http://www.legislation.gov.uk/ukpga/2009/1/section/84ZABanking Act 2009An Act to make provision about banking.texttext/xmlenStatute Law Database2026-02-20Expert Participation2026-01-19 Banking Act 2009s. 4(8A) (8B)Financial Services Act 2012s. 96(3)Sch. 20s. 122(3)Banking Act 2009s. 8(2)(d) and wordFinancial Services Act 2012s. 96(4)(b)Sch. 20s. 122(3) Part 1Chapter 584ZA1This section applies for the purpose of the exercise of the second stabilisation option (transfer to a bridge bank) in relation to a building society.2A share transfer instrument made under section 12(2)(a) may—aconvert the building society into a company (“the successor company”), andbmake other provision for the purposes of, or in connection with the conversion of the building society.3The provision which may be made under subsection (2)(b) includes—aprovision cancelling shares in the building society;bprovision cancelling membership rights in the building society;cprovision converting shares in the building society into deposits with the successor company;dprovision conferring rights and imposing liabilities in place of cancelled shares and membership rights;eprovision requiring the FCA to cancel the building society's registration under the Building Societies Act 1986 at a time specified in or determined in accordance with the instrument;fprovision that any person approved for the purposes of Part 5 of the Financial Services and Markets Act 2000 (performance of regulated activities) in relation to the building society immediately before the share transfer instrument is made continues to be approved for those purposes in relation to the successor company (but without affecting the power of the FCA or the PRA to vary or withdraw an approval);gprovision for the successor company on its incorporation to be wholly owned by a bridge bank specified in the instrument (the “parent undertaking”);hwhere provision is made under paragraph (g), provision—ifor the transfer of liabilities from the successor company to the parent undertaking, and for the creation of corresponding liabilities of the successor company to the parent undertaking;iireplacing a liability (of any form) of the building society or the successor company with a liability or security (of any form or class) of the parent undertaking.4Section 15 (share transfer instruments) is to be read as if the provision referred to in subsection (1) of that section included the provision referred to in subsections (2) and (3) of this section.Pt. 1 restricted (7.1.2010) by Banking Act 2009 (Exclusion of Insurers) Order 2010 (S.I. 2010/35), arts. 1, 2Pt. 1: power to amend conferred (1.3.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 17(3)(f), 148(5); S.I. 2014/377, art. 2(1)(b), Sch. Pt. 2Pt. 1 Ch. 5 formed from ss. 83A-89G (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 98S. 84ZA inserted (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 21(1)