On Dec. 17, UK Treasury amended retirement age and balance sheet.
UK Treasury published the Building societies act 1986 (modifications) order 2024 (StIn 2024/1346) which amends ss 60-61 of Building societies act 1986 (BSA 1986 (UK)).
Refs to normal retirement age or compulsory retirement age for directors removed.
Summary
This amendment updates the 1986 act in line with Companies act 2006, where there are no longer corresponding restrictions for company directors following the repeal of ss 293-294 of Companies Act 1985 by section 1295 of and Sch 16 to the 2006 Act.
Companies (Northern Ireland) Order 1986 which contained parallel restrictions on NI company directors was repealed by 2006 Act; the company law is now UK-wide.
This order also amends s. 80(1) of the 1986 Act so that the current requirement for the balance sheet of a building society to be signed by two directors and the CEO is changed to allow one director to sign the balance sheet on behalf of the board.
This amendment modernizes 1986 Act, aligning provisions with s. 414(1) of 2006 Act.
This would reduce a small but unnecessary burden for building societies, providing building societies with the equivalent accounts sign-off procedures as to companies.
Effectiveness
Order in force 21 days after the day on which it is made, on Jan. 6, 2025.
