(This note is not part of the Order)
This Order amends Parts 7 and 8 of the Building Societies Act 1986 (c. 53) ("the 1986 Act") to assimilate the law relating to building societies and to companies concerning directors’ retirement and balance sheet signature following modification of the statutory provisions in force in Great Britain and Northern Ireland in relation to companies.
Article 2(2) of the Order repeals section 60(7) and (12) of the 1986 Act and associated provisions mandating a normal retirement age of 70 for the directors of building societies (or a lower age prescribed by the society’s rules) subject to eligibility for election following board approval and notification to members entitled to vote. It also repeals section 60(5) and (6) permitting the imposition of a compulsory retirement age for the directors of building societies under societies’ rules above which there is no eligibility for election. It repeals section 60(8) which contains relevant definitions. Ar
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