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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 December 1997 - onwards
  Version 2 of 2    

9. Raising funds and borrowing.

For section 8 of the 1986 Act there shall be substituted the following section -

"8 Raising funds and borrowing

(1) Subject to subsection (2) below, a building society shall not do any of the following things, namely -

(a) accept a deposit from an individual;

(b) raise funds from an individual otherwise than by the issue of shares; and

(c) raise funds from a body corporate, or from a bare trustee (or, in Scotland, a simple trustee) for a body corporate or for persons who include a body corporate, otherwise than by the issue of deferred shares.

(2) Nothing in subsection (1)(a) above shall apply in relation to -

(a) the maintenance on behalf of an individual of a current account, or a deposit account which contains in its title the word "client" or the word "trust" or "trustee";

(b) the issue to an individual of a transferable instrument;

(c) the acceptance from an individual of a qualifying time deposit or an overseas deposit; or

(d) in the case of a building society which has announced

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