The Building Societies (Transfer of Business) Regulations 1998

Interpretation U.K.

2.  In these Regulations, except where the context requires otherwise—

“the Act” means the Building Societies Act 1986;

“connected undertaking” means a subsidiary undertaking or an associated undertaking;

“date of the transfer notification statement” means the date upon which the [F1 appropriate authority] approves the contents of the transfer notification statement in accordance with paragraph 9(4) of Part II of Schedule 8A to the Act;

“date of the transfer statement” means the date upon which the [F2 appropriate authority] approves the contents of the transfer statement in accordance with paragraph 4(3) of Part I of Schedule 17 to the Act;

“group” shall be construed in accordance with [F3 section 474(1) of the Companies Act 2006];

“member” includes where the context so requires in relation to a society which has so transferred its business a former member of that society;

“merger” means an amalgamation of building societies under section 93 (Amalgamations) of the Act or a transfer to any extent of the engagements of one building society to another under section 94 (Transfer of engagements) of the Act, and “merge” has a corresponding meaning;

“offer” in respect of shares or rights relating to shares, includes any invitation to apply for those shares or rights and “offered” shall be construed accordingly;

“society” means a building society that proposes to transfer, or, as the case may be, has transferred, its business to a successor company under section 97 (Transfer of business to commercial company) of the Act;

“statutory cash bonus” means the distribution of funds by way of bonus required by section 100(2)(b) and (4) of the Act;

“successor company” means a company to which a society proposes to transfer, or, as the case may be, has transferred, its business; and

“transfer notification statement” means the statement required by paragraph 9 of Schedule 8A to the Act;

“vesting date” means the date which is the vesting date for the purpose of the transfer of a society’s business.

Textual Amendments

F1 Words in reg. 2 substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 10 para. 4(2)(a) (with Sch. 12)

F2 Words in reg. 2 substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 10 para. 4(2)(b) (with Sch. 12)

F3 Words in reg. 2 substituted (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), arts. 1(2), 8(2)

Commencement Information

I1 Reg. 2 in force at 2.3.1998, see reg. 1