Page "Building society" Paragraph 5

Most of the original societies were fully terminating, where they would be dissolved when all members had a house: the last of them, First Salisbury, was wound up in March 1980.

In the 1830s and 1840s a new development took place with the Permanent Building Society, where the society continued on a rolling basis, continually taking in new members as earlier ones completed purchases, such as Leek United Building Society.

The main legislative framework for the Building Society was the Building Society Act of 1874, with subsequent amending legislation in 1894, 1939 ( see Coney Hall ), and 1960.