Commentary

102 Schedule 16 Statements

BUILDING SOCIETIES vol 6(1)

102 Schedule 16 Statements

102 Schedule 16 Statements

A building society is required to distribute a statement concerning the merger1, and the Building Societies Act 1986 contains strict provisions as to the contents of the statement2. The matters to be included in the statement must be approved by the Financial Services Authority (FSA)3, and are as follows:

  1. 102.1

        the financial position of the society, and that of the other societies participating in the proposed merger4;

  2. 102.2

        the interest of the directors of the society in the merger5;

  3. 102.3

        any compensation or other consideration to be

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