78. Amendment of Building Societies Act, 1989.
The Building Societies Act, 1989, is hereby amended by the insertion after section 101 of the following section:
(1) This section shall apply where a conversion scheme specifies rights of members of the society entitling them to shares in the successor company, to acquire shares in the successor company in priority to other subscribers or to any distribution of the funds of the society.
(2) Notwithstanding any other provision of this Act, where -
(a) a member held shares in the society for the whole of the specified period,
(b) any shares held by that member were jointly held for the whole or part of the specified period,
(c) that member is named second in the records of the society for the whole or part of the period the shares were jointly held, and
(d) no person who has priority, in accordance with sub section (3), over the member referred to in paragraph (a) held shares in the society throughout the specified period,
the shares jointly held shall be regarded as having been held alone by the member referred to in paragraph (a).
(3) The following persons shall be regarded, for the purposes of subsection (2), as having priority over the member referred to in paragraph (a) of that subsection, namely -