85 Temporary public ownership
Banking Act 2009 (2009 c 1) | Legislation

85  Temporary public ownership

(1)     For the purpose of exercising the [fifth] stabilisation option in respect of a building society the Treasury may make one or more orders for the purposes of—

(a)     arranging for deferred shares of a building society to be publicly owned,

(b)     cancelling private membership rights in the building society,

(c)     allowing the building society to continue in business while in public ownership, and

(d)     eventually either winding up or dissolving the building society.

(2)     For the purpose specified in subsection (1)(a) an order may—

(a)     arrange for the transfer of existing deferred

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