HC Deb 04 March 1982 vol 19 cc215-6W
Mr. Weetch

asked the Chancellor of the Exchequer how many of the building societies currently registered have trustee status.

Mr. Bruce-Gardyne

The number of building societies currently registered is 253. Of these, 173 have trustee status.

Mr. Squire

asked the Chancellor of the Exchequer if he will list the legislative provisions relating to building societies making their annual returns to the Registry of Friendly Societies available to members of the societies before the date of the annual general meeting.

Mr. Bruce-Gardyne

There are no such legislative provisions. However, by section 88(4) of the Building Societies Act 1962, building societies are required to supply to any member or depositor, on demand and without charge, a copy of the latest annual return for any financial year—with the auditors' report—on or after the date of the holding of the annual general meeting in the following financial year. The accounts of a building society, and associated documents, are required to be sent to members prior to every annual general meeting in accordance with section 83(1) of the 1962 Act.

Mr. Squire

asked the Chancellor of the Exchequer if he will seek to amend the Building Societies Act 1962 to prevent directors from maintaining themselves in office by manipulating instruments appointing a proxy so that "unused" votes are allocated in favour of existing directors, even when voters have expressed a clear preference for other candidates.

Mr. Bruce-Gardyne

I cannot at this stage say what matters will be considered when the opportunity next arises for building societies' amending legislation. However, the matter to which my hon. Friend refers appears to be one for the rules of a building society rather than for legislation. If any member of a building society alleged that there had been malpractice in this respect, it would normally be possible for the matter to be determined under the provisions for the settlement of disputes, whether under the rules of the building society concerned, or under the provisions contained in sections 93 to 98 of the Building Societies Act 1962.