The Industrial and Provident Societies and Credit Unions (Arrangements, Reconstructions and Administration) Order 2014

Modified application of section 50 of the 1965 Act

13.  Section 50 of the 1965 Act (amalgamation of societies)(1) has effect in relation to a relevant society which is in administration as if at the end there were added—

“(7) Subsections (8) to (11) have effect where, in relation to a relevant society which is in administration, the administrator’s proposals under paragraph 49 or a revision to proposals under paragraph 54 include provision for amalgamation in pursuance of this section (“relevant provision”).

(8) The general meeting of the society held in accordance with subsection (2)(b) is to be treated as having been summoned by the administrator for consideration of the proposals or the revision under paragraph 53 or 54.

(9) If that meeting confirms the resolution passed in relation to the relevant provision in accordance with subsection (2)(a), the relevant provision is to be treated as approved for the purposes of paragraph 53(1) or 54(5).

(10) Subsection (5) does not apply to the special resolution which approves the relevant provision.

(11) In subsections (7) to (9) a reference to a numbered paragraph is a reference to the paragraph so numbered in Schedule B1 to the Insolvency Act 1986 as applied in relation to a relevant society by an order made under section 255 of the Enterprise Act 2002.”.

(1)

Section 50 was amended by S.I. 2001/2617 and 2013/496.