Building Societies Act, 1989
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Financial services. |
29.—(1) Subject to section 36 and to subsections (3) and (4) of this section, a building society may provide, as principal or as agent, financial services. | |
(2) In this section “financial services” means any of the following activities— | ||
(a) arranging the provision of credit, including the joining of credit card companies, | ||
(b) the giving of guarantees and indemnities, | ||
(c) the sale and purchase of financial obligations, debts and securities, | ||
(d) investment services, | ||
(e) the discounting of credit instruments, | ||
(f) the acceptance of deposits of money for current accounts, the collection of cheques and the payment of cheques drawn on the society, | ||
(g) insurance, | ||
(h) the maintenance of a company's register of members, | ||
(i) the provision of advice relating to taxation and financial planning, | ||
(j) financing hire-purchase, | ||
(k) leasing, | ||
(l) money transmission, | ||
(m) trusteeship, | ||
(n) executorship, | ||
(o) foreign exchange, | ||
(p) the operation of a credit transfer system, | ||
(q) the issue of drafts, travellers cheques and letters of credit, | ||
or other activities of a similar nature (including advisory services) that appear to the Central Bank to be financial services but does not include the making of loans. | ||
(3) Subject to section 30 , a society shall not carry on insurance business otherwise than by a subsidiary or other associated body of the society. | ||
(4) The undertaking by a society or the subsidiary or other associated body of a society of any activity pursuant to the provisions of this section and section 36 shall be subject to the provisions of any other enactment. | ||
(5) Section 26 of the Central Bank Act, 1971 (which relates to the collection of cheques and other instruments), is amended— | ||
(a) by the insertion of the words “or a building society authorised under the Building Societies Act, 1989” after “1965” in both subsections (2) and (3) of that section, | ||
(b) by the insertion in subsection (6) of that section of the following additional paragraph— | ||
“(f) any document issued by a person who maintains an account with a building society, authorised under the Building Societies Act, 1989, which is intended to enable a person to obtain payment from the building society of the sum mentioned in the document.”. | ||
(6) Section 30 of the Succession Act, 1965 (which relates to the power to grant representation to a trust corporation), is amended by the insertion in subsection (4) (b) of that section of the following additional subparagraph— | ||
“(v) a building society authorised under the Building Societies Act, 1989; or”. |