(1) Where a building society proposes to issue special investment shares and its board of directors in good faith forms the opinion that the issue of such shares will assist in securing the financial position of the building society, the board of directors may, notwithstanding any provision in the society's rules, propose a resolution to approve of the issue of such shares and a special resolution to alter the society's memorandum and rules to give effect to all necessary and consequential changes relating to the issue of such shares.

(2) Where the resolution and special resolution mentioned in subsection (1) are to be considered at a meeting, then, notwithstanding any other provision of this Act or any provision of the rules, the board of directors of the society concerned may reduce the period of notice otherwise required to be given for the meeting to a period not shorter than 5 days, if that board is of the view that the circumstances warrant it.

(3) Where the resolution and special resolution mentioned in subsection (1) are to be voted on by postal ballot, then, notwithstanding any other provision of this Act or any provision of the rules, the board of directors of the society concerned may reduce the period of notice otherwise required to a period not shorter than 5 days before the date which the board specifies as the date for the postal ballot, if that board is of the view that the circumstances warrant it.