100 Regulated terms etc: distributions and share rights
Building Societies Act 1986 (1986 c 53) | Legislation

100  Regulated terms etc: distributions and share rights

(1)     Subject to subsections (2) to (10) below, the terms of a transfer of business by a building society to the company which is to be its successor may include provision for part of the funds of the society or its successor to be distributed among, or other rights in relation to shares in the successor conferred on, members of the society, in consideration of the transfer.

(2)     The terms of a transfer of a society's business must—

(a)     require its successor to assume as from the vesting date a liability to every qualifying member of the society as in respect of a deposit made with the successor corresponding in amount to the value of the qualifying shares held by him in the society; and

(b)     confer a right, subject to subsection (7) below, to a distribution of funds, whether of the society or its successor, by way of bonus on every qualifying member of the society equal to the relevant proportion of the value of the qualifying shares held by him in the society; . . .

(c)     . . .

(3)     For the purposes of the liabilities assumed under subsection

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