(1) Where a building society becomes converted into a company pursuant to this Part -

(a) every shareholding (except any holding of special investment shares) in and deposit with the society becomes, on conversion, a deposit of the same amount with the successor company,

(b) on the conversion date, the business, property, rights and liabilities of the society vest in the successor company, and

(c) except where the consent of the holder of special investment shares has been obtained, or the terms of the special investment shares provide otherwise, the special investment shares or investment shares issued by the society become, on conversion, ordinary shares in the successor company.

(1A) Any ordinary shares in the successor company referred to in subsection (1)(c) shall be taken to have been fully paid up.

(2) Without prejudice to the generality of subsection (1), the following provisions shall have effect where a society becomes converted into a company pursuant to this Part, that is to say -