Building Societies Act, 1989
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Protection of shareholders' and depositors' funds. |
94.—(1) The Minister may, after consultation with the Minister for Finance and the Central Bank, by regulations, provide for the application, subject to such modifications as he considers necessary, to shareholdings in and deposits with building societies of the provisions of any enactment for the protection to any extent of deposits with banks (“the savings protection scheme”). | |
(2) Without prejudice to the generality of subsection (1), regulations under that subsection may— | ||
(a) provide for the transfer of deposits maintained by building societies with the Central Bank by virtue of section 93 to any account maintained by the Bank for the purposes of the savings protection scheme, | ||
(b) provide, as necessary, for the treatment of shareholdings in a society as deposits with the society for the purposes of the scheme, | ||
(c) provide for the exclusion of a specified class of shareholders in and depositors with a society from protection under the scheme, | ||
(d) specify any class of shareholdings in and deposits with a society that may benefit under the scheme, | ||
(e) change, as necessary, the rights and duties of a liquidator in the winding up of a society, | ||
(f) require that, where the liability of a society to a person is related to both shares and deposits, the amount of any payment under the scheme be first applied to reducing the liability of the society in respect of the shares, | ||
(g) provide for other payments in prescribed circumstances to be charged on the account referred to in paragraph (a), | ||
(h) provide for the amendment as necessary of the relevant enactments referred to in subsection (1), | ||
(i) prescribe shares and deposits for the purposes of section 93 (2) (b) and (4) (g). |