BSOG 2.3 Information Provided To Members

A society's formal application to the Prudential Regulator1 for approval of a Schedule 16 Statement is likely to be the culmination of many weeks of discussion with the Prudential Regulator's1 staff who will have reviewed and commented upon a draft or successive drafts of the Statement, having had regard also to drafts of the Instrument of Transfer (or amalgamation agreement) and the prudential information described in BSOG 2.2.1Societies should also have cleared any proposed Rule changes or, in the case of an amalgamation, the proposed Memorandum and Rules of the successor society, with the FCA and the Prudential Regulator1. The probable sequence of events is described more fully in BSOG 2.81. The case where the Prudential Regulator1 has consented to a transferee society proceeding by board resolution, and thereby exempting it from the requirement to put Merger Resolutions, and sending a Schedule 16 Statement, to its members, is described in BSOG 2.4.41 G and BSOG 2.4.42 G.

1Per section 93(2)(d) of the 1986 Act, in the case of an amalgamation, three copies of the proposed Memorandum and Rules of the successor society must also be sent to the FCA.