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Protective Provisions for Specially Formed Successors

Part of Orders of the Day — Building Societies Bill – in the House of Commons am 5:15 pm ar 17 Mawrth 1997.

Danfonwch hysbysiad imi am ddadleuon fel hyn

The First Deputy Chairman:

With this, it will be convenient to discuss Amendment No. 5, in page 59, line 5, at end insert— '"mutual financial institution" means a financial institution—

  1. (a) the objects of which do not include the making of profit for any persons other than the members of the institution (however described) on whose behalf the funds of the institution are held or invested; and
  2. (b) as respects which, on the institution being wound up or otherwise ceasing to exist, any surplus assets, after providing for all liabilities and the costs of liquidation, must be distributed among such members:'.

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