Building Societies (Funding) and Mutual Societies (Transfers) Act 2007

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 act gives building societies greater powers to merge with other companies.

Building Societies (Funding) and Mutual Societies (Transfers) Act 2007^[1]

Act of Parliament
Parliament of the United Kingdom
Long title	An Act to make provision in relation to funding limits in respect of building societies; to provide consequential rights to building society members; and to make provision in connection with the transfer of the business of certain mutual societies.
Citation	2007 c. 26
Introduced by	Sir John Butterfill MP, 13 December 2006[2] (Commons)
Territorial extent	United Kingdom[3]
Dates
Royal assent	23 October 2007
Commencement	According to statutory instruments[4]
Status: Partly in force
History of passage through Parliament
Text of statute as originally enacted
Text of the Building Societies (Funding) and Mutual Societies (Transfers) Act 2007 as in force today (including any amendments) within the United Kingdom, from legislation.gov.uk.

Passage through Parliament

The bill was introduced as a private member's bill by Conservative 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). Britannia initially continued as a brand, although owned by the Co-op.^[5]

In February 2011, Kent Reliance Building Society pooled its assets with American private equity 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, a mutual organisation owned by former Kent Reliance BS members. The bank trades as Kent Reliance.^{[citation needed]}

See also

• Building Societies Act