Terminating Building Societies - Definition - Law Dictionary Home Dictionary Definition terminating-building-societies

Definition :

Terminating Building Societies, societies where the members commence their monthly contributions on a particular day, and continue to pay them until the realization of shares to a given amount for each member, the society advancing the capital of the society to such members as require it by mortgage to secure the payment of interest as well as principal by them, and so as to ensure such realization within a given period of years, when the society terminates. See Building Societies Act, 1874 (37 & 38 Vict. c. 42), s. 5, and BUILDING SOCIETY. Consult Wurtzburg or Davis on Building Societies