13Certificate confirming transfer of engagements between societies

13 Certificate confirming transfer of engagements between societies

S. 13(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 transfer of engagements, the Registrar is satisfied that—

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

(b) the rules, or proposed rules, of the transferee society are adequate; and

S. 13(1)(c) amended by No. 37/1999 s. 58(Sch. 2 Pt 1 item 6).

(c) the certificate or certificates of incorporation of the transferor society or societies has or have been surrendered to the Registrar; and

S. 13(1)(d) amended by No. 11/2001 s. 3(Sch. item 15.2).

(d) 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 transfer;

(e) there is no good reason why the transfer of engagements should not take effect;

the Registrar must—

(f) issue a certificate confirming the transfer of engagements; and

(g) cancel the registration of the transferor society or societies.

S. 13(2) amended by No. 37/1999 s. 58(Sch. 2 Pt 1 item 6).

(2) A transfer of engagements takes effect on the issue of the certificate of the Registrar under subsection (1).

S. 14 substituted by No. 48/1992 s. 96.