SCHEDULE 15 Amalgamations, Transfers of Engagements and Conversion: Supplementary
Part I Provision of Information to Members
Statements relating to conversion of society into company
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(1)
A friendly society which desires to convert into a company under section 91 above shall send a statement concerning—
(a)
such matters as may be prescribed in regulations made by the Commission with the consent of the Treasury; and
(b)
such other matters as may be required by the Commission in the case of the particular conversion;
to every member entitled (when the statements are sent) to vote on any resolution required by subsection (2) of that section.
(2)
Regulations under sub-paragraph (1) above may include among the prescribed matters any alternatives to a proposed conversion which may be available.
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The statement referred to in paragraph 3 above shall be sent so as to arrive no later than 14 days (or such longer period as the rules may require for notice of any resolution required by section 91 above) before—
(a)
the meeting at which any such resolution is to be moved; or
(b)
where proxy voting is permitted, such earlier date as may be specified by the society, under its rules, as the final date for the receipt of instruments appointing proxies to vote at the meeting;
but no such statement may be sent unless its contents, so far as they concern the matters mentioned in that paragraph, have been approved by the Commission.