The Building Societies (Transfer Resolutions) Order 1997

Made: 13th November 1997

Laid before Parliament: 14th November 1997

Coming into force: 5th December 1997

The Treasury, in exercise of the powers conferred on them by paragraph 30(6) of Schedule 2 to the Building Societies Act 1986¹ and of all other powers enabling them in that behalf, and after consultation with the Building Societies Commission, hereby make the following Order:

Citation and commencement

1

This Order may be cited as the Building Societies (Transfer Resolutions) Order 1997 and shall come into force on 5th December 1997.

Amendment of Schedule 2 to the Building Societies Act 1986

2

In paragraph 30(2)(b) of Schedule 2 to the Building Societies Act 1986 “50” shall be substituted for “20”.

Signed

Bob Ainsworth — Graham Allen — Two of the Lords Commissioners of Her Majesty’s Treasury — 13th November 1997

Explanatory note

(This note is not part of the Order)

This Order amends paragraph 30(2)(b) of Schedule 2 to the Building Societies Act 1986 by increasing from 20 to 50 the percentage of the members of a building society qualified to vote on a shareholding members' resolution who must have voted on such a resolution for it to be effective in transferring the business of the society to a specially formed company if it is passed.

Footnotes