Banking Act 2009

86 Distribution of assets on dissolution or winding up U.K.

(1) The Treasury may by order make provision about the distribution of surplus assets of a building society which—

(a) is the subject of a property transfer instrument or order, and

(b) is later wound up or dissolved by consent.

(2) An order under section 85 may include provision about the distribution of surplus assets of the building society if it is later wound up or dissolved by consent.

(3) “Surplus” means remaining after the satisfaction of liabilities to creditors and shareholders.

(4) An order under or by virtue of this section—

(a) may include any provision of a kind that may be made by order under section 90B of the Building Societies Act 1986 (power to alter priorities on dissolution or winding up),

(b) may be made whether or not the power under that section has been exercised, and

(c) shall be treated for all procedural purposes in the same way as an order under that section.

Commencement Information

I1 S. 86 in force at 17.2.2009 for specified purposes by S.I. 2009/296, arts. 2, 3, Sch. para. 1

I2 S. 86 in force at 21.2.2009 in so far as not already in force by S.I. 2009/296, arts. 2, 3, Sch. para. 1