{
  "url": "https://openlegislation.uk/building-societies-transfer-of-business-regulations-1988/regulation-3",
  "json_url": "https://openlegislation.uk/building-societies-transfer-of-business-regulations-1988/regulation-3.json",
  "legislation": "uksi/1988/1153",
  "legislation_title": "The Building Societies (Transfer of Business) Regulations 1988",
  "legislation_url": "https://openlegislation.uk/building-societies-transfer-of-business-regulations-1988",
  "path": "regulation/3",
  "kind": "regulation",
  "number": "3",
  "heading": "Transfer statements",
  "text": "(1) Subject to paragraph (2) below, any transfer statement sent to members of a society under paragraph 2 of Schedule 17 (Transfers of Business: Supplementary Provisions) to the Act shall give particulars of the matters specified in Part I of the Schedule to these Regulations, particulars of the matters specified in either Part II or Part III of that Schedule according to whether the society proposes to transfer its business to an existing company or a specially formed company, and, if shares or rights in relation to shares are to be offered in connection with the transfer, also particulars of the matters specified in Part IV of that Schedule.\n(2) Where, by virtue of paragraph (1) above, particulars are required to be stated of any matter, which is not ascertainable at the time when the statement is made, there shall be substituted for that matter a forecast thereof and the fact that the particulars given in the statement relate to a forecast shall be specified in the statement and so shall particulars of—\n(a) the persons making the forecast,\n(b) the persons (if any) consulted for the purposes of the forecast by its makers, and\n(c) the facts and assumptions on which it is based.\n(3) Where, during the 12 months preceding the date of a transfer statement, a written proposal has been made to the society issuing the statement—\n(a) by or on behalf of a company other than the successor company, for the society to transfer its business to that other company, or\n(b) by or on behalf of another building society, for the society to merge with that building society,\nparagraph (4) below shall apply to that transfer statement.\n(4) Where this paragraph applies to a transfer statement the transfer statement shall, notwithstanding, in the case of a merger proposal, that notice of the proposal is required to be given to members of the society under Part II of Schedule 16 (Mergers: Supplementary Provisions) to the Act, give particulars of the following matters—\n(a) the fact of the proposal and the name of the company or society on whose behalf the proposal was made, save where the company or society, by or on whose behalf the proposal was made, has made before the date on which these Regulations came into force and has not withdrawn a request that the proposal be treated as confidential; and\n(b) the terms of the proposal, save to the extent that the company or society, by or on whose behalf the proposal was made, has made and has not withdrawn a request that any such term be treated as confidential.\n(5) In Part I of the Schedule to these Regulations, “associated company” means, in relation to a successor company, any of its subsidiaries and of the bodies corporate which fall under generally accepted accounting principles to be treated as associated companies of that successor company for accounting purposes, and, in Part IV of that Schedule, “offer”, in respect of shares or rights relating to shares, includes any invitation to apply for those shares or rights and “offered” shall be construed accordingly.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1988/1153/regulation/3",
    "retrieved_at": "2026-10-29T16:04:10.521986+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}