Substitution of specified amounts2
1
The Building Societies Act 1986 is amended as follows.
2
In section 61 (directors: supplementary provisions as to elections, etc.)2—
a
in paragraphs (b) and (c) of subsection (2), for “£100” substitute “£200”;
b
in subsection (3)(a), for “£250” substitute “£500”.
3
In section 64(2) (substantial property transactions involving directors and connected persons) 3—
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”.
4
In section 65 (restrictions on loans, etc. to directors and persons connected with them)4—
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”.
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”.