Financial Intermediaries Act 1996
sec.169The registrar may register merged society
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sec.169 The registrar may register merged society
This section applies if societies have applied to register a merger and the registrar is satisfied that— the societies involved have complied with section 168 ; and the proposed rules of the merged society are adequate; and there are reasonable grounds for believing that the merged society will be able to comply with all relevant standards; and the certificates of incorporation of the societies involved in the merger have been— surrendered to the registrar; or lost or destroyed; and there is no good reason why the merged society and its rules should not be registered. The registrar must— register the merged society; and register its rules; and cancel the registration of the societies involved in the merger. On registering the merged society, the registrar must issue to the society a certificate of incorporation. A merger takes effect on the issue of the certificate of incorporation. s 169 amd 1999 No. 27 s 76 sch 1 pt 2 (sec.169-ssec.1) This section applies if societies have applied to register a merger and the registrar is satisfied that— the societies involved have complied with section 168 ; and the proposed rules of the merged society are adequate; and there are reasonable grounds for believing that the merged society will be able to comply with all relevant standards; and the certificates of incorporation of the societies involved in the merger have been— surrendered to the registrar; or lost or destroyed; and there is no good reason why the merged society and its rules should not be registered. (sec.169-ssec.2) The registrar must— register the merged society; and register its rules; and cancel the registration of the societies involved in the merger. (sec.169-ssec.3) On registering the merged society, the registrar must issue to the society a certificate of incorporation. (sec.169-ssec.4) A merger takes effect on the issue of the certificate of incorporation.
- (a) the societies involved have complied with section 168 ; and
- (b) the proposed rules of the merged society are adequate; and
- (c) there are reasonable grounds for believing that the merged society will be able to comply with all relevant standards; and
- (d) the certificates of incorporation of the societies involved in the merger have been— (i) surrendered to the registrar; or (ii) lost or destroyed; and
- (i) surrendered to the registrar; or
- (ii) lost or destroyed; and
- (e) there is no good reason why the merged society and its rules should not be registered.
- (i) surrendered to the registrar; or
- (ii) lost or destroyed; and
- (a) register the merged society; and
- (b) register its rules; and
- (c) cancel the registration of the societies involved in the merger.