1991 No. 2738
The Building Societies Act 1986 (Modifications) (No. 2) Order 1991
Approved by resolution of both Houses of Parliament
Made
Coming into force
Modifications having been made to statutory provision in force in Great Britain and Northern Ireland relating to the avoidance of provisions exempting officers and auditors of companies from liability1 it appears to the Treasury to be expedient to modify the relevant provision of the Building Societies Act 19862 for the purposes of assimilating the law relating to companies and the law relating to building societies, and accordingly, in exercise of the powers conferred on them by section 104 of the Building Societies Act 1986, and of all other powers enabling them in that behalf, the Treasury hereby make the following Order, a draft of which has been laid before and approved by resolution of each House of Parliament:
Citation and commencement1
This Order may be cited as the Building Societies Act 1986 (Modifications) (No. 2) Order 1991 and shall come into force on 1st January 1992.
Modification of section 110 of the Building Societies Act 19862
In section 110 of the Building Societies Act 1986 (officers and auditors not to be exempted from liability) for subsection (3) (permitted provisions) there shall be substituted—
3
Subsection (1) above shall not prevent a building society from
a
purchasing and maintaining for a person insurance against any such liability, or
b
indemnifying a person against any liability incurred by him in defending any proceedings (whether civil or criminal) in which judgment is given in his favour or he is acquitted.
(This note is not part of the Order)