Neha Patil (Editor)

Building Societies (Funding) and Mutual Societies (Transfers) Act 2007

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Covid-19
Citation  2007 c. 26
Royal assent  23 October 2007
Territorial extent  United Kingdom
Building Societies (Funding) and Mutual Societies (Transfers) Act 2007
Long title  An Act to make provision in relation to funding limits in respect of building societies; to provide consequential rights to building society members; and to make provision in connection with the transfer of the business of certain mutual societies.
Introduced by  Sir John Butterfill MP, 13 December 2006
Commencement  According to statutory instruments

The Building Societies (Funding) and Mutual Societies (Transfers) Act 2007 (sometimes referred to as the Butterfill Act) is an Act of the Parliament of the United Kingdom. The Act gives building societies greater powers to merge with other companies.

Contents

Passage through Parliament

The Bill was introduced as a Private Members' Bill by Conservative Member of Parliament Sir John Butterfill, originally titled the Financial Mutuals Arrangements Bill. It was also known as the Butterfill Bill.

Mergers under the Act

There have been several high-profile mergers under the auspices of the Act.

In August 2009, Britannia Building Society merged with Co-operative Financial Services (part of The Co-operative Group). Britannia initially continued as a brand, although owned by the Co-op.

In February 2011, Kent Reliance Building Society pooled its assets with American private equity bank J.C. Flowers & Co.. J.C. Flowers & Co. has a 40% interest in the new bank, named OneSavings Bank plc, with the other 60% in the hands of Kent Reliance Provident Society, a mutual organisation owned by former Kent Reliance BS members. The bank trades as Kent Reliance.

References

Building Societies (Funding) and Mutual Societies (Transfers) Act 2007 Wikipedia


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