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Directors: Supplementary Provisions As To Elections, Etc

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. 175, in page 84, line 2 leave out from 'require' to end of line and insert—

  • '(a) in the case of of a society with a qualifying asset holding, more than fifty members, and
  • (b) in the case of any other society, more than ten members,'.
  • No. 176, in page 84, line 4, after `54(9) (b)', insert `in order to comply with this section'.

    No. 177, in page 84, line 6, leave out from 'to' to 'to' in line 7 and insert

    'hold, or have at any time during that period held, shares in the society'.

    No. 178, in page 84, line 29, after 'above' insert—

    `(a) includes power to make such transitional provision as the Commission considers necessary or expedient, and (b)'.

    No. 179, in page 84, line 35, leave out 'send to' and insert 'notify'.

    No. 180, in page 84, line 36, leave out 'the notice' and insert 'as'.

    No. 181, in page 85, line 3, leave out 'at' and insert in'.

    No. 182, in page 85, line 22, leave out from 'matter' to end of line 28 and insert

    'or for frivolous or vexatious purposes;
    and that subsection shall not be taken to confer any rights on members, or to impose any duties on a building society, in respect of an address which does not relate directly to the affairs of the society.
    (8A) The Commission shall hear and determine any dispute arising under subsection (8)(a) above, whether on the application of the society or of any other person who claims to be aggrieved.'.

    No. 183, in page 85, line 29, leave out

    `Subject to subsection (10) below'.

    No. 184, in page 85, line 33, at end insert

    '; and an election so conducted shall be void'.

    No. 185, in page 85, line 33, at end insert—

  • `(9A) The rules of a building society, if they provide for the retirement by rotation of its directors, may provide that a person elected to fill a vacant seat on the board must retire at t he annual general meeting at which, in accordance with the rules for retirement by rotation, the seat is to fall vacant.
  • (9B) Subsection (9A) above applies to any vacancy arising when an elected director ceases to hold office for any reason before the annual general meeting at which (disregarding his age) the seat is due to fall vacant under section 54(10)(a).'.
  • No. 186, in page 85, line 34, leave out subsections (10) and (11).

    No. 187, in page 86, line 22, leave out from first 'the' to 'in' and insert

    'date on which he became, or ceased to be, a director; and the central office shall record the person's name and the date on which he began to hold, or, as the case may be, ceased to hold office,'.—[Mr. Ian Stewart.]