F1SCHEDULE 15A Application of other companies insolvency legislation to building societies
Part II Modified Application of Parts I and II and Chapter I of Part III of Insolvency Act 1986
Administration orders
16
(1)
Subject to sub-paragraph (2) below, section 14 of the Act (general powers of administrator) has effect as if it required the administrator of a building society, in exercising his powers under that section—
(a)
to ensure compliance with the provisions of this Act; and
(b)
not to appoint to be a director any person who is not a fit and proper person to hold that position.
(2)
Sub-paragraph (1)(a) above does not apply in relation to section 5, 6 or 7 of this Act F2. . ..
(3)
In subsection (4) of that section as applied to a building society, the reference to any power conferred by the Act or the M1Companies Act 1985 or by the memorandum or articles of association is a reference to any power conferred by this Act or by the society’s memorandum or rules.
F3(4)
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