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Directors: Elections And Retirement

Volume 98: debated on Wednesday 4 June 1986

The text on this page has been created from Hansard archive content, it may contain typographical errors.

Amendments made: No. 160, in page 81, line 23, at end insert

'but cannot be required to cast all or any of his votes'.

No. 161, in page 81, line 24, after 'subsections', insert `(4B),'.

No. 162. in page 81, line 26, at end insert—

'(4A) The rules of a building society may require its directors to retire at a prescribed age without eligibility for re-election or reappointment; and, if the age so prescribed is no greater than the age which is the normal retirement age for the purposes of this section, subsection (5) below shall have no application to the directors of the society.
(4B) If the rules of a building society make the provision authorised by subsection (4A) above, a person who has attained the age so prescribed shall not be eligible to be elected as a director of the society.'.

No. 163, in page 81, line 27, after `(5)', insert

'Except in a case where the operation of this subsection is excluded by subsection (4A) above,'.

No. 164, in page 81, line 33, leave out 'communicated' and insert 'notified'.

No. 165, in page 81, line 34, leave out from 'election' to end of line 35.

No. 166, in page 81, line 39, at end insert

`; and "the compulsory retirement age", for a society whose rules make the provision authorised by subsection (4A) above, means the age so prescribed in its rules.'.

No. 167, in page 81, line 42, after 'hold', insert `beneficially'.

No. 168, in page 82, line 4, leave out subsection (8).

No. 169 in page 82, line 16, leave out 'amount' and insert 'value'.

No. 170, in page 82, line 22, leave out 'falling within paragraph (b) below' and insert

`provided for by paragraph (b) below or rules under section 55(9A)'.

No. 174, in page 82, line 32, after 'age', insert

'or, as the case may be, the compulsory retirement age'.

No. 413, in page 82, line 32, at end insert 'for earlier retirement'.

No. 172, in page 82, line 39, after 'attained', insert '(i)'.

No. 173, in page 82, line 39, after 'age', insert

`or
`(ii) the compulsory retirement age (where that age is less than the normal retirement age)'.

No. 174A, in page 83, line 8, after 'age', insert

`or, as the case may be, the compulsory retirement age.'—[Mr. Ian Stewart.]