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Amendment of section 101 of Principal Act.
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21.— Section 101 of the Principal Act is amended—
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(a) in subsection (4), by substituting “Subject to section 101C(3), a society” for “A society”,
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(b) in subsection (6), by inserting “who are such members by virtue of holding shares in the society” after “any rights conferred on members of the society”, and
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(c) by inserting the following after subsection (6):
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“(7) Subject to subsection (8), the terms of a conversion scheme proposed by the board of directors of a building society may specify that the successor company may—
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(a) offer to the public or allot or agree to allot, with a view to their being offered for sale to the public, any shares in, or debentures of, the company, or
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(b) allot or agree to allot any shares in, or debentures of, the company, or
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(c) register a transfer, within the meaning of section 102(5), of any shares in, or debentures of, the company,
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so as to enable more than 15 per cent and up to and including 100 per cent of the shares in, or debentures of, the company to be subscribed for or acquired and held by, or by nominees for, any one person or by persons or their nominees acting in concert and, if the conversion scheme so specifies, the provisions of section 102 shall not apply to the successor company.
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(8) Subsection (7) shall only apply to a building society whose board of directors are proposing a conversion scheme provided that, for a period of not less than 5 years ending on a specified date, a person is required by the society to lodge not less than €10,000 with the society before the person may open an account with that society which entitles the person to hold a share in that society.
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(9) In this section ‘specified date’ in relation to a building society means the date on which the Central Bank is advised by that society, pursuant to section 101(4), of a proposal to convert into a company.”.
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