Commentary

106 Compensation for loss of office

BUILDING SOCIETIES vol 6(1)
| Commentary

106 Compensation for loss of office

| Commentary

106 Compensation for loss of office

If it is proposed to pay compensation for loss of office or diminution of emoluments to any director or other officer1 of the building society under the terms of an amalgamation or transfer of engagements, the payment must be approved by a separate special resolution of the society’s members2. The special resolution must be passed by a majority of at least 75% of those qualified to vote and voting.

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