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Confirmation and registration of union under section 25 or transfer or undertaking under section 26.
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27.—(1) Where a proposal referred to in section 25 or 26 is duly approved, any society concerned in the proposal may apply to the Registrar to confirm the union, transfer or undertaking.
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(2) (a) Where a society makes an application under subsection (1) it shall within seven days after the date of the application cause to be published, in Iris Oifigiúil and in at least one daily newspaper published in the State and circulating in the areas in which the chief offices of the societies concerned in the proposal are situated, a notice giving particulars of the application and indicating that objections or representations relating to it may be made in writing to the Registrar within such period (being not less than 21 days after the date of publication of the notice) as may be specified in the notice.
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(b) A notice under this subsection shall be in such form as the Registrar may direct and shall indicate that a copy of the statement prepared under section 28 may be obtained on demand at the chief office of the society during the ordinary office hours of the society.
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(3) Objections and representations relating to an application under subsection (1) may be made to the Registrar within the period specified in the relevant notice published under subsection (2).
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(4) The Registrar, having considered an application under subsection (1) and any objection or representation under subsection (3), shall either—
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(a) confirm the union, transfer or undertaking, or
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(b) where he is not satisfied that section 28 has been complied with, or is of the opinion that confirmation would not be in the public interest or in the interest of the orderly and proper regulation of building society business, refuse to confirm the union, transfer or undertaking.
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(5) Where the Registrar refuses to confirm a union, transfer or undertaking, he shall, within two months of receiving the application for such confirmation, notify the applicant of his decision and of his reasons for it, and an appeal may be made to the Court against the decision.
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(6) (a) Where the Registrar confirms a union, transfer or undertaking, the Registrar shall register the union, transfer or undertaking, and from the date of such registration it shall have effect in accordance with the terms of the relevant proposal.
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(b) The Registrar shall send to an applicant under subsection (1) a certificate of the registration under paragraph (a) in a prescribed form.
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(7) Subject to subsection (6), registration under this Act of a union or transfer shall operate as an effectual conveyance, transfer or assignment on the date of registration of the funds, property and assets of the societies uniting to the united society, or of the society transferring its engagements to the society to which they are transferred, without any formal conveyance, transfer or assignment, but any such union or transfer shall not affect the rights of any creditor of any society so uniting or transferring.
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