Building Societies Act 1986, Section 59 is up to date with all changes known to be in force on or before 03 March 2025. 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.
(1)Every building society shall have a chief executive, that is to say, a person who is employed by the society and who either alone or jointly with one or more other persons, is or will be responsible under the immediate authority of the directors for the conduct of the business of the society.
(2)Every building society shall have a secretary.
(3)The offices of chief executive and secretary of a building society may be held by the same person.
(4)The chief executive and the secretary of a building society shall be appointed by the directors of the society.
(5)The directors of a building society shall, as regards the appointment of the secretary or the chief executive of the society, take all reasonable steps to secure that the person appointed is a person who has the requisite knowledge and experience to discharge the functions of his office.
(6)Where a person becomes or ceases to be the chief executive of a building society, the society shall within one month give notice of that fact to the [F1FCA] , stating the person’s full name and address and the date on which he became, or ceased to be, chief executive; and the [F1FCA] shall record the person’s name and the date on which he began to hold, or, as the case may be, ceased to hold office, in the public file of the society.
(7)Anything required or authorised to be done by or to the secretary or chief executive of a building society may, if the office is vacant or there is for any other reason no secretary or chief executive capable of acting, be done by or to any assistant or deputy secretary or assistant or deputy chief executive, as the case may be, or, if there is no assistant or deputy capable of acting, by or to any officer of the society authorised generally or specially for that purpose by the directors.
Textual Amendments
F1Word in s. 59(6) substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 8 para. 23 (with Sch. 12)
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