2 Substitution of specified amounts
1 The Building Societies Act 1986 is amended as follows.
2 In section 61 (directors: supplementary provisions as to elections, etc.)—
(a) in paragraphs (b) and (c) of subsection (2), for “£100” substitute “£200”;
(b) in subsection (3)(a), for “£250” substitute “£500”.
Section 61(2) was substituted by section 28(1) of the Building Societies Act 1997.
3 In section 64(2) (substantial property transactions involving directors and connected persons) —
(a) in paragraph (a), for “£100,000” substitute “£200,000”;
(b) in paragraph (b)—
(i) for “£500,000” substitute “£1,000,000”;
(ii) for “£1,000” substitute “£2,000”.
Section 64(2)(a) was amended by S.I. 1995/1872.
4 In section 65 (restrictions on loans, etc. to directors and persons connected with them)—
(a) in subsection (2)(a), for “£5,000” substitute “£10,000”;
(b) in subsection (2)(c), for “£100,000” substitute “£200,000”;
(c) in subsection (3)(a), for “£10,000” substitute “£20,000”;
(d) in subsection (4)(a), for “£5,000” substitute “£10,000”;
(e) in subsection (6)(b), for “£20,000” substitute “£40,000”.
Section 65(2), (3), (4) and (6) were amended by S.I. 1995/1872.
5 In section 68 (records of loans, etc. for directors falling within section 65)—
(a) in subsection (7), for “£1,000” substitute “£2,000”;
(b) in subsection (8), for “£5,000” substitute “£10,000”.
6 In section 69(12) (disclosure and record of income of related businesses), for “£5,000” substitute “£10,000”.
7 In paragraph 20A(7) of Schedule 2 (establishment, incorporation and constitution of building societies), for “£25” substitute “£50”.