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Building Societies Act 1965

Constitution of building societies - Union or transfer of engagements

33: Transfer of engagements

You could also call this:

“How a society can pass on its duties to another society”

When a society wants to transfer some or all of its responsibilities to another society, it can do so with a special vote. The society that wants to transfer its responsibilities needs to get a special agreement from its members.

The society that’s taking on the responsibilities can agree to do this either by having all its members vote or by having its board of directors decide.

After the transfer is agreed upon, the society giving away its responsibilities must tell the Registrar about it. They need to send a notice to the Registrar to have it officially recorded.

It’s important to know that the transfer doesn’t count unless the Registrar has recorded it.

If a society doesn’t tell the Registrar about the transfer, they’re breaking the rules. The society, and any of its leaders who didn’t follow this rule, can get in trouble for not obeying the law.

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32: Union of societies, or

"Building societies can join together to become one society"

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34: Supplementary provisions as to union and transfer of engagements, or

"Extra rules for societies joining together or passing on their duties"

Part 2 Constitution of building societies
Union or transfer of engagements

33Transfer of engagements

  1. Subject to the provisions of this section, a society may, by special resolution, transfer all or part of its engagements to another society which undertakes to fulfil those engagements.

  2. A society may, by resolution of a general meeting of the society or of the board of directors of the society, undertake to fulfil all or part of the engagements of another society.

  3. It shall be the duty of a society transferring all or part of its engagements under this section to send notice of the transfer to the Registrar for registration.

  4. A transfer of engagements between societies under this section shall not have effect unless notice of the transfer has been registered.

  5. If a society fails to comply with subsection (3), the society, and every officer of the society who is in default, shall be guilty of an offence against this Act.

Notes
  • Section 33: replaced, on , by section 11 of the Building Societies Amendment Act 1987 (1987 No 175).
  • Section 33(3): amended, on , by section 7 of the Building Societies Amendment Act 2007 (2007 No 43).
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