Part III

Accountability to members

Election of directors: general.
27
1
In subsection (1) of section 60 of the 1986 Act (directors: elections and retirements), for paragraph (a) there shall be substituted the following paragraph—
a
on a poll taken at the annual general meeting of the society, or
.
2
After that subsection there shall be inserted the following subsection—
1A
Where directors of a building society are to be elected to office on a poll taken at the annual general meeting of the society, a form for the appointment of a proxy shall be sent to each person entitled to notice of the meeting.
3
For subsection (3) of that section there shall be substituted the following subsections—
3
Where, in the case of an election of directors of a building society, there are more candidates than vacancies to be filled by the election, a person entitled to vote in the election—
a
shall have one vote in respect of every vacancy, but
b
cannot be required to cast all or any of his votes.
3A
Where, in the case of an election of directors of a building society, there are not more candidates than vacancies to be filled by the election—
a
a person entitled to vote in the election shall have one vote in respect of every candidate, but cannot be required to cast all or any of his votes;
b
each vote shall be capable of being cast either for or against the candidate concerned; and
c
a candidate shall be elected if, and only if, more votes are cast for him than against him.
4
In subsection (4) of that section, for the words “any person” there shall be substituted the words “ any natural person ”.
5
In subsection (10) of that section, for paragraph (b) there shall be substituted the following paragraph—
b
their qualifications as respects length of membership and the value of their shares or the amount of their mortgage debt;
.
6
After that subsection there shall be inserted the following subsection—
10A
A nomination of a candidate for election as a director of a building society—
a
may be made at any time; but
b
if made after the closing date for the nomination of candidates for the next election of directors, shall be carried forward (unless the candidate otherwise requires) as a nomination for the next election of directors after that;
and in this subsection and section 61 “the closing date for the nomination of candidates”, in relation to an election of directors, means the last day of the last financial year to end before the voting date.
7
In subsection (17) of that section, the definition of “ordinary resolution” shall cease to have effect.
S. 27 in force at 1.12.1997 by S.I. 1997/2668, art. 2, Sch. Pt. II (subject as mentioned in art. 2(2)-(5) of that S.I.)