The Building Societies Act 1986 (Modifications) Order 2024

Modifications of the Building Societies Act 1986

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

(2) In section 60 (directors: elections and retirements)(1)—

(a) in subsection (4) omit “, (6), (7)”;

(b) omit subsections (5), (6), (7), (7A), (7B), (7C) and (8);

(c) in subsection (11)—

(i) in paragraph (a) omit “paragraph (b) below, subsection (12) below or”;

(ii) at the end of paragraph (a) omit “and”;

(iii) omit paragraph (b); and

(iv) in the closing words, omit “(in either case)”;

(d) omit subsection (12);

(e) in subsection (13) omit paragraph (a) (including “and” at the end of that paragraph); and

(f) omit subsection (15).

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

(a) omit subsection (6); and

(b) in subsection (11) omit “(disregarding his age)”.

(4) In section 80(1) (signing of balance sheet: documents to be annexed)(3)—

(a) for “two directors” substitute “one director”; and

(b) omit “and by the chief executive of the society”.

(1)

Section 60 has been repeatedly amended. Relevant amendments were made to section 60(4) by S.I. 2001/2617 and section 27(2) of the Building Societies Act 1997 and section 60(7A), (7B) and (7C) were inserted by S.I. 2003/404.

(2)

There are no relevant amendments to section 61.

(3)

There are no relevant amendments to section 80.