Section 23 Transfer of the Society

(1)

The directors of CMIG may appoint a day to be the appointed day for the undertaking of the Society for the purposes of this Part.

(2)

Where a day is appointed under subsection (1) above the provisions of this Part set out in subsection (3) shall apply as if—

(a)

the day had been appointed under section 9 (appointed day) above;

(b)

references in the provisions to the appointed undertaking were references to the undertaking of the Society;

(c)

references in the provisions to the transferor company or transferor companies were references to the Society; and

(d)

references in the provisions to the Bank were references to CMIG.

(3)

The provisions referred to in subsection (2) are—

Section 9(3) and (4);
Sections 10 and 11;
Section 12(1) to (6) and (8) to (23);
Section 13;
Sections 14 and 15 (save that references to the financial year of the Bank shall be treated as references to a financial year determined in accordance with the provisions of section 223 of the 1985 Act); and
Sections 16 to 19 and 21.

(4)

On the day appointed under subsection (1) above—

(a)

the Society shall be dissolved; and

(b)

the enactments set out in Part 2 of Schedule 2 shall be repealed.