Commentary

101 Registration and effect of transfer of engagements

BUILDING SOCIETIES vol 6(1)
| Commentary

101 Registration and effect of transfer of engagements

| Commentary

101 Registration and effect of transfer of engagements

A transfer of engagements between building societies is not effective unless it has been confirmed by the Financial Services Authority (FSA)1, and, if it is confirmed, the central office2 has issued a registration certificate to the transferee society which will specify a date on which the transfer is to take effect3. On that date the property, rights and liabilities of the transferor (whether or not capable of being transferred or assigned) vest in the transferee to the extent provided in the instrument of transfer of engagements4

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