Modifications of the Building Societies Act 19862.

(1)

The Building Societies Act 1986 is amended as follows.

(2)

In section 60 (directors: elections and retirements)4—

(a)

in subsection (4) omit “, (6), (7)”;

(b)

omit subsections (5), (6), (7), (7A), (7B), (7C) and (8);

(c)

in subsection (11)—

(i)

in paragraph (a) omit “paragraph (b) below, subsection (12) below or”;

(ii)

at the end of paragraph (a) omit “and”;

(iii)

omit paragraph (b); and

(iv)

in the closing words, omit “(in either case)”;

(d)

omit subsection (12);

(e)

in subsection (13) omit paragraph (a) (including “and” at the end of that paragraph); and

(f)

omit subsection (15).

(3)

In section 61 (directors: supplementary provisions as to elections, etc.)5—

(a)

omit subsection (6); and

(b)

in subsection (11) omit “(disregarding his age)”.

(4)

In section 80(1) (signing of balance sheet: documents to be annexed)6—

(a)

for “two directors” substitute “one director”; and

(b)

omit “and by the chief executive of the society”.