Building Societies Act, 1989
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PART X Amalgamations and Transfers of Engagements | ||
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Amalgamation of societies. |
95.—(1) Subject to compliance with section 97 , any 2 or more building societies may amalgamate by forming a building society as their successor. | |
(2) In order to form a society as their successor the amalgamating societies must— | ||
(a) agree on the objects of their successor and the extent of its powers in a memorandum which complies with the requirements for the time being of Part I of the Second Schedule , | ||
(b) agree on the rules for the regulation of their successor which comply with the requirements of Part II of the Second Schedule and any regulations for the time being made under section 11 (2), | ||
(c) each approve the terms of the amalgamation by special resolution, which also approves the memorandum and rules of their successor, and | ||
(d) make application jointly under section 98 to the Central Bank for confirmation of the amalgamation and send to the Bank 3 copies of the memorandum and rules of their successor, each copy signed by the secretary of each of the societies. | ||
(3) The Central Bank if it confirms the amalgamation under section 98 , shall, if it is satisfied as respects the matters as to which it must be satisfied before it registers the memorandum and rules of a society, register the memorandum and rules of the successor society and issue to it a certificate of incorporation and specify a date (“the specified date”) as from which the incorporation takes effect. | ||
(4) On the specified date, all the property, rights and liabilities of each of the societies whose amalgamation was confirmed by the Central Bank shall by virtue of this subsection stand transferred to and vested in the society so incorporated as their successor. | ||
(5) On the specified date, each of the societies to which the successor succeeds shall be dissolved by virtue of this subsection; but the transfer effected by subsection (4) shall be deemed to have been effected immediately before the dissolution. | ||
(6) If, on the specified date, the societies whose amalgamation was confirmed by the Central Bank are all authorised, their successor shall be deemed to be authorised for the purposes of this Act as from that date. | ||
(7) The Central Bank shall record in the public file of the successor the fact that, by virtue of subsection (6), the society is deemed to be authorised for the purposes of this Act. |