For section 101 of the 1986 Act there shall be substituted the following section -
"101 Protective provisions for specially formed successors
(1) No company specially formed by a building society to be its successor shall, at any time during the protective period -
(a) offer for sale or invite subscription for any shares in the company or allot or agree to allot any such shares with a view to their being offered for sale, or
(b) allot or agree to allot any share in the company, or
(c) register a transfer of shares in the company,
if the effect of the offer, the invitation, the allotment or the registration of the transfer would be that more shares than the permitted proportion would be held by any one person (other than the society), or by any two or more persons who are parties to a concert party agreement which relates to shares in the company.
(2) The articles of association of the company shall include provision such as will secure that the company does not offer, invite subscripti
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