Commentary

115 Protective provisions for successor company

BUILDING SOCIETIES vol 6(1)
| Commentary

115 Protective provisions for successor company

| Commentary

115 Protective provisions for successor company

Special protective provisions apply to a specially formed successor for the period (known as ‘the protective period’) from incorporation until five years after the vesting date1 or the date on which the Building Societies Act 1986 Section 101 ceases to apply to the company2. During that period the company may not (and its articles must be such as to secure that it does not3) offer for sale or invite subscription for any shares4 in the company or allot or agree to allot any such shares with a

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