Commentary

113 Compensation for loss of office

BUILDING SOCIETIES vol 6(1)
| Commentary

113 Compensation for loss of office

| Commentary

113 Compensation for loss of office

Subject to certain statutory provisions1, the terms of a transfer of business by a building society to the successor company may include provision for compensation2 to be paid by the society or the company to or in respect of any director or other officer of the society for loss of office or diminution of emoluments attributable to the transfer3. Any such provision must be authorised so far as the society is concerned as follows: except in the circumstances described below, the provision must be approved by a separate resolution passed as a special resolution4,

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