Building Societies (Joint Account Holders) Bill

House of Commons

Session 1997-98
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Arrangement of Clauses (Contents)

Building Societies (Joint Account Holders) Bill

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Secure equal rights for second-named and subsequent-named account holders of building society joint accounts in respect of distribution of assets on the takeover or conversion of a building society.
BE IT ENACTED by the Queen's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:-

Building Societies Commission powers on merger of business. 1. In section 95 of the Building Societies Act 1986 ("the 1986 Act") (mergers: provisions supplementing ss 93 and 94), insert after subsection (4)(c)-

"or

(d) there is no sufficient provision for any joint shareholder to share equally the distributions provided for or referred to in section 100 below with any representative joint holder (as defined in paragraph 7(2) of Schedule 2 to this Act); or

(e) there is no sufficient provision for any joint borrower to share equally the distributions provided for or referred to in section 100 below with any representative joint borrower (as defined in paragraph 8(2) of Schedule 2 to this Act).".

© Parliamentary copyright 1998
Prepared 30 June 1998