Building Societies (Funding) and Mutual Societies (Transfers) Bill

In that case, I will spend the next 20 minutes going through the question that the noble Lord asked. The Government think that the amendment is necessary because an order under Clause 3 could make provisions giving members of a transferring mutual membership and other rights in the holding mutual. That could require changes to the constitution of the holding mutual. Where the holding mutual has a unique legal form—a private Act of Parliament, for example—that could raise an issue of hybridity. The amendment excludes the hybrid investment procedure so avoiding unnecessary delay and complications in making the instrument. It could also affect domestic mutuals—the Wesleyan Assurance Society, for example. I hope that that short answer satisfies the noble Baroness. I will be able to write with more detail within the next day or so. On the noble Lord’s first question, yes, the Treasury will publicly consult on the provisions before they come into effect. With the commitment that a letter will be written to all noble Lords who have taken part in this debate and put in the Library, I hope that the amendments will be agreed to. On Question, amendment agreed to.