Paragraph 12
United Kingdom
The F1appropriate authority shall not confirm a transfer unless it is satisfied—
that all the engagements included in the transfer may be transferred under section 86 above to the transferee;
that the transfer is in the interests of the members of each friendly society participating in the transfer; and
where the transfer is not of all the engagements of the transferor, that the purposes of each friendly society participating in the transfer will, after the transfer, continue to include the carrying on of one or more activities falling within Schedule 2 to this Act.
Annotations
Textual amendments
- F1
Words in Sch. 15 para. 12 substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 9 para. 56(12) (with Sch. 12)
Notes on Schedule 15
Modifications
- C1
Sch. 15: power to modify conferred (16.1.2009) by Building Societies (Funding) and Mutual Societies (Transfers) Act 2007 (c. 26), ss. 3, 6(2); S.I. 2009/36, art. 2
Notes on Part II
Textual amendments
- F1
Words in Sch. 15 Pt. 2 heading substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 9 para. 56(5) (with Sch. 12)
Notes on Confirmation of transfers of engagements
Textual amendments
- F1
Sch. 15 para. 14 omitted (17.8.2001 for specified purposes and otherwiseprosp.) by virtue of S.I. 2001/2617, arts. 2(a), 8(1), 13(1), Sch. 3 para. 128(r) (with art. 13(3), Sch. 5) and is repealed (prosp.) by S.I. 2001/3538, art. 2(1)