| Commentary

94 Amalgamations

| Commentary

94 Amalgamations

Any two or more building societies that wish to amalgamate may do so by establishing a building society as their successor in accordance with the provisions of the Building Societies Act 19861. In order to establish a building society as their successor, the societies must:

  1. 94.1

        agree the purpose or principal purpose of their successor to be that of making loans which are secured on residential property and are funded substantially by its members, and agree upon the extent of its powers, in a memorandum which complies with the statutory requirements2 and

  2. 94.2

        agree on the rules for

To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to LexisLibrary or register for a free trial