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The Mutual Societies (Transfers) Order 2009
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Modified application of section 100 (distributions and share rights)
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10.—(1) Section 100 of the 1986 Act (regulated terms etc: distributions and share rights)(1) applies in relation to a relevant transfer with the following modifications.
(2) For subsection (1) substitute—
“(1) Subject to subsections (8) and (10) below, the terms of a transfer of business by a building society to the company which is to be its successor may include provision for rights in relation to shares in the successor to be conferred on members of the society in consideration of the transfer.”.
(3) Omit subsection (9).
(4) For subsection (10) substitute—
“(10) The following restriction applies to any conferring of rights in relation to shares in connection with the transfer of its business from the society to its successor where the successor is a company specially formed by the society or the holding mutual.
Where negotiable instruments acknowledging rights to shares are issued by the successor within the period of two years beginning with the vesting date, no such instruments shall be issued to former members of the society unless they are also issued, and on the same terms, to all other members of the company.”.
(1)
There are amendments to section 100 but none are relevant.
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