(This note is not part of the Order)

This Order is made under sections 3 and 4 of the Building Societies (Funding) and Mutual Societies (Transfers) Act 2007 (c. 26) ("the 2007 Act").

Part 1 contains introductory provisions about citation, commencement and interpretation.

Part 2 applies to a transfer of the whole of the business of a building society to the subsidiary of another mutual society (within the meaning of the 2007 Act). It applies only where the transfer agreement contains a statement that it so applies (article 3(1)).

Part 2 modifies the application of certain provisions of the Building Societies Act 1986 (c. 53) ("the 1986 Act") and the Building Societies (Transfer of Business) Regulations 1998 (S.I. 1998 No. 212) ("the 1998 Regulations") which apply to a transfer of the business of a building society to a company. It also gives effect to section 4 of the 2007 Act in relation to such transfers (article 7).

Article 5 modifies the application of paragraph 30 of Schedule 2 to the 1986 Act so that the transfer needs to be approved by a borrowing members' resolution and a shareholding members' resolution, instead of by a borrowing members' resolution and the "requisite shareholders' resolution" (the requirements for which are set out in paragraph 30 of that Schedule).