93 Amalgamations
Building Societies Act 1986 (1986 c 53) | Legislation

Mergers

93 Ìý´¡³¾²¹±ô²µ²¹³¾²¹³Ù¾±´Ç²Ô²õ

(1)     Any two or more building societies desiring to amalgamate may do so by establishing a building society as their successor in accordance with this section and Schedule 16 to this Act.

(2)     In order to establish a building society as their successor the societies desiring to amalgamate must—

[(a)     agree the purpose or principal purpose of their successor to be that of making loans which are secured on residential property and are funded substantially by its members, and agree upon the extent of its powers, in a memorandum which complies with the requirements of Schedule 2 to this Act;]

(b)     agree upon the rules for the regulation of their successor which comply with the requirements of that Schedule;

[(c)     each approve the terms of the amalgamation by two resolutions which also approve the memorandum and the rules of their successor and of which—

(i)     one is passed as a shareholding members' resolution, and

(ii)     the other is passed as a borrowing members' resolution,

in accordance

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Novation—why and how to novate a contract

Novation—why and how to novate a contractThere may be times when, rather than assigning the benefit of an agreement to a third party, the original parties wish instead to end their obligations to each other under that agreement and, in effect, recreate it, with the third party stepping into the

LEXISNEXIS

Strict liability

Strict liabilityStrict liabilityWhen an offence does not require proof of a mental element it is an offence of strict liability. There are some common law offences of strict liability (eg public nuisance, outraging public decency and contempt) most though are statutory, arising often under

LEXISNEXIS

Arbitration agreements—definition, purpose and interpretation

Arbitration agreements—definition, purpose and interpretationThis Practice Note considers the nature and scope of arbitration agreements with a particular focus on arbitration agreements pursuant to the law of England and Wales, although it also discusses the concept from an international

LEXISNEXIS

Interim injunctions—the American Cyanamid guidelines

Interim injunctions—the American Cyanamid guidelinesThis Practice Note is concerned with substantive interim injunctions, which are a particular species of injunction granted on a temporary basis ahead of trial. As set out below, there are different considerations depending on whether the interim