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Building Societies Act 1986

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Building Societies Act 1986
Legislation in the United Kingdom that expanded the services building societies are allowed to offer. Under the Act, building societies became able to conduct banking services other than receiving deposits and making loans. The Act resulted in a process by which most building societies demutualized and became regular banks.


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They were granted new powers by the Building Societies Act 1986 - including the power to convert.
Woolwich's conversion to PLC status will enable it to develop its provision of financial services outside traditional residential mortgage landing and engage in activities not permitted by the Building Societies Act 1986.
The Building Societies Act 1986 does not provide for merger bonus payments to be made to the second-named account-holder in circumstances where the first-named account-holder has died.
 
 
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