The Building Societies Act 1986 (International Accounting Standards and Other Accounting Amendments) Order 2004

5.  After section 72I (consistency of accounts) (inserted by this Order) insert—

“ Disclosures relating to directors, other officers and employees of society required in notes to accounts

72J— (1) The information specified in Schedule 10A must be given in notes to a building society’s annual accounts.

(2) In that Schedule—

• Part 1 relates to emoluments and other benefits of directors and others, and to loans and other dealings in favour of directors and connected persons, and

• Part 2 relates to information about the employees of a society.

(3) It is the duty of any director of a society, and any person who is or has at any time in the preceding five years been an officer of the society, to give notice to the society of such matters relating to himself as may be necessary for the purposes of Part 1 of Schedule 10A.

(4) A person who makes default in complying with subsection (3) commits an offence and is liable on summary conviction to a fine not exceeding level 3 on the standard scale.

(5) The Treasury may, by order, modify the provisions of Schedule 10A.

(6) An order under this section may—

(a) make consequential amendments of or repeals in other provisions of this Act;

(b) make such transitional or saving provisions as appear to the Treasury to be necessary or expedient;

(c) make different provision for different cases.

(7) The power to make an order under this section is exercisable by statutory instrument but no such order shall be made unless a draft of it has been laid before and approved by a resolution of each House of Parliament.

(8) In this section “modify” includes amend, add to or repeal.

Disclosures about related undertakings required in notes to accounts

72K— (1) The information specified in Schedule 10B must be given in notes to a building society’s annual accounts.

(2) In the case of a building society whose directors are not required to prepare consolidated group accounts, the information specified in Part 1 of that Schedule must be given.

(3) In the case of a building society whose directors are required to prepare consolidated group accounts, the information specified in Part 2 of that Schedule must be given.

(4) The Treasury may, by order, modify the provisions of Schedule 10B.

(5) An order under this section may—

(a) make consequential amendments of or repeals in other provisions of this Act;

(b) make such transitional or saving provisions as appear to the Treasury to be necessary or expedient;

(c) make different provision for different cases.

(6) The power to make an order under this section is exercisable by statutory instrument but no such order shall be made unless a draft of it has been laid before and approved by a resolution of each House of Parliament.

(7) In this section “modify” includes amend, add to or repeal.”.