Does Section 27 Apply to Shares in Building Societies and Credit Unions?
7.36 Section 27 applies to “shares of or in any public company (whether incorporated or not)”. Its application to shares in building societies and credit unions depends on whether a building society or credit union is a “public company” and if so, whether “shares” includes shares which are withdrawable. We have concluded that the section probably applies to withdrawable shares in a building society or credit union but that this is by no means certain. Since we have also concluded that a charging order should not be the sole means of execution available to a judgment creditor in respect of withdrawable shares (para 7.38) and that reform of the charge provisions of the Judgment Creditors’ Remedies Act, 1901 generally warrants consideration (para 7.42), we consider that it is unnecessary to set out our reasons for concluding that section 27 probably applies to withdrawable shares.26 B. Should a Charging Order be the Sole Remedy in respect of Withdrawable Shares or an Alternative Remedy to
