Commentary

99 Resolutions by transferee building society

BUILDING SOCIETIES vol 6(1)
| Commentary

99 Resolutions by transferee building society

| Commentary

99 Resolutions by transferee building society

The building society wishing to accept the transfer of engagements must undertake to fulfil those engagements either by two resolutions (‘merger resolutions’), of which one is passed as a shareholding members’ resolution and the other as a borrowing members’ resolution in accordance with the statutory requirements1, or, if the Financial Services Authority (FSA) consents, by a resolution of its board of directors2. Before it gives its consent to the transferee society to proceed by board resolution, the FSA wishes to review the prudential information3 provided by that society

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