[Part II Directions under section 42B(4)]
Building Societies Act 1986 (1986 c 53) | Legislation

[Part II Directions under section 42B(4)]

[Preliminary

6

This Part of this Schedule applies where a direction is given under section 42B(4) (“the directionâ€).

Compensation for loss of office

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(1)     The consent of the [appropriate authority] shall be sufficient authority for the provision for any such compensation as is mentioned in section 99(2)(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 99(2)(b).

Increased remuneration

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If the [appropriate authority] consents to the inclusion of any such provision as is mentioned in section 99A(1), it shall not be necessary for an ordinary resolution approving the provision to be put before a meeting of the society.

Statements to members

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(1)     The following provisions of this paragraph shall apply in place of Part I of Schedule 17.

(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

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