§ Mr. Craigen
asked the Chancellor of the Exchequer whether in view of the growth of several building societies that are now national in scope and character, he will consult the Registrar of Building Societies on the possibility of establishing a working party to make recommendations as to appropriate methods of control by shareholders in such societies to ensure more effective control by investors, with a view to legislation.
§ Mr. Bruce-Gardyne
I agree with the hon. Member that when there is next substantive building society legislation, it will be necessary to consider whether to amend the present provisions on the constitution of building societies and the powers of shareholders. I also agree that it would be desirable that any proposals for legislation should be the subject of consultation. But I do not consider that a working party to look at the issue of shareholders' control in isolation is necessarily the best way forward.