# The Building Societies (Transfer of Business) Regulations 1988, Regulation 8: Statutory guarantee


Where upon the vesting date any obligation under section 22 of the Act (Obligation to meet liabilities of associated bodies) is transferred from the society to the successor company, any discharge of liability to which that obligation relates shall discharge or, as the case may be, reduce that obligation which shall not thereafter be renewed or increased by any subsequent dealings by the associated body in respect of which that obligation arose.

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Source: https://www.legislation.gov.uk/uksi/1988/1153/regulation/8 (the official version)
Page: https://openlegislation.uk/building-societies-transfer-of-business-regulations-1988/regulation-8
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.