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The Building Societies Act 1986 (Substitution of Specified Amounts and Modification of the Funding Limit Calculation) Order 2007

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Substitution of specified amountsU.K.

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2.—(1) The Building Societies Act 1986 is amended as follows.

(2) In section 61 (directors: supplementary provisions as to elections, etc.)(1)—

(a)in paragraphs (b) and (c) of subsection (2), for “£100” substitute “£200”;

(b)in subsection (3)(a), for “£250” substitute “£500”.

(3) In section 64(2) (substantial property transactions involving directors and connected persons) (2)—

(a)in paragraph (a), for “£100,000” substitute “£200,000”;

(b)in paragraph (b)—

(i)for “£500,000” substitute “£1,000,000”;

(ii)for “£1,000” substitute “£2,000”.

(4) In section 65 (restrictions on loans, etc. to directors and persons connected with them)(3)—

(a)in subsection (2)(a), for “£5,000” substitute “£10,000”;

(b)in subsection (2)(c), for “£100,000” substitute “£200,000”;

(c)in subsection (3)(a), for “£10,000” substitute “£20,000”;

(d)in subsection (4)(a), for “£5,000” substitute “£10,000”;

(e)in subsection (6)(b), for “£20,000” substitute “£40,000”.

(5) In section 68 (records of loans, etc. for directors falling within section 65)—

(a)in subsection (7), for “£1,000” substitute “£2,000”;

(b)in subsection (8), for “£5,000” substitute “£10,000”.

(6) In section 69(12) (disclosure and record of income of related businesses), for “£5,000” substitute “£10,000”.

(7) In paragraph 20A(7) of Schedule 2 (establishment, incorporation and constitution of building societies), for “£25” substitute “£50”.

Commencement Information

I1Art. 2 in force at 6.4.2007, see art. 1

(1)

Section 61(2) was substituted by section 28(1) of the Building Societies Act 1997.

(2)

Section 64(2)(a) was amended by S.I. 1995/1872.

(3)

Section 65(2), (3), (4) and (6) were amended by S.I. 1995/1872.

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