Section 84

This Part applies to building societies (within the meaning of section 119 of the Building Societies Act 1986) as it applies to banks, subject to— the provisions of the Table, and sections 84ZA to 84D (which relate to the second and fourth stabilisation options ). The procedure provided by section 85 has effect in place of share transfer orders; and— sections 28 and 30 do not apply, and section 27 applies following an order under section 85 as following a share transfer order. A property transfer instrument in respect of a building society may— cancel shares in the building society; confer rights and impose liabilities in place of cancelled shares (whether by way of actual or deemed shares in a transferee building society or by way of other rights and liabilities in relation to a transferee bank). A supplemental property transfer instrument in respect of a building society may— cancel shares in the building society; confer rights and impose liabilities in place of cancelled shares (whether by way of actual or deemed shares in a transferee building society or by way of other rights and liabilities in relation to a transferee bank). Section 45 applies following an order under section 85 as following a share transfer order. A property transfer order in respect of a building society may cancel shares in the building society. A reference to a share transfer order includes a reference to an order under section 85. A resolution fund order may not be made under section 51(2)(b). If and in so far as an order under section 85 provides for the issue of new deferred shares, section 51(2) shall not apply but the Treasury may make a third party compensation order.

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Source: legislation.gov.uk · retrieved 2026-09-04