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 voluntarilyF1, 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.
F2(1A)
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.