§ Mr. Weetchasked the Chancellor of the Exchequer what proposals have been received from the Building Societies Association for the reform of the Building Societies Act 1962.
§ Mr. LawsonSince the passing of the Building Societies Act 1962 there have from, time to time been exchanges of views between the Registry of Friendly Societies and the Building Societies Association regarding possible amendments to the Act, and over that period some of the proposals put forward by the association have been amended or abandoned. Of the proposals at present remaining for possible further consideration the more important refer to: 201W
- (i) the extension of the purposes for which a building society may be established;
- (ii) the ability for building societies to operate within other Member States of the European Community;
- (iii) additional control powers of the chief registrar;
- (iv) simplification of the procedure for mergers;
- (v) revision of the special advance limits provisions;
- (vi) procedure relating to meetings, notices to members etc.;
- (vii) various amendments of a technical nature concerning, for example, the position of a society formed on the union of two or more societies, winding-up procedures, and additional security for advances.
§ Mr. Weetchasked the Chancellor of the Exchequer whether he is satisfied that the Building Societies Act 1962 and the rules of individual societies give ordinary members of building societies adequate control over the affairs of their societies.
§ Mr. LawsonI am reasonably satisfied, having regard also to the supervision exercised by the Chief Registrar of Friendly Societies, that the Building Societies Act 1962 and the rules of individual building societies give ordinary members of building societies adequate control over the affairs of their societies.