Commentary

108 Transfers of engagements under direction

BUILDING SOCIETIES vol 6(1)
| Commentary

108 Transfers of engagements under direction

| Commentary

108 Transfers of engagements under direction1

The Financial Services Authority (FSA), if it considers it expedient to do so to protect the investments of shareholders or depositors, may direct a building society to transfer all its engagements to one or more other building society within a specified period2. In such a case (or where the FSA would have directed a transfer of engagements, but for the fact that negotiations were already under way), the FSA may also direct that the approval of the transfer of engagements by the transferor society may be by board resolution rather than

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