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195

 

House of Commons

 
 

Friday 27th April 2007

 

Report Stage Proceedings

 

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


 

New Clause

 

Annual report to Parliament

 

Dr Vincent Cable

 

Simon Hughes

 

Not selected  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

 

Not selected  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

 

Not selected  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

 

Not moved  4

 

Page  2,  line  32  [Clause  2],  at end insert ‘and after satisfying those liabilities any


 
 

Report Stage Proceedings: 27th April 2007                

196

 

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

 
 

surplus assets are distributed in accordance with the society’s rules.’.

 


 

Mr David Winnick

 

Mark Fisher

 

Mr Richard Shepherd

 

Not selected  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

 

Not moved  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

 

Not moved  6

 

Title,  line  2,  after ‘members;’ insert ‘to provide for the alteration of priorities on

 

dissolution and winding up of a building society;’.

 

Bill read the third time, and passed.

 


 
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