Article 13 Modified application of sections 102B and 102C of the 1986 Act

(1)

Section 102B of the 1986 Act (protection of interests of beneficiaries in the case of trustee account holders)^f1 applies in relation to a relevant transfer with the following modifications—

(a)

in subsection (2), for paragraph (a) substitute—

“(a)
a distribution among members of the society of part of the funds of the society or the holding mutual made in accordance with section 4 of the 2007 Act and article 7 of the 2009 Order, but not a distribution within section 100(2)(b), or”;

(b)

in subsection (3), for “and its successor” substitute “, its successor and the holding mutual”;

(c)

in subsection (6), for “and its successor” substitute “, its successor and the holding mutual”.

(2)

Section 102C of the 1986 Act (consequences of false declaration)^f2 applies in relation to a relevant transfer with the following modifications—

(a)

in subsection (1)(b)(i), after “the society’s successor” insert “or the holding mutual”;

(b)

in subsection (2), after “the successor”, in each place where it occurs, insert “or the holding mutual”;

(c)

in subsection (4), after “the successor”, in each place where it occurs, insert “or the holding mutual”.

Annotations

Footnotes

f1: Section 102B was inserted by the Building Societies (Distributions) Act 1997, section 1.
f2: Section 102C was inserted by the Building Societies (Distributions) Act 1997, section 1.