Commentary

120 Transfers of business under direction

BUILDING SOCIETIES vol 6(1)
| Commentary

120 Transfers of business under direction

| Commentary

120 Transfers of business under direction1

The Financial Services Authority (FSA), if it considers it expedient to do so to protect the investments of shareholders or depositors, may direct a building society to transfer its business to a company within a specified period2. In such a case (or where the FSA would have directed a transfer, but for the fact that negotiations were already under way), the FSA may also direct that the approval of the transfer shall be by board resolution rather than the transfer resolutions3. Where a society is proceeding under such a direction, the transfer statement4 is

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