46Withdrawable shares in building societies

46 Withdrawable shares in building societies

46 Withdrawable shares in building societies

(1) A person who, immediately before the transfer date, was entitled to a withdrawable share of a building society, is deemed to have become immediately before that date the holder of a deposit with the building society of an amount equal to the amount paid up on the share.

(2) The holder of the deposit continues to have the same voting or other rights (if any) as the holder of the withdrawable share had.

(3) Any withdrawable shares of a building society on issue immediately before the transfer date and converted to deposit under subsection (1) are deemed to have been cancelled.

(4) This section applies subject to such standards or rules about the conversion of withdrawable shares to deposits as are determined by FINCOM.

(5) In this section:

building society means a transferring financial institution of this jurisdiction (within the meaning of Part 1 of Schedule 4 to the Corporations Law) authorised under the Financial Institutions Code to operate as a building society immediately before the transfer date.

withdrawable share means a withdrawable share within the meaning of the Financial Institutions Code.