[Part III Modified Application of Parts II, III[, IV and XII] of Insolvency (Northern Ireland) Order 1989]
Building Societies Act 1986 (1986 c 53) | Legislation

[Part III Modified Application of Parts II, III[, IV and XII]

[Preliminary

28

In this Part of this Schedule, the Insolvency (Northern Ireland) Order 1989 is referred to as “the Orderâ€.

Voluntary arrangements

29

Article 14 of the Order (proposals for voluntary arrangements) has effect as if—

(a)     it required any proposal under Part II of the Order to be so framed as to enable a building society to comply with the requirements of this Act; and

(b)     any reference to debts included a reference to liabilities owed to the holders of shares in a building society.

30

In Article 15 (procedure where nominee is not liquidator or administrator) and Article 16 (summoning of meetings) of the Order as applied to a building society, any reference to meetings of the society is a reference to—

(a)     a meeting of both shareholding and borrowing members of the society; and

(b)     a meeting of shareholding members alone;

[and paragraph (1) of Article 15 shall have effect with the omission of the words from “and the directors†to the end].

[30A

In paragraph (2) of Article 17A of the Order (approval of arrangement) as applied

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