(1) The Sydenham Money Club was created in 1882 and registered in 1885 under the Friendly Societies Act 1882:

(2) On the coming into force of the Friendly Societies and Credit Unions Act 1982, the club was deemed to be registered under that Act:

(3) The club has not, since its registration under the Friendly Societies and Credit Unions Act 1982, been able to comply with the strict terms of that Act:

(4) The Friendly Societies and Credit Unions Act 1982 does not permit a credit union to change its status to that of another legal entity (for example, a credit union cannot become registered as a company or as a building society):

(5) The club wishes to be registered as a building society under the Building Societies Act 1965 with the name “SMC Building Society” and with the initial shares in the society held by the members of the club:

(6) The registration of the club as a building society may result in the club and the members of the club becoming liable for the payment of taxes and duties:

(7) It is not appropriate that, on the conversion of the club into a building society, taxes and duties be incurred or be payable solely as a result of a change in the legal status of the club:

(8) The club wishes to make provision for other matters in connection with its registration as a building society:

(9) Legislation is the only means by which the club can be registered as a building society conveniently and without the risk of adverse tax and other consequences:

(10) The objects of this Act can be obtained only by legislation.