Commentary

100 Statement concerning the merger

BUILDING SOCIETIES vol 6(1)
| Commentary

100 Statement concerning the merger

| Commentary

100 Statement concerning the merger

The transferor building society must send to every member entitled to notice of a meeting1 a statement concerning the merger2, and the transferee building society must do so as well unless the Financial Services Authority consents3 to its resolving by a board resolution to undertake the transferor’s engagements4. The special procedures as regards payments by way of compensation for loss of office, and bonus distribution to members, must be complied with where appropriate5.

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