Explanatory note
(This note is not part of the Regulations)
Regulation 2 amends Schedule 11 to the Building Societies Act 1986, by repealing sub-paragraph 5(2)(d).
That provision excluded bodies corporate from appointment as an auditor of a building society.
By virtue of section 25 of the Companies Act 1989, a body corporate may be appointed as an auditor of a company under the Companies Act 1985, if that body corporate is otherwise eligible for appointment. The repeal of sub-paragraph 5(2)(d) of Schedule 11 to the Building Societies Act 1986 will mean that bodies corporate will be eligible for appointment as auditors of building societies to the same extent that they are so eligible in relation to companies.