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BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 100

Dissolution in accordance with rules.

100.(1) A building society may be dissolved by an instrument of dissolution,
with the consent (testified by their signature of that instrument) of
three-fourths of the members of the society, holding not less than two-thirds
of the number of shares in the society.

(2) An instrument of dissolution under this section shall set out

(a)the liabilities and assets of the society in detail;

(b)the number of members, and the amount standing to their credit in the books
of the society;

(c)the claims of depositors and other creditors, and the provision to be made
for their payment;

(d)the intended appropriation or division of the funds and property of the
society;

(e)the names of one or more persons to be appointed as trustees for the
purposes of the dissolution, and their remuneration.

(3) An instrument of dissolution made with the consent given and testified as
mentioned in subsection (1) may be altered with the like consent, testified in
the like manner.

(4) Every instrument of dissolution under this section, and every alteration
of such an instrument, shall be registered in the manner provided by section 2
for the registration of the rules of a building society; and every such
instrument or alteration shall be binding upon all the members of the
building society.

© 1967 Crown Copyright

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