Commentary

111 Overview of procedure

BUILDING SOCIETIES vol 6(1)
| Commentary

111 Overview of procedure

| Commentary

111 Overview of procedure

The following is the likely sequence of events1 that will take place between the decision of a building society’s board to transfer the society’s business to a successor and the date from which the transfer will become effective:

  1. 111.1

        Stage 1: informal preliminary discussions with the Financial Services Authority (FSA) on both substance and timing of the proposed transfer2.

  2. 111.2

        Stage 2: public announcement of the transfer proposals3.

  3. 111.3

        Stage 3: consultation with the FSA on the outline structure of, and main features to be contained in, the transfer statement, and on the full specification of the proposed cash and/or share distribution scheme4.

  4. 111.4

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