[42B Power to direct transfers of engagements or business]
Building Societies Act 1986 (1986 c 53) | Legislation

[42B  Power to direct transfers of engagements or business]

[(1)     If, with respect to a building society [which has a permission under [Part 4A] of the Financial Services and Markets Act 2000 to accept deposits, the [appropriate authority]] considers it expedient to do so in order to protect the investments of shareholders or depositors, it may either—

(a)     direct the society, within a specified period, to transfer all its engagements to one or more other building societies under section 94;

[(aa)     direct the society, within a specified period, to transfer its business under section 97to an existing or specially formed company that is a subsidiary of another mutual society by a transfer to which provision made by order under section 3 of the 2007 Act (transfers to subsidiaries of other mutuals) applies;] or

(b)     direct the society, within a specified period, to transfer its business [under section 97 to an existing company that is not a subsidiary of another mutual society].

[(1A)     In this section—

(a)     “the 2007 Act” means the Building

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