The Building Societies Act 1986 allows a building society to transfer the whole of its business to a company. When a society's business is transferred to a successor company the members may receive

rights in respect of shares in the successor company

shares

an interest in settled property.

A member is a person who is or has been a member of the society and includes a reference to a member of any particular class or description, TCGA92/S217 (6).

Rights in respect of shares

TCGA92/S217 (1)

The rights conferred on members may be to

acquire shares in the successor company in priority to other persons

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