Commentary

172 Instrument of dissolution

BUILDING SOCIETIES vol 6(1)
| Commentary

172 Instrument of dissolution

| Commentary

1: DISSOLUTION

172 Instrument of dissolution

A building society may be dissolved by an instrument of dissolution with the consent (testified by their signature of that instrument) of three-quarters of the members of the society, holding not less than two-thirds of the number of shares in the society1. The instrument must set out the following details2:

  1. 172.1

        the liabilities and assets of the society in detail;

  2. 172.2

        the number of members, and the amount standing to their credit in the accounting records of the society;

  3. 172.3

        the claims of depositors and other creditors, and the

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