Miscellaneous
This section has no associated Explanatory Memorandum
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).”.