# The Building Societies (Transfer Resolutions) Order 1997, Note: Explanatory note


(This note is not part of the Order)
This Order amends paragraph 30(2)(b) of Schedule 2 to the Building Societies Act 1986 by increasing from 20 to 50 the percentage of the members of a building society qualified to vote on a shareholding members' resolution who must have voted on such a resolution for it to be effective in transferring the business of the society to a specially formed company if it is passed.

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Source: https://www.legislation.gov.uk/uksi/1997/2714/note (the official version)
Page: https://openlegislation.uk/building-societies-transfer-resolutions-order-1997/note
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.