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The Building Societies (Nominations for Directors' Election) Order 1999

S.I. 1999/3032 · Made 5 November 1999

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

BUILDING SOCIETIES

Made 5th November 1999

Laid before Parliament 10th November 1999

Coming into force 1st December 1999

The Building Societies Commission, in exercise of the powers conferred on it by section 61(4) of the Building Societies Act 1986f1, hereby makes the following Order:

Annotations to the whole text

Footnotes

f1

1986 c. 53.

Contents

  1. 1Citation and commencement
  2. 2Amendment of section 61 of the Building Societies Act 1986
  3. Signature
  4. Explanatory note

1Citation and commencement

This Order may be cited as the Building Societies (Nominations for Directors' Election) Order 1999 and shall come into force on 1st December 1999.

2Amendment of section 61 of the Building Societies Act 1986

Subsection (1) of section 61 of the Building Societies Act 1986f1 (directors: supplementary provisions as to elections, etc.) is amended as follows—

(a)

in paragraph (a) for “10” there is substituted “50”;

(b)

in paragraph (b) for “20” there is substituted “100”;

(c)

in paragraph (c) for “30” there is substituted “150”;

(d)

in paragraph (d) for “40” there is substituted “200”;

(e)

in paragraph (e) for “50” there is substituted “250”.

Signature

In witness whereof the common seal of the Building Societies Commission is hereunto affixed, and is authenticated by me, a person authorised under paragraph 14 of Schedule 1 to the Building Societies Act 1986, on 5th November 1999.

L.S.

G. S. Johnson

Secretary to the Commission

Explanatory note

(This note is not part of the Order)

This Order amends section 61(1) of the Building Societies Act 1986 by making a fivefold increase in the minimum number of members whom a building society may require under its rules to nominate a person for election as a director. The minimum number is on a scale between 50 and 250 depending on the size of the society.