Building Societies Act 1997

3 (1) In subsection (3) of section 9 of the 1986 Act (authorisation to raise funds and borrow money), paragraph (d) and the word “or” immediately preceding that paragraph shall cease to have effect.

(2) In subsection (7), for the words “subsidiary or associated body” there shall be substituted the words “connected undertaking”.

(3) In subsection (13) of that section, for the definition of “qualifying deferred shares” there shall be substituted the following definition—

““qualifying deferred shares” means deferred shares which constitute own funds of the society,”.

(4) After that subsection there shall be inserted the following subsection—

“(13A) In determining for the purposes of subsection (4)(b) above whether a person is a fit and proper person to hold any particular office, regard shall be had, in particular—

(a) to his probity;

(b) to his competence and soundness of judgement for fulfilling the responsibilities of that office;

(c) to the diligence with which he is fulfilling or likely to fulfil those responsibilities; and

(d) to whether the interests of shareholders or depositors of the society are, or are likely to be, in any way threatened by his holding that office.”