SCHEDULES

F1SCHEDULE 15A Application of other companies insolvency legislation to building societies

Part II Modified Application of Parts I and II and Chapter I of Part III of Insolvency Act 1986

Administration orders

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(1)

Subsection (1) of section 23 of the Act (statement of proposals) as applied to a building society has effect as if—

(a)

the reference to the F2Financial Conduct Authority included a reference to the F3scheme manager;

(b)

the reference to all creditors included a reference to all holders of shares in the society; and

(c)

the reference to a meeting of the society’s creditors included a reference to a meeting of holders of shares in the society.

(2)

In subsection (2) of that section as so applied, references to members of the society do not include references to holders of shares in the society.