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Paragraph 22 Miscellaneous

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

In section 124 of the 2009 Act (transfer of accounts), after subsection (2) insert—

“(2A)

The arrangements may—

(a)

cancel shares in the building society;

(b)

confer rights and impose liabilities in place of cancelled shares (whether by way of actual or deemed shares in a transferee building society or by way of other rights and liabilities in relation to a transferee bank).”.