[Part I Directions under section 42B(3)]
Building Societies Act 1986 (1986 c 53) | Legislation

[SCHEDULE 8A Transfer Directions: Modifications of Part X]

[Part I Directions under section 42B(3)]

[Preliminary

1

This Part of this Schedule applies where a direction is given under section 42B(3) (“the directionâ€).

Compensation for loss of office

2

(1)     The consent of the [appropriate authority] shall be sufficient authority for the provision for any such compensation as is mentioned in section 96(1)(a).

(2)     A resolution of the board of directors passed in pursuance of the direction shall be sufficient authority for any such payments as are mentioned in section 96(1)(b).

Statements to members

3

(1)     The following provisions of this paragraph shall apply in place of paragraph 1 of Schedule 16.

(2)     The society shall send to every member entitled to notice of a meeting of the society, a statement containing—

(a)     the particulars required, in relation to prescribed matters, by regulations under section 42B(8); and

(b)     particulars of any other matters required by the [appropriate authority] in the case of the particular transfer of engagements,

with or without other particulars regarding that transfer.

[(2ZA)     The PRA must consult the FCA before requiring any particulars

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