Schedule 3, Part 1 Amendment of Building Societies Act 1989

1

Section 2(1)

After the definition of "society", insert -

" 'special investment shares' shall be construed in accordance with section 18(1A);".

2

Section 14(6)

Substitute "With the exception of any alteration to the rules that make changes necessary to or consequential on the issue of special investment shares, an alteration" for "An alteration".

3

Section 17(3)

After paragraph (a), insert -

(aa) the acceptance of payments by way of subscription for special investment shares;

4

Section 18(1)(b)(i)

After "deferred", insert ", special investment".

5

Section 18(1)

After subsection (1), insert -

"(1A) Special investment shares shall be issued only to the Minister for Finance or to such other person as he or she may nominate, and that Minister may specify the terms and conditions on which special investment shares may be issued, including terms and conditions -

(a) that entitle the holder of the s