Building Societies Act, 1976

Union of societies.

25.—(1) Subject to compliance with section 28, two or more societies may unite and become one society, whether with or without a dissolution or division of the funds of one or more of the societies, if—

(a) a proposal to unite is approved by a special resolution of each society, and

(b) either—

(i) the proposal obtains the consent in writing of the holders of not less than two-thirds of the total value of shares in each society, or

(ii) the union is confirmed under section 27.

(2) Where two or more societies unite under paragraphs (a) and (b) (i) of subsection (1), notice of the union shall be sent to the Registrar by the united society and shall be duly registered by him, and he shall send to that society a certificate of such registration in a prescribed form.

(3) Sections 18 and 19 shall not apply to a society formed by a union under this section if before the union both those sections or either of them did not apply to at least one of the societies forming the union.