Paragraph 8 Compensation to directors for loss of office

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

Sch.5, para 5(3)(e) rev. in Pt. by Building Societies (Accounts and Related Provisions) 1994 reg.2(b)(i)
Sch.5, para 12A added by Building Societies (Accounts and Related Provisions) 1994 reg.2(b)(ii)
Sch.5, para 13 amended by Building Societies (Accounts and Related Provisions) 1994 reg.2(b)(iii)
Sch.5, para 15(4) replaced (by paras (4)(4A)) by Building Societies (Accounts and Related Provisions) 1994 reg.2(b)(iv)
Sch.5, para 15 A added by Building Societies (Accounts and Related Provisions) 1994 reg.2(b)(v)

(1)

There shall be shown the aggregate amount of any compensation to directors or past directors in respect of loss of office.

(2)

This amount includes compensation received or receivable by a director or past director for—

(a)

loss of office as director of the society, or

(b)

loss, while director of the society or on or in connection with his ceasing to be a director of it, of—

(i)

any other office in connection with the management of the society’s affairs, or

(ii)

any office as director or otherwise in connection with the management of the affairs of any associated body of the society;

and shall distinguish between compensation in respect of the office of director, whether of the society or any of its associated bodies, and compensation in respect of other offices. (3)

(a)

References to compensation include benefits otherwise than in cash; and in relation to such compensation references to its amount are to the estimated money value of the benefit.

(b)

The nature of any such compensation shall be disclosed.

(4)

References to compensation for loss of office include compensation in consideration for, or in connection with, a person’s retirement from office.