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BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 124

Provisions as to certain certificates, notices and other documents, and as to fees.

124.(1) Without prejudice to the provisions of section 19, but subject to the
following provisions of this section, a building society may

(a)by special resolution transfer its engagements to a
society of Great Britain which undertakes to fulfil those engagements; or

(b)by special resolution or, with the consent of the registrar, by a
resolution of a general meeting or of the board of directors of the
building society, undertake to fulfil the engagements of a
society of Great Britain.

(2) Subject to subsection (3), a transfer of engagements shall not take effect
by virtue of this section unless or until the consent in writing of the
holders of not less than two-thirds of the whole number of shares of the
building society has been obtained.

(3) If the building society makes an application to the registrar, and
publishes notice of the application in the Belfast Gazette, the registrar,
after hearing the building society and any other persons whom he considers
entitled to be heard, may confirm the transfer of engagements notwithstanding
that the consent of the holders of two-thirds of the whole number of shares in
the building society has not been obtained as required by subsection (2).

(4) A transfer of engagements shall not take effect by virtue of this section
until the registrar has given his consent in writing to the transfer.

(5) On giving consent under subsection (4) to a transfer of engagements,
the registrar shall register the transfer.

(6) Subject to subsection (7) of this section, subsections (1) to (3) and
subsections (5) to (7) of section 20 shall apply in relation to a transfer of
engagements under this section as they apply in relation to a transfer of
engagements under section 19, as if in those subsections any reference to
the relevant society were a reference to the building society acting under
subsection (1), and any reference to section 19 were a reference to this
section.

(7) Any statement sent to the members of a building society under
section 20(1) as applied by subsection (6) of this section shall indicate that
the other party to the transfer of engagements is a society of Great Britain.

© 1967 Crown Copyright

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