The Building Societies Act 1986 (Modifications) Order 2024

• Citation: S.I. 2024/1346
• Sections: 2

Section 1 Citation, commencement and extent

(1) This Order may be cited as the Building Societies Act 1986 (Modifications) Order 2024.

(2) This Order comes into force 21 days after the day on which it is made.

(3) This Order extends to England and Wales, Scotland and Northern Ireland.

Section 2 Modifications of the Building Societies Act 1986

(1) The Building Societies Act 1986 is amended as follows.

(2) In section 60 (directors: elections and retirements) —

(a) in subsection (4) omit “, (6), (7)”;

(b) omit subsections (5), (6), (7), (7A), (7B), (7C) and (8);

(c) in subsection (11)—

(i) in paragraph (a) omit “paragraph (b) below, subsection (12) below or”;

(ii) at the end of paragraph (a) omit “and”;

(iii) omit paragraph (b); and

(iv) in the closing words, omit “(in either case)”;

(d) omit subsection (12);

(e) in subsection (13) omit paragraph (a) (including “and” at the end of that paragraph); and

(f) omit subsection (15).

(3) In section 61 (directors: supplementary provisions as to elections, etc.) —

(a) omit subsection (6); and

(b) in subsection (11) omit “(disregarding his age)”.

(4) In section 80(1) (signing of balance sheet: documents to be annexed) —

(a) for “two directors” substitute “one director” ; and

(b) omit “and by the chief executive of the society”.