Regulation 7 Fees in respect of mergers of societies

Subject to paragraph (3) below, a society which proposes to merge with another society, and–

shall upon making such application pay to the Commission a fee determined in accordance with paragraph (2) below in respect of the Commission’s functions in relation to the application and any functions it may exercise subsequently under section 95 of the Act^f2 with respect to the proposed merger.

The sum payable under paragraph (1) above shall be £13,000, but a society which on making such application pays a fee of £8,750 shall not be required to pay the remaining of £4,250 unless and until the Commission gives notice pursuant to paragraph 9(1)(b) of Schedule 16 to the Act to the society of its determination under paragraph 9(1)(a) of that Schedule.

In any case where the Commission considers that the proposed merger would be expedient for the purpose of protecting the investments of the shareholders of or depositors in any society proposing to amalgamate with or transfer its engagements to another society, the Commission may in respect of the proposed merger waive payment of or reduce the fee payable by any or all societies concerned under paragraph (1) above by notifying any society in respect of which the fee is waived or reduced of such waiver or as the case may be of the reduced fee to be paid in respect of the society’s application and where the fee is so reduced the sums payable on application and upon the notice referred to in paragraph (2) above shall be such as may be notified by the Commission to the society.