Vol. 442 No. 3
133 Mr. Rabbitte asked the Minister for the Environment in view of the public concerns expressed by members of the Irish Permanent Building Society regarding the conversion of the Society to PLC status, if he has satisfied himself that the present legislation is adequate to protect the interests of building society members; and if he will make a statement on the matter.
I am satisfied that the Building Societies Act, 1989, makes effective provision to protect the interests of both investing and borrowing members of building societies in relation to the conversion of societies to public limited company status. The principal provisions that are relevant in this respect are: the requirement that a majority of all members, both investing and borrowing, must vote in favour of conversion on the basis of one-person-one-vote; the requirement for a comprehensive conversion statement giving detailed information on a wide range of aspects relevant to members; the extensive powers of supervision and approval given to the Central Bank and the rights of members to petition the High Court.
