SCHEDULES
C1SCHEDULE 16 Mergers: Supplementary Provisions
Part I Issue of Statements to Members
1
1
A building society which desires—
a
to amalgamate with one or more other building societies, or
b
to transfer its engagements to another building society, or
c
to undertake to fulfil the engagements of another building society,
shall, unless the F1Authority, in the case of a society desirous of undertaking to fulfil another’s engagements, has consented under section 94(5) to its proceeding by resolution of the board of directors, send to every member entitled to notice of a meeting of the society a statement concerning the matters specified in sub-paragraph (4) below.
2
A building society shall include the statement referred to in sub-paragraph (1) above in or with the notice to be sent to its members of the meeting of the society at which the resolutions require for the approval of the amalgamation or, as the case may be, the transfer are to be moved.
3
No statement shall be sent unless its contents, so far as they concern the matters specified in sub-paragraph (4) below, have been approved by the F1Authority.
4
Those maters are the following, namely—
a
the financial position of the building society and that of the other building society or societies participating in the amalgamation or transfer;
b
the interest of the directors of the building society in the amalgamation or transfer of engagements;
c
the compensation or other consideration (if any) proposed to be paid to or in respect of the directors or other officers of the building society and of the other building society or societies participating in the amalgamation or transfer;
d
the payments (if any) to be made to members of the building society and of the other building society or societies participating in the amalgamation or transfer by way of a distribution of funds in consideration of the amalgamation or transfer;
e
the changes (if any) to be made, in connection with the amalgamation or transfer of engagements, in the terms governing outstanding F2loans made by the building society which are secured on land;
f
any other matter which the F1Authority requires in the case of the particular amalgamation or transfer of engagements.
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6
Any expression used in this paragraph and in section 96 has the same meaning in this paragraph as in that section.
Sch. 16 excluded by S.I. 1986/2168, art. 9(2)(b)(3)