Financial Intermediaries Act 1996

This section applies on a merger of societies taking effect.

The merged society is the successor of the merging societies.

Without limiting subsection (2)—

the members of each merging society become members of the merged society; and

all assets and liabilities of each merging society become assets and liabilities of the merged society without any conveyance, transfer or assignment; and

in all documents (including, for example, a contract to which a merging society was a party), a reference to a merging society is a reference to the merged society; and

a legal proceeding by or against a merging society that is not finished when the merger takes effect may be continued and finished by or against the merged society; and

the duties, obligations, immunities, rights and privileges applying to a merging society apply to the merged society.