12Registrar may register merged society

12 Registrar may register merged society

S. 12(1) amended by No. 37/1999 s. 58(Sch. 2 Pt 1 item 6).

(1) If, in relation to an application under this Division by societies for registration of a proposed merger, the Registrar is satisfied that—

(a) the societies involved have complied with section 11; and

(b) the proposed rules of the merged society are adequate; and

S. 12(1)(c) amended by No. 11/2001 s. 3(Sch. item 15.2).

(c) each authorised deposit-taking institution or other person (if any) in whose favour a guarantee under Part V is in force in relation to the societies consents to the merger;

S. 12(1)(d) amended by No. 37/1999 s. 58(Sch. 2 Pt 1 item 6).

(d) the certificates of incorporation of the societies involved in the merger have been surrendered to the Registrar; and

(e) there is no good reason why the merged society and its rules should not be registered—

the Registrar must—

(f) register the merged society; and

(g) register its rules; and

(h) cancel the registration of the societies involved in the merger.

S. 12(2) amended by No. 37/1999 s. 58(Sch. 2 Pt 1 item 6).

(2) On registering the merged society, the Registrar must issue a certificate of incorporation to the society.

(3) A merger takes effect on the issue of the certificate of incorporation under subsection (2).

S. 13 substituted by No. 48/1992 s. 96.