Building Societies Act, 1989

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Savings and transitional provisions.

124.—(1) (a) Any order, regulation, rule, agreement, appeal, application, conveyance, decision, lease, loan, mortgage, payment or reference made or any approval, consent or direction given, requirement imposed, certificate or instrument issued, register kept, resolution passed, notice served or any other thing done under any enactment repealed by this Act that could have been made, given, imposed, issued, kept, passed, served or done under a corresponding provision of this Act, shall not be invalidated by any repeal effected by this Act but shall, if in force immediately before that repeal was effected, have effect as if made, given, imposed, issued, kept, passed, served or done (as the case may be) under the corresponding provision of this Act, unless otherwise provided.

(b) Paragraph (a) shall apply to anything done by the Registrar, the Minister or Minister for Finance that could be done by the Central Bank under this Act.

(2) The repeals effected by this Act shall not affect the registration or incorporation of any building society registered or incorporated under an enactment so repealed, and any such registration or incorporation shall be deemed to be a registration or incorporation under this Act.

(3) Where any act or omission is an offence under an enactment repealed by this Act and that enactment provides a penalty for the continuation of the offence, the continuation of the act or omission after the commencement of this section shall be an offence under the provision of this Act which corresponds to the provision of the repealed enactment creating the offence.

(4) A reference in any other enactment or in any document to an enactment repealed by this Act shall, unless the context otherwise requires, be construed as a reference to the corresponding provision of this Act.

(5) A society incorporated under the repealed enactments shall, within a period of 2 years from the commencement of this section—

(a) agree by special resolution on—

(i) the objects of the society,

(ii) whether to adopt any and, if so, what adoptable powers (with or without restrictions), and

(iii) whether to assume and, if so, what restrictions on the extent of its other powers under this Act,

in a memorandum the provisions of which comply with the requirements of Part I of the Second Schedule ;

(b) agree by special resolution on rules so that they conform with this Act and any regulations made thereunder; and

(c) deliver to the Central Bank 3 copies of the memorandum or the rules, as the case may be, each signed by the secretary of the society and accompanied by a statutory declaration by the secretary that the memorandum or rules were agreed by resolution passed as a special resolution and apply to have the memorandum or rules registered.

(6) Subsections (3), (5) and (6) of section 14 shall apply, subject to any necessary modifications, with respect to any document delivered to the Central Bank under subsection (5) (c).

(7) In agreeing on its memorandum or rules under subsection (5), the society shall, subject to subsection (8), determine the date on which the society intends it to take effect and the memorandum or rules is sent to the Central Bank shall be accompanied by a statement specifying that date.

(8) The provisions of a memorandum or rules registered under this section shall take effect on the date specified in subsection (7) or, if registration of the memorandum or rules is not effected until a later date, that later date.

(9) No date shall be specified under subsection (7) in relation to a society's memorandum or rules which falls more than 6 months after the date of the meeting at which the society agreed upon the memorandum or rules, as the case may be.

(10) The rules of a society in force on 21 December, 1988, shall remain in force in respect of that society until the date determined in accordance with subsection (8) but the provisions of this Act, other than Part II of the Second Schedule , shall have effect and the said rules shall be construed accordingly.

(11) An existing director of a society shall be treated for the purposes of section 50 as having been duly elected a director on the date of his election as director or, as the case may be, of his most recent re-election to that office before the commencement of this section.

(12) If the term of office of an existing director would, in accordance with the terms on which he holds office, expire on an earlier date than is provided for by subsection (11), he shall vacate office on that earlier date.

(13) If at the commencement of this section, an existing director has held office since the date of his election or most recent re-election for a period longer than is provided for in section 50 (10), he shall retire from office at the first annual general meeting of the society after the commencement of this section.