Part X Dissolution, Winding Up, Mergers and Transfer of Business
Dissolution and winding up
88 Voluntary winding up.
1
A building society may be wound up voluntarily under the applicable winding up legislation if it resolves by special resolution that it be wound up voluntarilyF2, but a resolution may not be passed if—
a
the conditions in section 90D are not satisfied, or
b
the society is in building society insolvency or building society special administration.
F11A
A resolution under subsection (1) shall have no effect without the prior approval of the court.
2
3
A copy of any such resolution shall be annexed to every copy of the memorandum or of the rules issued after the passing of the resolution.
4
If a building society fails to comply with subsection (2) or (3) above the society shall be liable on summary conviction to a fine not exceeding level 3 on the standard scale and so shall any officer who is also guilty of the offence.
5
For the purposes of this section, a liquidator of the society shall be treated as an officer of it.