The Building Society Insolvency (England and Wales) Rules 2010

Initial duties of building society liquidation committee

18.—(1) As soon as reasonably practicable after the making of a building society insolvency order, the liquidation committee shall meet the building society liquidator for the purpose of discussing which of the objectives, or combination of objectives, mentioned in section 102(1) of the Banking Act, the committee should recommend the building society liquidator to pursue.

(2) If the building society liquidator and every individual on the liquidation committee agree, the meeting may be held by audio or video conference.

(3) The liquidation committee shall make its recommendation to the building society liquidator at the meeting.

(4) The Bank of England shall confirm the liquidation committee’s recommendation in writing as soon as practicable after the meeting.

(5) As soon as practicable after the making of a building society insolvency order, the liquidation committee shall also pass a resolution as to the terms on which, in accordance with rule 99, the building society liquidator is to be remunerated.

(6) Until a full payment resolution has been passed, the building society liquidation committee—

(a) shall take decisions and pass resolutions by a simple majority, and

(b) for the purpose of taking decisions and passing resolutions, may communicate by any means that its members consider convenient.