[Home] [Databases] [World Law] [Search] [Feedback]
	Northern Irish Legislation
You are here:  BAILII >> Databases >> Northern Irish Legislation >> BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967

[Index] [Table] [Search] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

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.

© 1967 Crown Copyright

BAILII: Copyright Policy | Disclaimers | Privacy Policy | Feedback
URL: http://www.bailii.org/nie/legis/num_act/bsai1967346/s19.html