94 Transfer of engagements
Building Societies Act 1986 (1986 c 53) | Legislation

94  Transfer of engagements

(1)     A building society may, in accordance with this section and Schedule 16 to this Act, transfer its engagements to any extent to another building society which, in accordance with this section and that Schedule, undertakes to fulfil the engagements.

(2)     A building society, in order to transfer its engagements, must resolve to do so by two resolutions, of which one is passed as a [shareholding members' resolution] and the other as a borrowing members' resolution in accordance with the applicable provisions of Schedule 2.

(3)     A building society, in order to transfer some but not all of its engagements to its members in respect of shares held by them (with or without other engagements) must, in addition to resolving to transfer the engagements

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