Commentary

119 Effect of the transfer

BUILDING SOCIETIES vol 6(1)
| Commentary

119 Effect of the transfer

| Commentary

119 Effect of the transfer

If the Financial Services Authority confirms the transfer1, all the property, rights and liabilities of the building society making the transfer (whether or not capable of being transferred or assigned), except any shares in its successor, are, in accordance with the statutory provisions and the Transfer Regulations2, transferred to and vested in the successor on the vesting date3. Except where notice of a later date for the dissolution of the society is given4, a building society which transfers its business to its successor is dissolved on the vesting date, but the transfer referred to above

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