SCHEDULE 7 Other amendments of 1986 Act
Mergers: supplementary provisions
66
(1)
In paragraph 1 of Schedule 16 to the 1986 Act (mergers: supplementary provisions)—
(a)
in sub-paragraph (4)(e), for the words “class 1 or 2 advances made by the building society” there shall be substituted the words “
loans made by the building society which are secured on land
”
; and
(b)
sub-paragraph (5) shall cease to have effect.
(2)
“(2)
In any case where merger resolutions are to be moved at any meeting of a building society, every notice of the meeting shall have included in or with it—
(a)
a merger statement with respect to any merger proposal, other than a proposal of which notice has already been given under this paragraph, received by it more than 42 days before the date of the meeting; and
(b)
a transfer proposal notification with respect to any transfer proposal so received by it.
(3)
In this paragraph and paragraph 5 below—
“transfer proposal” has the same meaning as in Part IA of Schedule 17;
“transfer proposal notification” means a transfer proposal notification (within the meaning of that Part) required to be sent to members by paragraph 5B(1) of that Schedule.”
(3)
In sub-paragraph (1) of paragraph 5 of that Schedule—
(a)
after the words “merger statement” there shall be inserted the words “
or transfer proposal notification
”
; and
(b)
after the words “the statement” there shall be inserted the words “
or notification
”
.
(4)
In sub-paragraph (2) of that paragraph, after the words “merger statement” there shall be inserted the words “
or transfer proposal notification
”
.