This section has no associated Explanatory Memorandum
40. Paragraph 16 has effect in relation to a relevant society other than a credit union as if—
(a)the reference to subsidiaries were a reference to subsidiaries within the meaning given in section 15 of the Friendly and Industrial and Provident Societies Act 1968(1); and
(b)it provided that power to transfer to subsidiaries of the society the whole or any part of the business or property of the society is only exercisable in accordance with a special resolution under section 51 or 52 of the 1965 Act (as modified in relation to a relevant society by articles 14 and 15).
(1)