{
  "url": "https://openlegislation.uk/draft-mutual-societies-transfers-order-2009/article-11",
  "json_url": "https://openlegislation.uk/draft-mutual-societies-transfers-order-2009/article-11.json",
  "legislation": "ukdsi/2009/9780111472927",
  "legislation_title": "The Mutual Societies (Transfers) Order 2009",
  "legislation_url": "https://openlegislation.uk/draft-mutual-societies-transfers-order-2009",
  "path": "article/11",
  "kind": "article",
  "number": "11",
  "heading": "Membership of the holding mutual",
  "text": "(1) The transfer provisions apply in relation to a relevant transfer as if after section 100 of the 1986 Act there were inserted—\n“Regulated terms: membership of the holding mutual\n100A. (1) The terms of a transfer of business by a building society to the company which is to be its successor must include provision for making membership of the holding mutual available to every qualifying member of the building society and to every person who, after the transfer, becomes a customer of the company.\n(2) The membership made available pursuant to that provision must be on terms no less favourable than those enjoyed by existing members of the holding mutual.\n(3) Subsection (1) above does not apply where the terms of the transfer of business include provision for making membership of any parent undertaking of the holding mutual available to the persons mentioned in that subsection on terms no less favourable than those enjoyed by existing members of the parent undertaking.\n(4) Any terms of a transfer of business to which subsections (1) and (2) above apply are regulated terms for the purposes of section 97.\n(5) For the purposes of this section, any member of the building society who, on the day immediately preceding the vesting date, is a shareholding or borrowing member of the society, is a qualifying member.”.\n(2) Section 97 of the 1986 Act applies in relation to a relevant transfer with the following modifications—\n(a) in subsection (2), after “section 100,” insert “section 100A,”;\n(b) in subsection (4)(b), after “section 100” insert “, section 100A”;\n(c) in subsection (12), in the definition of “regulated terms”, after “section 100” insert “, section 100A”.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "Section 97(2) was amended by the Building Societies (Distributions) Act 1997 (c.41), section 1(2). Section 97(4) was amended by S.I. 2001/2617. For amendments to section 97(12) see the footnote to article 4."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukdsi/2009/9780111472927/article/11",
    "retrieved_at": "2026-10-30T14:58:08.994724+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."
}