Commentary

79 Eligibility to be a director

BUILDING SOCIETIES vol 6(1)
| Commentary

79 Eligibility to be a director

| Commentary

79 Eligibility to be a director

The rules of a building society may impose a requirement that a person must hold beneficially shares in the society in order to be eligible to be or remain a director, but the amount of the minimum holding may not exceed the statutory maximum1. A person in relation to whom there is in force a prohibition order made under the Financial Services and Markets Act 2000 Section 56(2) is not eligible to be elected a director of a building society2.

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