
2024 No. 1346
Building Societies
The Building Societies Act 1986 (Modifications) Order 2024
Made 16th December 2024
Coming into force 6th January 2025

It appears to the Treasury, on modification of the statutory provisions in force in Great Britain and Northern Ireland relating to companies, to be expedient to modify the relevant provisions of the Building Societies Act 1986 (“the 1986 Act”) for the purpose of assimilating the law relating to companies and the law relating to building societies, and accordingly the Treasury make this Order in exercise of the power conferred by section 104(1) of the 1986 Act.

In accordance with section 104(5) of the 1986 Act a draft of this Order has been laid before and approved by a resolution of each House of Parliament.
Citation, commencement and extent
1 

(1) This Order may be cited as the Building Societies Act 1986 (Modifications) Order 2024.
(2) This Order comes into force 21 days after the day on which it is made.
(3) This Order extends to England and Wales, Scotland and Northern Ireland.
Modifications of the Building Societies Act 1986
2 

(1) The Building Societies Act 1986 is amended as follows.
(2) In section 60 (directors: elections and retirements)—
(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.)—
(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)—
(a) for “two directors” substitute “one director”; and
(b) omit “and by the chief executive of the society”.
Vicky Foxcroft
Anna Turley
Two of the Lords Commissioners of His Majesty’s Treasury
16th December 2024