The Building Societies (Transfer of Business) Regulations 1988

1. Introductory Text

2. 1. Citation and commencement

3. 2. Interpretation

4. 3. Transfer statements

5. 4. Construction of agreements and deeds

6. 5. Construction of other documents

7. 6. Rights, powers and remedies

8. 7. Legal proceedings

9. 8. Statutory guarantee

10. 9. Priority liquidation distributions

11. 10. Security for priority liquidation distributions

12. Signature

13. 1. SCHEDULE

       PRESCRIBED MATTERS FOR TRANSFER STATEMENTS

       1. PART I MATTERS OF WHICH PARTICULARS ARE TO BE INCLUDED IN THE CASE OF ANY TRANSFER

          1. 1. The consequences of the transfer— (a) for members holding shares...

          2. 2. The principal objects of the successor company.

          3. 3. The financial position of the society and its subsidiaries at...

          4. 4. The main features of the financial record of the society...

          5. 5. The changes proposed, in consequence of the transfer, in the...

          6. 6. The successor company’s authorised and issued share capital and the...

          7. 7. The prospective financial position of the successor company immediately following...

          8. 8. The future financial prospects of the successor company.

          9. 9. The interest of the directors of the society in the...

          10. 10. The compensation or other consideration (if any) proposed to be...

          11. 11. The manner in which the salary, fees, borrowing rights and...

          12. 12. The distribution of funds (if any) proposed to be made...

          13. 13. The amount of the society’s reserves ascertained as at the...

          14. 14. The opinion of the society’s auditor, or of some other...

          15. 15. Whether the person referred to in the foregoing paragraph has...

          16. 16. If any report or opinion (other than the opinion referred...

          17. 17. Any rights to be conferred on members, officers or employees...

          18. 18. The terms on which the investments of members of the...

          19. 19. The extent to which any statutory protection scheme that will...

       2. PART II MATTERS OF WHICH PARTICULARS ARE TO BE INCLUDED IN THE CASE OF A TRANSFER TO AN EXISTING COMPANY

          1. 1. The range and relative importance of the activities of the...

          2. 2. The structure and activities of any group to which the...

          3. 3. The financial record of the successor company, and of any...

          4. 4. Any person who is known to the successor company to...

          5. 5. The directors of the successor company, their interests in the...

          6. 6. The auditors of the successor company.

          7. 7. Whether the successor company is authorised under the Banking Act...

       3. PART III MATTERS OF WHICH PARTICULARS ARE TO BE INCLUDED IN THE CASE OF A TRANSFER TO A SPECIALLY FORMED COMPANY

          1. 1. The intended range and relative importance of the successor company’s...

          2. 2. The directors and auditors of the successor company following the...

          3. 3. Whether the Bank of England has indicated that, on the...

          4. 4. The priority liquidation distribution by the successor company to which...

          5. 5. The effect which withdrawal or transfer of money from any...

       4. PART IV MATTERS OF WHICH PARTICULARS ARE TO BE INCLUDED IN A CASE WHERE SHARES OR RIGHTS IN RELATION TO SHARES ARE TO BE OFFERED IN CONNECTION WITH A TRANSFER

          1. 1. The nature and amount of the shares and the nature...

          2. 2. The time at which the offer will be made.

          3. 3. The descriptions of persons to whom and the manner in...

          4. 4. The principal rights that will be attached to any shares...

14. Explanatory Note