Building Societies - Law Dictionary Search Results
Home Dictionary Name: building societiesBuilding societies
Building societies, associations of persons subscribing to a common fund which is employed in making advances to such members (called 'advanced members') as desire to obtain them on the security of real or leasehold property, while those members who do not desire an advance (called 'investing members' ) simply pay their contributions to the society and receive interest thereon. Building societies are either (a) Unincor-porated, or (b) Incorporated. Unincorporated societies (now few in number) are governed by the (English) Building Societies Act of 1836 (6 & 7 Wm. 4, c. 32), and certain sections of the old (English) Friendly Societies Acts of 1829 and 1835 (repealed for all other purposes) incorporated therewith. Incorporated societies are governed by the (English) Building Societies Acts, 1874 to 1894, and the (English) Building Societies Regulations, 1895, made thereunder. A cross division of these societies is into (1) Terminating, and (2) Permanent. A Terminating Society is one whic...
Terminating Building Societies
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...
Building society
Building society, is a society incorporated under the (UK) Building Societies Act, 1986 and means a society which may be established if the purpose or principal purpose is that of raising, primarily by the subscriptions of the members, a stock or fund for making to them advances secured on land for their residential use, Halsbury's Laws of England, Vol. 4(2), 4th Edn., Para 701, p. 432.Building society, is a body corporate, may sue and be sued in its registered name, Halsbury's Laws of England, Vol. 4(2), 4th Edn., Para 711, p. 438; Executrix of Will of Gallie v. Anglia Building Society (No. 2), (1971) AC 1039: (1971) 1 All ER 243 (HL)....
Benefit Building Societies
Benefit Building Societies. See BUILDING SOCIETIES....
Society
Society. Associations designated by the name of 'society' include (1) Building Societies, regulated by the (English) Building Societies Acts, as to which see BUILDING SOCIETIES; (2) Friendly Societies, regulated by the Friendly Societies Act, 1896, as to which see FRIENDLYSOCIETIES; (3) Industrial and Provident Societies, regulated principally by the Industrial and Provident Societies Act, 1893, as to whichs see INDUSTRIAL AND PROVIDENT SOCIETIES; (4) Loan Societies, regulated by 3 & 4 Vict. c. 110, as to which see LOAN SOCIETIES; (5) Literary and Scientific Societies, regulated by the (English) Literary and Scientific Institutions Act, 1854. And exempted from rates by 6 & 7 Vict. c. 36, as to which see that title; and other benevolent or useful societies, e.g., see (English) Companies Act, 1929, s. 18, and (6) Illegal Societies, prohibited by the Unlawful Societies Act, 1799, and the very similar (English) Seditious Meetings Act, 1817, as to which see SEDITIOUS, and Chitty's Statutes,...
Ballot and Sale Society
Ballot and Sale Society, a building society in which the right to have an advance from the funds of the society free of interest is determined alternately by a ballot among the members and by putting up the right to a sort of auction, the members bidding against each other for the right to the advance and the one who bids the highest obtaining it; see (English) Building Societies Act, 1894, s. 12, prohibiting balloting in the case of societies established since the Act....
Audit
Audit, an examining of accounts. An audit may be either detailed or administrative, and is usually both. A detailed audit is a comparison of vouchers with entries of payment, in order that the party whose accounts are audited may not debit his employer with payments not in fact made. An administrative audit is a comparison of payments with authorities to pay, in order that the party whose accounts are audited may not debit his employer with payments not authorised. If in either branch of audit an improper entry is discovered, the auditor surcharges the party whose accounts are audited; whereby the payment must be made by such party out of his own pocket. Where no fraud is suspected, however, and when there has been no negligence, it is common for the surcharge to be remitted [see, e.g., (English) Local Government Act, 18 (23 & 24 Geo. 5, c. 51), s. 230], especially where the party whose accounts are audited has given his service gratuitously.The public accounts are audited under the (E...
Deposit account
Deposit account, an account of sums lodged with a bank and acknowledged to be so lodged by a 'deposit receipt' given by the banker to the depositor, not to be drawn upon by cheques, and usually not to be withdrawn except after a fixed notice, but bearing interest either at some fixed rate, or very often at 1 per cent. less than the Bank of England rate, and therefore at a rate varying from time to time. The depositor is only a creditor of the bank for the amount of deposit and interest (if any). See BANK.As to the power of an incorporated building society to receive money on deposit, see (English) Building Societies Act, 1874 (37 & 38 Vict. c. 42), s. 15; Building Societies Act, 1894 (57 & 58 Vict. c. 47), ss. 14 and 15....
Advanced member
Advanced member, a member of a building society who has obtained an advance of money from the society on mortgage of real or leasehold estate; see BUILDING SOCIETY....
Building Acts (English)
Building Acts (English). The Acts commonly so called apply only to the metropolis, and have been called the Metropolitan Building Acts. The Metropolitan Building Acts, 1855 and 1862 (which were public general Acts), and their amending enactments wee repealed and re-enacted with many amendments by the local and personal London Building Act, 1894 (57 & 58 Vict. c. ccxiii.), and its amending Acts of 1898 and 1905. These in their turn are repealed by the London Building Act, 1930 (20 & 21 Geo. 5, c. clviii.). see LONDON BUILDING ACT.The old Building Act, par excellence, the (English) Fires Prevention (Metropolis) Act, 1774 (14 Geo. 3, c. 78), although otherwise partial and repealed, has two ss., 83 and 86, which are still in force and (it is submitted) of universal application. See as to s. 86, Ex parte Goreley, (1864) 4 De G. J. & S. 477, but compare Westminster Fire Office v. Glasgow Provident Society, (1888) 13 App Cas 167, per Lord Watson. s. 33 provides for the application of insuranc...
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