Building Societies (Funding) And Mutual Societies (Transfers) Act 2007
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The Building Societies (Funding) and Mutual Societies (Transfers) Act 2007 (c. 26) (sometimes referred to as the Butterfill Act) is an act of Parliament of the
Parliament of the United Kingdom The Parliament of the United Kingdom of Great Britain and Northern Ireland is the supreme legislative body of the United Kingdom, and may also legislate for the Crown Dependencies and the British Overseas Territories. It meets at the Palace ...
. The act gives
building societies A building society is a financial institution owned by its members as a mutual organization, which offers banking institution, banking and related financial services, especially savings and mortgage loan, mortgage lending. They exist in the Unit ...
greater powers to merge with other companies.


Passage through Parliament

The bill was introduced as a
private member's bill A private member's bill is a bill (proposed law) introduced into a legislature by a legislator who is not acting on behalf of the executive branch. The designation "private member's bill" is used in most Westminster system jurisdictions, in wh ...
by
Conservative Conservatism is a cultural, social, and political philosophy and ideology that seeks to promote and preserve traditional institutions, customs, and values. The central tenets of conservatism may vary in relation to the culture and civiliza ...
Member of Parliament Sir John Butterfill, originally titled the Financial Mutuals Arrangements Bill. It was also known as the Butterfill Bill.


Mergers under the act

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 The Co-operative Group Limited, trading as Co-op and formerly known as the Co-operative Wholesale Society, is a British consumer cooperative, consumer co-operative with a group of retail businesses, including grocery retail and wholesale, leg ...
). Britannia initially continued as a brand, although owned by the Co-op. In February 2011,
Kent Reliance Building Society Kent Reliance is a banking services provider and trading name of OneSavings Bank plc, based in Kent, England. It was founded in 1898 as the Chatham & District Reliance Building Society, changing its name to the Kent Reliance Building Society in ...
pooled its assets with American
private equity Private equity (PE) is stock in a private company that does not offer stock to the general public; instead it is offered to specialized investment funds and limited partnerships that take an active role in the management and structuring of the co ...
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 Kent Reliance Provident Society (KRPS) was an industrial and provident society An industrial and provident society (IPS) is a body corporate registered for carrying on any industries, businesses, or trades specified in or authorised by it ...
, a
mutual organisation A mutual organization, also mutual society or simply mutual, is an organization (which is often, but not always, a company or business) based on the principle of mutuality and governed by private law. Unlike a cooperative, members usually do not ...
owned by former Kent Reliance BS members. The bank trades as Kent Reliance.


See also

*
Building Societies Act Building Societies Act is a stock short title used in both Ireland and the United Kingdom for legislation relating to building societies. List Ireland *The Building Societies (Amendment) Act 2006 *The Building Societies Act 1989 *The Building ...


References


External links


The Building Societies (Funding) and Mutual Societies (Transfers) Act 2007
as amended from the
National Archives National archives are the archives of a country. The concept evolved in various nations at the dawn of modernity based on the impact of nationalism upon bureaucratic processes of paperwork retention. Conceptual development From the Middle Ages i ...
.
The Building Societies (Funding) and Mutual Societies (Transfers) Act 2007
as originally enacted from the
National Archives National archives are the archives of a country. The concept evolved in various nations at the dawn of modernity based on the impact of nationalism upon bureaucratic processes of paperwork retention. Conceptual development From the Middle Ages i ...
.
Explanatory notes
to the Building Societies (Funding) and Mutual Societies (Transfers) Act 2007. {{Authority control United Kingdom Acts of Parliament 2007 2007 in economic history Building societies of the United Kingdom