Part X Miscellaneous and General Provisions

Miscellaneous

211 Building societies: miscellaneous amendments.

(1)

In section 104 of the M1Building Societies Act 1986 (power to assimilate law relating to building societies and law relating to companies), in subsection (2) (relevant provisions of that Act), omit the word “and” before paragraph (d) and after that paragraph add—

“; and

(e)

section 110 (provisions exempting officers and auditors from liability).”.

(2)

In Schedule 15 to the Building Societies Act 1986 (application of companies winding-up legislation)—

(a)

in paragraph 1(a) (provisions of M2Insolvency Act 1986 applied) for “and XII” substitute “ , XII and XIII ”;

(b)

in paragraph 3(2)(b) (adaptations: references to be omitted), omit “, a shadow director”.

(3)

In the M3Company Directors Disqualification Act 1986, after section 22 insert—

“22A Application of Act to building societies.

(1)

This Act applies to building societies as it applies to companies.

(2)

References in this Act to a company, or to a director or an officer of a company include, respectively, references to a building society within the meaning of the Building Societies Act 1986 or to a director or officer, within the meaning of that Act, of a building society.

(3)

In relation to a building society the definition of “shadow director” in section 22(5) applies with the substitution of “building society” for “company”.

(4)

In the application of Schedule 1 to the directors of a building society, references to provisions of the Insolvency Act or the Companies Act include references to the corresponding provisions of the Building Societies Act 1986.”.