sec.168Application for registration of merger or transfer of engagements

sec.168 Application for registration of merger or transfer of engagements

If 2 or more societies propose to consolidate all of their assets, liabilities and undertakings by way of merger, or transfer of engagements, the societies may, after complying with this section, apply for the registration of the merger, or transfer of engagements. The proposed merger, or transfer of engagements, must have been approved by a special resolution of each society involved unless the registrar has decided that it may be approved by the society’s board. Each society must send to each of its members a statement approved by the registrar stating— the financial position of each of the societies as shown in financial statements that have been prepared as at a date that is not more than 6 months before the date of the statement; and the interest that an officer of any of the societies has in the proposed merger, or transfer of engagements; and the compensation or other consideration proposed to be paid, or other incentive proposed to be given, to an officer or member of a society in relation to the proposed merger, or transfer or engagements; and whether the proposal is a merger, or transfer of engagements and the reason for the merger, or transfer of engagements; and how the societies’ reserves will be dealt with on the merger or transfer of engagements; and if there is a management contract for any of the societies—what is to happen to the contract; and any other matter specified by the registrar. The statement must be sent to the members so that it will, in the ordinary course of post, reach each member who is entitled to vote on the special resolution not later than— if the resolution is to be decided at a meeting—21 days before the date of the meeting; or if the resolution is to be decided by a postal ballot—21 days before the day on or before which the ballot papers must be returned by members voting in the ballot. The registrar may exempt a society from having to comply with all or part of subsection (3) . The registrar may grant an exemption, or approve a statement, on terms the registrar considers appropriate. An application for the registration of a merger or transfer of engagements must be made in the way and form required by the registrar. An application for a proposed merger must be accompanied by 2 copies of the proposed rules of the merged society and any other particulars required by the registrar. An application for a proposed transfer of engagements must be accompanied by 2 copies of the proposed rules of the transferee society and any other particulars required by the registrar. s 168 amd 1999 No. 27 s 76 sch 1 pt 2 (sec.168-ssec.1) If 2 or more societies propose to consolidate all of their assets, liabilities and undertakings by way of merger, or transfer of engagements, the societies may, after complying with this section, apply for the registration of the merger, or transfer of engagements. (sec.168-ssec.2) The proposed merger, or transfer of engagements, must have been approved by a special resolution of each society involved unless the registrar has decided that it may be approved by the society’s board. (sec.168-ssec.3) Each society must send to each of its members a statement approved by the registrar stating— the financial position of each of the societies as shown in financial statements that have been prepared as at a date that is not more than 6 months before the date of the statement; and the interest that an officer of any of the societies has in the proposed merger, or transfer of engagements; and the compensation or other consideration proposed to be paid, or other incentive proposed to be given, to an officer or member of a society in relation to the proposed merger, or transfer or engagements; and whether the proposal is a merger, or transfer of engagements and the reason for the merger, or transfer of engagements; and how the societies’ reserves will be dealt with on the merger or transfer of engagements; and if there is a management contract for any of the societies—what is to happen to the contract; and any other matter specified by the registrar. (sec.168-ssec.4) The statement must be sent to the members so that it will, in the ordinary course of post, reach each member who is entitled to vote on the special resolution not later than— if the resolution is to be decided at a meeting—21 days before the date of the meeting; or if the resolution is to be decided by a postal ballot—21 days before the day on or before which the ballot papers must be returned by members voting in the ballot. (sec.168-ssec.5) The registrar may exempt a society from having to comply with all or part of subsection (3) . (sec.168-ssec.6) The registrar may grant an exemption, or approve a statement, on terms the registrar considers appropriate. (sec.168-ssec.7) An application for the registration of a merger or transfer of engagements must be made in the way and form required by the registrar. (sec.168-ssec.8) An application for a proposed merger must be accompanied by 2 copies of the proposed rules of the merged society and any other particulars required by the registrar. (sec.168-ssec.9) An application for a proposed transfer of engagements must be accompanied by 2 copies of the proposed rules of the transferee society and any other particulars required by the registrar.