Building Societies Act, 1989
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Confirmation and registration of conversion scheme by Central Bank. |
104.—(1) An application by a building society that has duly approved a conversion scheme in accordance with this Part shall be made to the Central Bank for confirmation of the scheme within 14 days of the meeting at which the society approved the scheme by forwarding to the Bank a copy of the resolution as passed together with 3 copies of the scheme as approved by the society. | |
(2) Subsections (1) to (5), (7) and (8) of section 98 shall, subject to this section and any necessary modifications, apply to an application to the Central Bank for confirmation of a conversion scheme under this section. | ||
(3) The Central Bank shall notify the Minister and the Minister for Finance when confirming a conversion scheme. | ||
(4) The Central Bank, having considered an application under subsection (1), any objection or representation received and any comment by the society shall confirm the conversion scheme unless it is of the opinion that— | ||
(a) confirmation would be contrary to the public interest, or | ||
(b) some information material to the members' decision about the conversion scheme was not made available to all the members eligible to vote, or | ||
(c) some relevant requirement of this Act or the rules of the society was not fulfilled, or | ||
(d) there is a substantial risk that the successor company will not be granted a licence under section 9 of the Act of 1971. | ||
(5) Where the Central Bank confirms a conversion scheme it shall register the scheme and the conversion resolution and send to the applicant a certificate of registration which shall be sufficient evidence unless the contrary is proved that the requirements of this Part in relation to the conversion scheme have been complied with. | ||
(6) The Central Bank shall forthwith publish such notice of confirmation and registration of the scheme as it considers appropriate. |