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BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 19

Transfer of engagements.

19.(1) Subject to the following provisions of this section, a building society
may by special resolution transfer its engagements to another building society
which undertakes to fulfil those engagements; and a building society may

(a)by special resolution, or

(b)with the consent of the registrar, by resolution of a general meeting or of
the board of directors,

(2) It shall be the duty of a building society transferring its engagements
under this section to send notice of the transfer to the registrar.

(3) A transfer of engagements between building societies under this section
shall not have effect unless

(a)the holders of not less than two-thirds of the whole number of shares of
each of the societies have consented in writing to the transfer, or the
transfer has been confirmed under section 20(4); and

(b)notice of the transfer has been registered.

(4) If a building society fails to comply with subsection (2), the society,
and every officer of the society who is in default, shall be liable on summary
conviction to a fine not exceeding two hundred pounds.


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© 1967 Crown Copyright

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