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Financial Services (Banking Reform) Act 2013

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Changes over time for: Cross Heading: Transfers of business: distributions and share rights

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Point in time view as at 01/12/2020.

Changes to legislation:

Financial Services (Banking Reform) Act 2013, Cross Heading: Transfers of business: distributions and share rights is up to date with all changes known to be in force on or before 06 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

Transfers of business: distributions and share rightsU.K.

8(1)Section 100 (regulated terms etc: distributions and share rights) is amended as follows.U.K.

(2)For subsection (8) substitute—

(8)The terms of a transfer of a society's business may confer a right to acquire shares in the successor on a member of the society only if the member—

(a)held shares in the society throughout the period of two years ending with the qualifying day, or

(b)on that day, holds deferred shares in the society that are of a class described in the transfer agreement;

and it is unlawful for any right in relation to shares to be conferred in contravention of this subsection.

(3)In subsection (9), for the words from “who” to “and” substitute

who—

(a)held shares in the society throughout the period of two years ending with the qualifying day, or

(b)on that day, hold deferred shares in the society that are of a class described in the transfer agreement;

and.

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