The Building Societies (Transfer Resolutions) Order 1997

Statutory Instruments

1997 No. 2714

BUILDING SOCIETIES

The Building Societies (Transfer Resolutions) Order 1997

Made

13th November 1997

Laid before Parliament

14th November 1997

Coming into force

5th December 1997

The Treasury, in exercise of the powers conferred on them by paragraph 30(6) of Schedule 2 to the Building Societies Act 1986(1) and of all other powers enabling them in that behalf, and after consultation with the Building Societies Commission, hereby make the following Order:

Citation and commencement

1.  This Order may be cited as the Building Societies (Transfer Resolutions) Order 1997 and shall come into force on 5th December 1997.

Amendment of Schedule 2 to the Building Societies Act 1986

2.  In paragraph 30(2)(b) of Schedule 2 to the Building Societies Act 1986 “50” shall be substituted for “20”.

Bob Ainsworth

Graham Allen

Two of the Lords Commissioners of Her Majesty’s Treasury

13th November 1997

Explanatory Note

(This note is not part of the Order)

This Order amends paragraph 30(2)(b) of Schedule 2 to the Building Societies Act 1986 by increasing from 20 to 50 the percentage of the members of a building society qualified to vote on a shareholding members' resolution who must have voted on such a resolution for it to be effective in transferring the business of the society to a specially formed company if it is passed.

(1)

1986 c. 53.