Commentary

125 Confirmation of a transfer of business

BUILDING SOCIETIES vol 6(1)
| Commentary

125 Confirmation of a transfer of business

| Commentary

125 Confirmation of a transfer of business

The Financial Services Authority must confirm a proposed transfer unless it considers that any one or more of the following four confirmation criteria (‘the transfer confirmation criteria’) apply:

  1. 125.1

        some information material to the members’ decision about the transfer was not made available to all the members eligible to vote; or

  2. 125.2

        the vote on any resolution approving the transfer does not represent the views of the members eligible to vote; or

  3. 125.3

        there is a substantial risk that the successor will not become or, as the case may be, remain a credit

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