House of Commons
Session 2006-07
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Friday 27th April 2007

Consideration of Bill


Building Societies (Funding) and Mutual Societies (Transfers) Bill


New Clause

Annual report to Parliament

Dr Vincent Cable
Simon Hughes

NC1

    To move the following Clause:—

      ‘The Chancellor of the Exchequer must lay before Parliament an annual report on the performance and funding position of financial mutuals and the comparative performance of financial non-mutuals to assist Parliament in the monitoring of the implementation of this Act.’.


Mr David Winnick
Mark Fisher
Mr Richard Shepherd

1

Page 2, line 4 [Clause 1], leave out from ‘instrument’ to ‘House’ and insert ‘subject to annulment in pursuance of a resolution of either’.

Mr David Winnick
Mark Fisher
Mr Richard Shepherd

2

Page 2, line 23 [Clause 1], leave out from ‘instrument’ to ‘House’ and insert ‘subject to annulment in pursuance of a resolution of either’.

Mr David Winnick
Mark Fisher
Mr Richard Shepherd

4

Page 2, line 32 [Clause 2], at end insert ‘and after satisfying those liabilities any surplus assets are distributed in accordance with the society’s rules.’.


Mr David Winnick
Mark Fisher
Mr Richard Shepherd

3

Page 3, line 7 [Clause 2], leave out from ‘instrument’ to ‘House’ and insert ‘subject to annulment in pursuance of a resolution of either’.

Mr David Winnick
Mark Fisher
Mr Richard Shepherd

5

Page 3, line 9 [Clause 2], at end insert—

      ‘(2) In Schedule 2 to the Building Societies Act 1986 (c.53) after paragraph 3(4) insert—

      “(4A) Rules about matters under item 14 of the Table in sub-paragraph (4) above must ensure that surplus assets are distributed in accordance with need.”’.


Mr David Winnick
Mark Fisher
Mr Richard Shepherd

6

Title, line 2, after ‘members;’ insert ‘to provide for the alteration of priorities on dissolution and winding up of a building society;’.


 
 
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Prepared: 27 April 2007