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Amendment of section 33 of Building Societies Act, 1874, and section 19 of Building Societies Act, 1894.
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4.—(1) Section 33 of the Building Societies Act, 1874, is hereby amended by the substitution of “a majority” for “three-fourths” and the said section 33, as so amended, is set out in the Table to this subsection.
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33. Two or more societies under this Act may unite and become one society, with or without any dissolution or division of the funds of such societies or either of them, or a society under this Act may transfer its engagements to any other such society, upon such terms as shall be agreed upon by a majority of the members (holding not less than two-thirds of the whole number of shares) of each of such societies present at general meetings respectively convened for the purpose; but no such transfer shall prejudice any right of any creditor of either society. Notice of every such union or transfer shall be sent to the registrar, and registered by him.
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(2) Section 19 of the Building Societies Act, 1894, is hereby amended by the substitution of “a majority” for “three-fourths” and the said section 19, as so amended, is set out in the Table to this subsection.
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19. Where a majority of the members of two or more societies present at general meetings respectively convened for the purpose of considering any union or transfer under section thirty-three of the Building Societies Act, 1874, agree to the union or transfer, the agreement shall, notwithstanding anything in that section, be valid if it obtains the concurrence in writing of the holders of not less than two-thirds of the whole number of shares of each society, whether they are present at the meeting or not.
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