| Commentary

109 General

| Commentary

2: TRANSFERS OF BUSINESS

109 General

A building society may transfer the whole of its business to a company authorised for the purposes of the Financial Services and Markets Act 2000 to accept deposits1 (its ‘successor’)2, which may be either a specially formed company, or an existing company3. The transfer of the business of a society to a specially formed company is generally referred to as a ‘conversion’ and the transfer of the business of a society to an existing company as a ‘takeover’.

Guidance on transfer procedures has been provided by the Financial Services Authority (FSA)4 in its Interim Prudential Sourcebook

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