SCHEDULES

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

Part II Modified Application of Parts I to III, 6, 7, 12 and 13 of Insolvency Act 1986

Voluntary arrangements

7

Section 1 of the Act (proposals for voluntary arrangements) has effect as if—

(a)

it required any proposal under Part I of the Act to be so framed as to enable a building society to comply with the requirements of this Act; and

(b)

any reference to debts included a reference to liabilities owed to the holders of shares in a building society.

8

In section 2 (procedure where nominee is not liquidator or administrator) and section 3 (summoning of meetings) of the Act as applied to a building society, any reference to a meeting of the society is a reference to—

(a)

a meeting of both shareholding and borrowing members of the society; and

(b)

a meeting of shareholding members alone.

F2and subsection (1) of section 2 shall have effect with the omission of the words from “and the directors” to the end.

F38A

In subsection (2) of section 4A of the Act (approval of arrangement) as applied to a building society, paragraph (b) and the word “or” immediately preceding that paragraph are omitted.

9

In section 6 of the Act (challenge of decisions) as applied to a building society, “contributory”—

(a)

means every person liable to contribute to the assets of the society in the event of its being wound up, and

(b)

for the purposes of all proceedings for determining, and all proceedings prior to the determination of, the persons who are to be deemed contributories, includes any person alleged to be a contributory, and

(c)

includes persons who are liable to pay or contribute to the payment of—

(i)

any debt or liability of the building society being wound up, or

(ii)

any sum for the adjustment of rights of members among themselves, or

(iii)

the expenses of the winding up;

but does not include persons liable to contribute by virtue of a declaration by the court under section 213 (imputed responsibility for fraudulent trading) or section 214 (wrongful trading) of the Act.

F49A

In section 7A of the Act (prosecution of delinquent officers) as applied to a building society—

(a)

in subsection (2), for paragraphs (i) and (ii) there is substituted “ the F5FCA ”,

(b)

subsections (3) to (7) are omitted,

(c)

in subsection (8), for “Secretary of State” there is substituted “ F5FCA ”.