SCHEDULES
SCHEDULE 9Building societies
8Transfers of business: distributions and share rights
1
Section 100 (regulated terms etc: distributions and share rights) is amended as follows.
2
For subsection (8) substitute—
8
The terms of a transfer of a society’s business may confer a right to acquire shares in the successor on a member of the society only if the member—
a
held shares in the society throughout the period of two years ending with the qualifying day, or
b
on that day, holds deferred shares in the society that are of a class described in the transfer agreement;
and it is unlawful for any right in relation to shares to be conferred in contravention of this subsection.
3
In subsection (9), for the words from “who” to “and” substitute
who—
a
held shares in the society throughout the period of two years ending with the qualifying day, or
b
on that day, hold deferred shares in the society that are of a class described in the transfer agreement;
and