Building Societies Act, 1974

Union of societies and transfer of engagements of societies.

2.—(1) Where a proposal—

(a) by two or more societies to unite and become one society (whether with or without any dissolution or division of the funds of the societies or any of them), or

(b) by a society to transfer its engagements to another society,

is agreed to by a majority of the members of each society concerned present at general meetings respectively convened for the purpose, any of the societies concerned may apply to the Registrar to confirm the union or transfer, and—

(i) the Registrar, having considered the application and any objections or representations made to him under this section, may confirm or refuse to confirm the union or transfer,

(ii) if the Registrar confirms the union or transfer, he shall register it and thereupon it shall, notwithstanding anything contained in the Acts, be valid and have effect in accordance with the terms of the proposal aforesaid relating to it.

(2) Where a society make an application under this section, it shall within 7 days after the date of the making of the application cause to be published in the Iris Oifigiúil and in one or more daily newspapers published in the State and circulating in the areas in which the head offices of the societies affected by the application are situated a notice giving particulars of the application and stating that objections or representations with respect to it may be made in writing to the Registrar within such period, not being less than 21 days from the date of publication of the notice, as may be stated in the notice.

(3) Objections and representations with respect to an application under this section may be made to the Registrar within such period as may be specified in the notice published under subsection (2) in relation to the application and the Registrar shall, before deciding to confirm or refuse to confirm the application, consider any objection or representations with respect thereto duly made under this subsection.

(4) A union or transfer confirmed under this section shall not prejudice any right of a creditor of any society concerned.