| Commentary

91 General

| Commentary

E: MERGERS AND TRANSFERS OF BUSINESS

1: MERGERS

91 General

Two or more building societies may merge in either of two ways: by an amalgamation1, by which each ceases to exist and a new successor society is formed, or by a transfer of engagements2, where the engagements of one or more are transferred to another society, which continues to exist. It is also possible for one society to transfer some of its engagements to another, both continuing to exist, by a partial transfer of engagements3.

Guidance on merger procedures has been provided by the Financial Services Authority (FSA) in its Interim Prudential Sourcebook

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