97 Transfer of business to commercial company
Building Societies Act 1986 (1986 c 53) | Legislation

Transfer of business to commercial company

97  Transfer of business to commercial company

(1)     A building society may, in accordance with this section and the other applicable provisions of this Act, transfer the whole of its business to a company (its “successor”).

(2)     The applicable provisions of this Act other than this section are section 98, section 99, [section 99A,] section 100, section 101, section 102, [sections 102B, 102C and 102D] paragraph 30 of Schedule 2 and Schedule 17.

(3)     The successor company may be a company formed by the society wholly or partly for the purpose of assuming and conducting the society's business in its place or an existing company which is to assume and conduct the society's business in its place....

(4)     In order to transfer its business to its successor a building society must—

(a)     in the case of a specially formed company, secure that it is formed having articles of association with the requisite protective provisions;

(b)     agree conditionally with its successor in a transfer agreement on the terms of the transfer which, in so far as they are regulated terms, comply with section 99, section 100 and transfer regulations;

(c)     approve the transfer

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