Financial Intermediaries Act 1996

This section applies on a transfer of engagements taking effect.

The transferee society is the successor of the transferor society.

Without limiting subsection (2)—

the members of the transferor society become members of the transferee society; and

all assets and liabilities of the transferor society become assets and liabilities of the transferee society without any conveyance, transfer or assignment; and

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

a legal proceeding by or against the transferor society that is not finished when the transfer of engagements takes effect may be continued and finished by or against the transferee society; and

the duties, obligations, immunities, rights and privileges applying to the transferor society apply to the transferee society.