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Building Societies Act 1986
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Changes over time for: Paragraph 1
Version Superseded: 01/12/2001
Alternative versions:
- 01/02/1991- Amendment
- 05/12/1997
Point in time - Stop date 01/12/2001- Amendment
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Building Societies Act 1986, Paragraph 1 is up to date with all changes known to be in force on or before 15 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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1(1)The Board shall consist of seven members as follows, namely—
(a)the First Commissioner for the time being, who shall be the chairman of the Board,
(b)two members appointed by the First Commissioner from among the other members of the Commission, and
(c)four other members appointed under sub-paragraph (2) below;
and the First Commissioner shall appoint one of his two appointees to be deputy chairman of the Board.
(2)The four members to be appointed under this sub-paragraph shall be appointed by the Treasury, after consultation with the First Commissioner, and of those four, three shall be persons who are or have been directors, chief executives or managers of building societies.
(3)Each appointed member of the Board may, with the approval of the First Commissioner and subject to sub-paragraph (4) below appoint an alternate member to perform his duties as a member in his absence.
(4)In the case of a person appointed a member of the Board as a present or former director, chief executive or manager of a building society any alternate shall himself be or have been such a director, chief executive or manager.
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