Citation and commencement

1. These Rules may be cited as the Building Societies (Prescribed Form of Receipt) Rules 1997 and shall come into force on 1st December 1997.

Prescribed form of receipt

2. Each of the forms set out, with notes for completion, in Part I (execution under hand) and Part II (execution under seal) of the Schedule hereto shall be a prescribed form for the purposes of paragraph 1(1)(a) of Schedule 2A to the Building Societies Act 1986 (which contains supplementary provisions as to the discharge of mortgages).

Rule 2

SCHEDULE

PART IForm of receipt to be endorsed on or annexed to a mortgage, signed by any person acting under the authority of the board of directors.

PART IIForm of receipt to be endorsed on or annexed to a mortgage under the building society's seal, countersigned by any person acting under the authority of the board of directors.

Explanatory Note

(This note is not part of the Rules)

These Rules prescribe the form of receipt to be endorsed on or annexed to a building society mortgage. They take the place of the Building Societies (Supplementary Provisions as to Mortgages) Rules 1986 (S.I. 1986/2216) made under paragraph 3 of Schedule 4 to the Building Societies Act 1986. Schedule 4 was repealed by section 12(1) of the Building Societies Act 1997 and replaced in part by Schedule 2A to the Building Societies Act 1986.

The Rules prescribe alternative forms, one for use when the form is executed under hand and one (which is in the same form as that prescribed by the Building Societies (Supplementary Provisions as to Mortgages) Rules 1986) for use when it is executed under seal.