedge.35. Prohibition on linking services.36. Exercise of powers.Part IV Control and Supervision of Building Societies by Central Bank (ss. 37-47)37. Duty of the Central Bank as respects building societies.38. Supply of mortgage finance.39. Asset and liability ratios and structures.40. Revocation of authorisation and giving of direction by Central Bank.41. Power to investigate business activities of building societies and related bodies.41A. Central Bank may require society or body to provide information relating to business activities.42. Control of advertising.43. Power of Court to prohibit certain contraventions of Act.44. Disclosure of information.45. Appointment of inspector and calling of special meeting.46. Provisions supplemental to section 45.47. Inspectors' reports and proceedings thereon.Part V Management of Building Societies (ss. 48-66)48. Directors.49. Chief executive and secretary.50. Directors: appointment and retirement.51. Directors: supplementary provisions as to elections, etc.52. Connected persons.53. Disclosure by directors of interests in contracts.54. Contracts of employment of directors.55. Inspection of directors' service contracts.56. Substantial property transactions involving directors and connected persons.57. Restrictions on loans etc. to directors and connected persons.58. Sanctions for breach of section 57.59. Records of loans etc. falling within section 57.60. Record and disclosure of certain business.61. Particulars of directors' salaries etc. to be given in accounts.62. Prohibition of tax-free payments.63. Directors' names on business letters.64. Disqualification of certain persons from acting as directors or auditors of or managing building societies.65. Register of members.66. Register of directors, etc.Part VI Meetings, Resolutions, Voting, etc. (ss. 67-75)67. Annual general meeting.68. Notice of meetings.69. Members' entitlement to vote on resolutions.70. Special resolutions.71. Conversion resolutions.71A. Resolutions for special investment shares.72. Proxies.73. Right to demand a poll.74. Members' right to propose and circulate resolutions.75. Postal ballots.Part VII Accounts and Audit (ss. 76-90)76. Accounting records, systems of business control and keeping of title deeds.77. Annual accounts.78. Directors' report.79. Summary financial statement.80. Display of statement.81. Signing of balance sheet.82. Documents to be laid before annual general meeting.83. Appointment and removal of auditors.84. Resolutions relating to appointment and removal of auditors.85. Resignation of auditors.86. Requisitioning of general meeting of society by resigning auditor.87. Qualifications for appointment as auditor.88. Auditors' report, right of access to books and to attend general meeting.89. Duties of auditor.90. Penalty for false statements to auditors.Part VIII Disputes and Complaints (ss. 91-92)91. Settlement of disputes.92. Investigation of complaints.Part IX Savings Protection (ss. 93-94)93. Deposit at Central Bank.94. Protection of shareholders' and depositors' funds.Part X Amalgamations and Transfers of Engagements (ss. 95-99)95. Amalgamation of societies.96. Transfer of engagements.97. Statement for members relating to proposed amalgamation or transfer of engagements.98. Confirmation of amalgamation or transfer.99. Compensation for loss of office and bonuses to members.Part XI Conversion to Public Limited Company (ss. 100-108A)100. Interpretation of this Part.101. Conversion of a society to a public limited company.101A.101B. Joint shareholders.101C. Disposal of successor company.102. Protective provisions.103. Conversion statement.104. Confirmation and registration of conversion scheme by Central Bank.105. Petition to High Court against conversion scheme.106. Registration of society as a company.107. Consequential provisions on conversion of society.108. Conversion regulations.108A. Application of certain enactments to building societies.Part XII Winding up, etc. (ss. 109-112)109. Winding up.110. Cancellation of registration.111. Liability of officers of society to penalty where proper accounting records not kept.112. Personal liability of officers of society where proper accounting records not kept.Part XIII Miscellaneous (ss. 113-127)113. Financial year of a society.114. Liability of officer.115. Court's power to grant relief to an officer of a society.116. Provisions as to evidence.117. Form of registers, records, etc.118. Exemption from stamp duty.119. Offences.120. Furnishing false information, etc.121. Judgments against a society.122. Public file to be kept in respect of society.123. Subsidy by Minister in respect of interest on housing loans made by a society.124. Savings and transitional provisions.125. Transfer of functions to Central Bank.126. Amendments to the Bankers' Books Evidence Acts, 1879 and 1959, and the Bills of Exchange Act, 1882.127. Recognition of building society accounts.First Schedule Enactments RepealedSecond Schedule Provisions applicable as respects the memorandum and rulesThird Schedule Supplementary provisions in relation to authorisationFourth Schedule Supplementary provisions in relation to withdrawal of an authorisationFifth Schedule Supplementary provisions in relation to a direction by the Central Bank under Section 40
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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 August 2006 - onwards
Version 3 of 3

39. Asset and liability ratios and structures.

(1) A building society shall at all times keep such a proportion of its total assets in liquid form (hereinafter referred to as "liquid assets") having such a composition as to enable the society to meet its liabilities as they arise.

(2) For the purposes of complying with subsection (1), a society shall have regard to the range and scale of its business and that of any subsidiary or other associated body and the composition and character of its assets and liabilities and those of any such body.

(3) A society may keep liquid assets in addition to those required for the purpose of complying with subsection (1).

(4) The Central Bank may from time to time require a society to maintain -

(a) a specified ratio,

(b) a ratio which does not exceed a specified ratio, or

(c) a ratio which is not less than a specified ratio,

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