(1) A society may be established under this Act if (and only if) it complies with the following requirements, namely -
(a) its purpose or principal purpose is that of making loans which are secured on residential property and are funded substantially by its members; and
(b) its principal office is in the United Kingdom.
(2) A society is established under this Act on compliance by the persons establishing it with the scheduled requirements and is incorporated under this Act as from the date of registration by the FCA.
(3) A society incorporated under this Act is referred to in this Act as a "building society".
(4) A society incorporated under the repealed enactments whose principal office, as registered with the central office immediately before the commencement of this section, was in the United Kingdom, shall be deemed to be registered (and accordingly as incorporated) under this Act.
(4A) If, after its establishment, a building society fails to comply with the requirements imposed by
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