Building Societies Act, 1989
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Statement for members relating to proposed amalgamation or transfer of engagements. |
97.—(1) A building society proposing to amalgamate with one or more other societies, to transfer its engagements to another society or to undertake to fulfil the engagements of another society shall, unless the Central Bank, in the case of a society transferring engagements or undertaking to fulfil engagements, has consented under section 96 to its proceeding by resolution of the board of directors, cause to be sent to every member entitled to notice of a meeting of the society a statement, in such form as the Central Bank may direct, showing— | |
(a) the financial position of each society concerned, | ||
(b) the interest of the directors of each society concerned, | ||
(c) any compensation or consideration proposed to be paid or given to the directors or other officers of each society concerned, | ||
(d) details of any payments proposed to be made to members of each society concerned in consideration of the proposed amalgamation or transfer, | ||
(e) any changes to be made, in connection with the amalgamation or transfer, in the terms governing outstanding loans, | ||
(f) the details of the arrangements proposed in relation to employees of each society, and | ||
(g) any other matter which the Bank may require in the case of a particular amalgamation or transfer. | ||
(2) A statement to be sent to each member of a society under subsection (1) shall be so sent that every member entitled to notice of a meeting of the society receives it not later than the date on which he receives notice of any resolution in favour of the proposal to be moved at a meeting of the society or of any postal ballot to be held on the proposal. | ||
(3) A statement under this section shall not be sent to members unless its contents have been approved by the Central Bank. |