SCHEDULES
C1 SCHEDULE 11F1 Auditors: Appointment, Tenure...
Sch. 11 excluded by S.I. 1986/2168, art. 12(a)
Removal of auditors
6
1
A building society may by resolution in general meeting remove an auditor before the expiration of his term of office, notwithstanding anything in any agreement between it and him.
2
Where a resolution removing an auditor is passed at a general meeting of a building society, the society shall within 14 days give notice of that fact to the F2FCA and, if the society is a PRA-authorised person, the PRA .
3
If a building society fails to give the notice required by s ub-paragraph (2) above the society shall be liable on summary conviction to a fine not exceeding level 3 on the standard scale and, in the case of a continuing offence, to an additional fine not exceeding £40 for every day during which the offence continues and so shall every officer who is also guilty of the offence.
4
Nothing in this paragraph is to be taken as depriving a person removed under it of compensation or damages that may be payable to him in respect of the termination of his appointment as auditor.
F35
An auditor may not be removed from office before the expiration of that auditor's term of office except—
a
by resolution under this paragraph, or
b
in accordance with paragraph 6ZA.
Words in Sch. 11 heading omitted (6.4.2008) by virtue of The Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), art. 2(2), Sch. 1 para. 14(a), Sch. 2 (with arts. 6, 11, 12)