Building Societies Act 1986 (c. 53)

SCHEDULES

[F1 SCHEDULE 10C U.K. Disclosure of auditor remuneration etc required in notes to accounts

Textual Amendments

F1 Sch. 10C inserted (29.6.2008) by The Building Societies Act 1986 (Accounts, Audit and EEA State Amendments) Order 2008 (S.I. 2008/1519), art. 1(2), Sch. 1 para. 1

Interpretation U.K.

6. U.K. In this Schedule—

• “associate of the society” means—

  (a)

  any subsidiary of the society, other than a subsidiary in respect of which severe long-term restrictions substantially hinder the exercise of rights of the society over the assets or management of that subsidiary, or

  (b)

  any associated pension scheme;

• “associated pension scheme”, in relation to a building society, means a scheme for the provision of benefits for or in respect of directors or employees (or former directors or employees) of the society or any subsidiary of the society where—

  (a)

  the benefits consist of or include any pension, lump sum, gratuity or other like benefit given or to be given on retirement or on death or in anticipation of retirement or, in connection with past service, after retirement or death, and

  (b)

  either—

  (i)

  a majority of the trustees are appointed by, or by a person acting on behalf of the society or a subsidiary of the society, or

  (ii)

  the society, or a subsidiary of the society, exercises a dominant influence over the appointment of the auditor (if any) of the scheme;

• “remuneration” includes payments in respect of expenses and benefits in kind;

• “subsidiary” means a subsidiary undertaking that is a body corporate.]