Commentary

114 Distribution and share rights for members

BUILDING SOCIETIES vol 6(1)
| Commentary

114 Distribution and share rights for members

| Commentary

114 Distribution and share rights for members

The terms of a transfer of business may include provision for part of the funds of the building society or its successor to be distributed among, or other rights in relation to shares in the successor conferred on, members of the society, but any such provision must comply with requirements laid down by the Building Societies Act 1986 Section 100(2)-(10)1. Thus:

  1. 114.1

        the terms2 of a transfer of a society’s business must:

    1. 114.1.1

          require its successor to assume as from the vesting date a liability to every qualifying member of the society as

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