Building Societies Act, 1989
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Petition to High Court against conversion scheme. |
105.—(1) A petition for the cancellation of a conversion scheme as confirmed under section 104 may be made to the Court— | |
(a) by not less than 100 members who were qualified to vote on the conversion resolution approving the conversion scheme, or | ||
(b) with the approval of the Court, by any member of the society. | ||
(2) A petition under this section shall be made within one month after the date on which the Central Bank has published notice of its confirmation and registration of the conversion scheme under section 104 . | ||
(3) A petition under subsection (1) (a) may be made on behalf of one or more of the persons entitled to make the petition by such one or more of their number as may be appointed in writing for the purpose. | ||
(4) Where a petition has been made to the Court, the Court shall as soon as may be send a copy of the petition to the Central Bank and to the society. | ||
(5) On a petition under subsection (1) the Court may make an order confirming or cancelling the conversion scheme on such terms and conditions as it thinks fit. | ||
(6) In exercising its powers under subsection (5) the Court shall have regard only to the rights and interests of the members of the society, or any class of them. | ||
(7) No appeal from any order made under subsection (5) shall be brought after the expiration of one month from the date of perfection of the order. |