SOCIETIES ACT, 1942

The Principal Act.

The Principal Act.

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1.—In this Act the expression “the Principal Act” means the Building Societies Act, 1874.

Amendment of section 15 of the Principal Act.

Amendment of section 15 of the Principal Act.

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2.—(1) Section 15 of the Principal Act is hereby amended by the deletion of paragraph (2) thereof and the substitution in lieu of that paragraph of the following paragraph, that is to say :—

“(2) In a permanent society the total amount so received on deposit or loan and not repaid by the society (not reckoning any loan the payment of which by the society is guaranteed by a local authority under section 3 of the Housing (Amendment) Act, 1941 (No. 18 of 1941) ) shall not at any time exceed three-fourths of the amount for the time being secured to the society by mortgages from its members.”

(2) Section 15 of the Principal Act is hereby amended by the deletion of paragraph (5) thereof and the substitution in lieu of that paragraph of the following paragraph, that is to say :—

“(5) Every deposit book or acknowledgment or security of any kind given for a deposit or loan by a society shall have printed or written therein or thereon, the whole of the following sections, that is to say: section 14 of the Building Societies Act, 1874, section 15 of that Act as amended by the Building Societies Act, 1942, and section 14 of the Building Societies Act, 1894.”

Power to take collateral security into account in determining advance.

Power to take collateral security into account in determining advance.

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3.—(1) In determining the amount of any advance made before the passing of this Act upon the security of freehold or leasehold estate, a society to which the Principal Act applies shall be deemed always to have had power to take into account, besides the freehold or leasehold estate, the value of any additional security for the advance.

(2) In determining the amount of any advance made after the passing of this Act upon the security of freehold or leasehold estate, a society to which the Principal Act applies shall have power to take into account, besides the freehold or leasehold estate, the value of any additional security for the advance.

Short title and collective citation.

Short title and collective citation.

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4.—(1) This Act may be cited as the Building Societies Act, 1942.

(2) The Building Societies Acts, 1874 to 1936, and this Act may be cited together as the Building Societies Acts, 1874 to 1942.