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

The Building Societies (Funding) and Mutual Societies (Transfers) Act 2007[1]

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.
Citation 2007 c. 26
Introduced by Sir John Butterfill MP, 13 December 2006[2]
Territorial extent United Kingdom[3]
Dates
Royal assent 23 October 2007
Commencement According to statutory instruments[4]
Repealed —
Other legislation
Amended by —
Repealed by —
Relates to —
Status: Not fully in force
History of passage through Parliament
Text of statute as originally enacted
Revised text of statute as amended

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.

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.[5]

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 krbs.[6]

See also

References

  1. ↑ The citation of this Act by this short title is authorised by section 6(1) of this Act.
  2. ↑ HC Deb, 13 December 2007
  3. ↑ The Building Societies (Funding) and Mutual Societies (Transfers) Act 2007, section 6(3)
  4. ↑ The Building Societies (Funding) and Mutual Societies (Transfers) Act 2007 Archived July 4, 2009, at the Wayback Machine.. Retrieved 2009-01-09.
  5. ↑ "Britannia and Co-op are to merge". BBC News. BBC. 2009-01-21. Retrieved 2009-01-21.
  6. ↑ History krbs.com Retrieved 2011-06-15

External links

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