Building societies are non-bank financial institutions owned by its members. At present there is only one registered building society in St. Vincent and the Grenadines. Pursuant to Section 4 of the Building Societies Act No. 9 of 1941 as amended by Act No.1 of 2009, a building society may be established for the purpose of raising by subscriptions of the members a stock or fund for making advances to members out of the funds of the society upon security of freehold or leasehold estates by way of mortgage and they shall have the power to hold land, with the right of foreclosure and may raiding funds by issue of shares of one or other denominations, either paid up in full or to be paid by periodical or other subscriptions and with or without accumulating interest, and may repay such funds when no longer required for the purpose of the society.