(1)Subject to subsection (3) below, any provision to which this section applies, whether contained in the rules of a building society or in any contract with a building society or otherwise, shall be void.
(2)This section applies to any provision for—
(a)exempting any director, other officer or person employed as auditor of a building society from any liability which, by virtue of any rule of law, would otherwise attach to him in respect of the negligence, default, breach of duty or breach of trust of which he may be guilty in relation to the society, or
(b)indemnifying any such person against any such liability.
[F1(3)Subsection (1) above shall not prevent a building society from
(a)purchasing and maintaining for a person insurance against any such liability, or
(b)indemnifying a person against any liability incurred by him in defending any proceedings (whether civil or criminal) in which judgment is given in his favour or he is acquitted.]
(4)[F2Section 1157 of the Companies Act 2006 (power of court] to grant relief in certain cases of negligence, default, breach of duty or breach of trust) shall apply in relation to officers and auditors of a building society as it applies in relation to officers and auditors a company.
Textual Amendments
F1S. 110(3) substituted (1.1.1992) by S.I. 1991/2738, art.2
F2Words in s. 110(4) substituted (1.10.2009) by The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), art. 1(2), Sch. 1 para. 87(9) (with art. 10)