(1) Except to the extent permitted by subsection (3) below, a building society shall not raise money from members or accept deposits of money un there is in force an authorisation of the Commission granted under this section or treated as granted under this section by any provisions of this Act.
(2) Authorisation under this section shall, if granted, be granted unconditionally or subject to conditions as provided by subsection (4) or (5) below.
(3) Authorisation is not required for -
(a) the acceptance of payments by way of subscription for deferred shares un the aggregate of the payments exceeds the amount produced by multiplying the prescribed minimum for qualifying capital by the factor of 2 1/2 or such other factor as may be substituted for it by order of the Commission made with the consent of the Treasury;
(b) the acceptance of payments for amounts due in respect of shares which represent interest on, or the repayment of, advances made to the holders of shares;
(c) borrowing