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The Building Societies (Merger Notification Statement) Regulations 1999
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- UK Statutory Instruments
- 1999 No. 1215
- Explanatory Note
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Explanatory Note
(This note is not part of the Regulations)
These Regulations prescribe the information to be sent to members of a building society where the Building Societies Commission has directed the society, under section 42B of the Building Societies Act 1986, to resolve to transfer the engagements of the society to one or more other societies by resolution of the board of directors of the society rather than by resolution of its members.
The Commission may make such a direction where it considers it expedient to do so to protect the investments of shareholders or depositors and it has directed a society to transfer its engagements or has only not done so because the society is already seeking to transfer its engagements.
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