The Building Societies (Nominations for Directors' Election) Order 1999

Statutory Instruments

1999 No. 3032

BUILDING SOCIETIES

The Building Societies (Nominations for Directors' Election) Order 1999

Made

5th November 1999

Laid before Parliament

10th November 1999

Coming into force

1st December 1999

The Building Societies Commission, in exercise of the powers conferred on it by section 61(4) of the Building Societies Act 1986(1), hereby makes the following Order:

Citation and commencement

1.  This Order may be cited as the Building Societies (Nominations for Directors' Election) Order 1999 and shall come into force on 1st December 1999.

Amendment of section 61 of the Building Societies Act 1986

2.  Subsection (1) of section 61 of the Building Societies Act 1986(2) (directors: supplementary provisions as to elections, etc.) is amended as follows—

(a) in paragraph (a) for “10” there is substituted “50”;

(b) in paragraph (b) for “20” there is substituted “100”;

(c) in paragraph (c) for “30” there is substituted “150”;

(d) in paragraph (d) for “40” there is substituted “200”;

(e) in paragraph (e) for “50” there is substituted “250”.

In witness whereof the common seal of the Building Societies Commission is hereunto affixed, and is authenticated by me, a person authorised under paragraph 14 of Schedule 1 to the Building Societies Act 1986, on 5th November 1999.

L.S.

G. S. Johnson

Secretary to the Commission

Explanatory Note

(This note is not part of the Order)

This Order amends section 61(1) of the Building Societies Act 1986 by making a fivefold increase in the minimum number of members whom a building society may require under its rules to nominate a person for election as a director. The minimum number is on a scale between 50 and 250 depending on the size of the society.

(1)

1986 c. 53.

(2)

Section 61(1) was substituted by section 28(1) of the Building Societies Act 1997 (c. 32).