The Building Societies Act 1986 (Modifications) (No. 2) Order 1991

• Citation: S.I. 1991/2738
• Sections: 2

Section 1 Citation and commencement

This Order may be cited as the Building Societies Act 1986 (Modifications) (No. 2) Order 1991 and shall come into force on 1st January 1992.

Section 2 Modification of section 110 of the Building Societies Act 1986

In section 110 of the Building Societies Act 1986 (officers and auditors not to be exempted from liability) for subsection (3) (permitted provisions) there shall be substituted—

(3) Subsection (1) above shall not prevent a building society from

(a) purchasing and maintaining for a person insurance against any such liability, or

(b) indemnifying a person against any liability incurred by him in defending any proceedings (whether civil or criminal) in which judgment is given in his favour or he is acquitted.