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The Building Societies (Deferred Shares) Order 1991
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- 1991 No. 701
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Article 3
SCHEDULETHE KEY TERM FOR DEFERRED SHARES
The key term is a term which has effect so as to prohibit the repayment of any principal to the shareholders in respect of the shares save in either or each of the following events that is to say—
(a)the winding up or dissolution of the society in circumstances where all sums due from the society to creditors claiming in the winding up or dissolution are paid in full;
(b)the granting of relevant consent by the Commission.
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