The Building Societies (Insolvency and Special Administration) Order 2009 No. 805

SCHEDULE 1 Modified application of Parts 2 and 3 of the Banking Act 2009 to building societies

PART 2 Modified application of Part 2 of the 2009 Act

Miscellaneous

22.  In section 124 of the 2009 Act (transfer of accounts), after subsection (2) insert—

“(2A) The arrangements may—

(a) cancel shares in the building society;

(b) confer rights and impose liabilities in place of cancelled shares (whether by way of actual or deemed shares in a transferee building society or by way of other rights and liabilities in relation to a transferee bank).”.