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

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.

The Building Societies (Funding) and Mutual Societies (Transfers) Act 2007[1]
Long titleAn 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.
Citation2007 c. 26
Introduced bySir John Butterfill MP, 13 December 2006[2]
Territorial extentUnited Kingdom[3]
Dates
Royal assent23 October 2007
CommencementAccording to statutory instruments[4]
Repealed
Other legislation
Amended by
Repealed by
Relates to
Status: Unknown
History of passage through Parliament
Text of statute as originally enacted
Revised text of statute as amended

Contents

Passage through ParliamentEdit

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 ActEdit

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 Kent Reliance.[6]

See alsoEdit

ReferencesEdit

  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. ^ http://www.kentreliance.co.uk/about-us

External linksEdit