On 14 October 2024, there was published on the legislation.gov.uk website:
- The Building Societies Act 1986 (Amendment of Small Business Turnover Limit) Order 2024. This Order amends section 7(10) and (11) of the Building Societies Act 1986 (the 1986 Act) by increasing the turnover limit in a relevant financial year for the definition of a small business in section 7(10) of the 1986 Act from £1 million to £6.5 million. It also makes a corresponding amendment to the reference to the equivalent limit in any other currency in subsection (11)(c). The Order comes into force on 4 November 2024.
- Draft – The Building Societies Act 1986 (Modifications) Order 2024. This draft Order amends sections 60 and 61 of the 1986 Act to remove all references to the normal retirement age or the compulsory retirement age for directors, as stated in the 1986 Act. This will update the 1986 Act in line with the Companies Act 2006 (2006 Act), where there are no longer corresponding restrictions for company directors following the repeal of sections 293 and 294 of the Companies Act 1985 by section 1295 of and Schedule 16 to the 2006 Act. The Companies (Northern Ireland) Order 1986 which contained parallel restrictions on Northern Ireland company directors was repealed by the 2006 Act. The draft Order also amends section 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 will modernise the 1986 Act, aligning the provisions with section 414(1) of the 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. The draft Order comes into force 21 days after the day on which it is made.