Section 84A(7)

The provision that may be made under subsection (4)(b) includes— provision cancelling shares in the building society; provision cancelling membership rights in the building society; provision converting shares in the building society into deposits with the successor company; provision conferring rights and imposing liabilities in place of cancelled shares and membership rights; provision requiring the FCA to cancel the building society’s registration under the Building Societies Act 1986 at a time specified in or determined in accordance with the instrument; provision that any person approved for the purposes of Part 5 of the Financial Services and Markets Act 2000 (performance of regulated activities) in relation to the building society immediately before the resolution instrument is made continues to be approved for those purposes in relation to the successor company (but without affecting the powers of the FCA or PRA to vary or withdraw an approval); provision which could be included in a property transfer instrument by virtue of— section 34(7) and (8) (property held on trust), or section 36(1) to (5) (continuity).

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