These regulations provide building societies with new lending powers and prescribe certain rules on the operation of societies.

Part II enables societies fulfilling specified requirements to make loans, not secured by a mortgage, to facilitate the purchase or improvement of a dwelling.

Part III prescribes for societies generally rules in relation to redemption fees, valuation reports, property insurance, legal costs and mortgage protection insurance.

Part IV prescribes for societies generally rules in relation to the appointment and retirement of directors.