Records relating to the Regulation of Building Societies

Division within FS

1835-1980

Records relating to the regulation of friendly societies. Building societies are associations incorporated with limited liability under the Building Societies Acts.

Statutory documents of building societies submitted to the Registry are in FS 6, FS 13, FS 14 and FS 36

For further records relating to building societies see records of the Building Societies Commission: LN

Public Record(s)

English

4 series

Topics

Mutual societies

Construction industries

Friendly societies

Beginning in the late eighteenth century, the earliest building societies were terminating bodies which undertook the construction of houses for subscribing members. This function was abandoned in the nineteenth century, so that their present title is a misnomer. Their functions today are to provide an investment service and to lend money on security by way of mortgage of freehold or leasehold estate. They were first certified under the Friendly Societies Acts of 1829 and 1834. The Building Societies Act 1836 extended to them the friendly society regulations as far as they were applicable, and under the 1874 Act they became corporate bodies possessing full legal powers corresponding to those of a limited company. The last surviving unincorporated society became incorporated in 1965.

Until 1960 the Registry's duties under the Building Societies Acts were mainly limited to registering new societies, approving their names, examining their rules and receiving an annual return. The 1960 Act substantially increased the regulatory powers, so that a new society may not now advertise for funds until the chief registrar has given it permission to do so. With the consent of the Treasury he can control and prohibit advertising and even prevent a society from accepting new investments.

Following the Building Societies Act 1986 and the Banking Act 1987, many building societies converted to public companies with shares listed on the London Stock Exchange.