BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 20 Supplementary provisions as to union and transfer of engagements.

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BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 20

Supplementary provisions as to union and transfer of engagements.

20.(1) A building society (in this section referred to as "the relevant
society") desiring to unite with one or more other building societies, or to
transfer its engagements to another building society, or to undertake to
fulfil the enagagements of another building society, shall (unless
the registrar has by notice in writing exempted it from the requirements of
this subsection) send to each of its members, at his address as recorded in
the register of members, a statement the contents of which have been approved
by the registrar concerning

(a)the financial position of the relevant society and that of the other
building society or societies concerned;

(b)the interest of the directors of the relevant society in the union or
transfer of engagements;

(c)the compensation or other consideration proposed to be paid to the
directors or other officers of the relevant society, and of the other
building society or societies concerned; and

(d)the payments, if any, to be made to members of the relevant society, and of
the other building society or societies concerned, in consideration of the
union or transfer of engagements.

(2) A statement under subsection (1) shall be sent so that any member to whom
the relevant society sends a notice to which this subsection applies will
receive the statement not later than he receives that notice.

This subsection applies to any notice of a resolution, to be moved at a
meeting of the relevant society, for the union or (as the case may be) the
transfer of engagements to which the statement relates.

(3) Where for the purposes of section 18 or section 19 the relevant society
applies to all or any of its members to obtain their consent to the proposals,
the statement shall (without prejudice to subsection (2)) be sent so as to be
received by a member at or before the time when the application is made to
him.

(4) The relevant society may apply to the registrar to confirm the union or
transfer of engagements, notwithstanding that the consent in writing of the
holders of two-thirds of the whole number of shares of the relevant society
has not been obtained, and, where such an application is made, shall publish
notice of the application in the Belfast Gazette, and, if the registrar so
requires, in one or more newspapers; and the registrar, after hearing
the relevant society and any other persons whom he considers entitled to be
heard, may confirm the union or transfer of engagements accordingly.

(5) The registration by the registrar of notice of the union or transfer of
engagements shall operate, by virtue of this subsection and without further
assurance, as an effectual conveyance, transfer and assignment, as at the date
of the registration, of the funds, property and assets of the relevant society
to the united society, or to the society to which the engagements are
transferred, as may be provided by the instrument of union or transfer of
engagements, as the case may be.

(6) Subsection (5) shall not apply to stocks and securities in the public
funds of the United Kingdom and, in its application to registered land, shall
be subject to the provisions of the
Local Registration of Title (Ireland) Act 1891.

(7) The union or transfer of engagements shall not affect the rights of any
creditor of the relevant society.

(8) A failure to comply with the provisions of subsections (1) to (3) shall
not invalidate the union or transfer of engagements; but, if
the relevant society fails to comply with those provisions, 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.

Meaning of "special advance".

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Northern Irish Legislation

BUILDING SOCIETIES ACT (NORTHERN IRELAND) 1967 - SECT 20