Finance Act 2006

Amendment of Schedule 16 (building societies: change of status) to Principal Act.

77.— Schedule 16 to the Principal Act is amended in paragraph 4, by inserting after subparagraph (6) the following:

“(7) (a) In this section ‘PPS Number’, in relation to an individual, means the individual’s Personal Public Service Number within the meaning of section 262 of the Social Welfare Consolidation Act 2005 .

(b) Where in connection with the conversion there is conferred on a member of the society a right to acquire shares in a successor company, or a right to a distribution of assets (including cash) of the society, the society shall, within 30 days of the registration of the society as a company or within such longer period as the Revenue Commissioners may on request allow, make a return to the Revenue Commissioners, in such electronic format as they require, which, in respect of each such member, specifies—

(i) the name of the member,

(ii) the address of the member,

(iii) subject to clause (e), the information referred to in clause (c),

(iv) the number of shares in the successor company which the member has a right to acquire,

(v) the amount of new consideration which the member is required to give to acquire those shares,

(vi) the value of any assets of the society to which the member has a right, and

(vii) such other information that the Revenue Commissioners advise the society that they require.

(c) A society proposing to convert into a company shall, in such manner as the Revenue Commissioners may specify, request from every member who is an individual that he or she furnish to the society—

(i) his or her PPS Number, or

(ii) where he or she does not have a PPS Number, confirmation to that effect,

on or before a specified date, which date shall be before the society converts into a company.

(d) An individual to whom clause (c) relates shall comply with the request in a manner so as to enable the society to have that information on or before the specified date.

(e) Where in making a return for the purposes of clause (b), the society as a company is unable to provide the information required by clause (b)(iii) in respect of an individual because he or she failed to furnish the information in accordance with clause (c), then the company shall, unless it can otherwise duly provide the information, state that it cannot provide the information so required.”.