The Financial Services and Markets Act 2000 (Mutual Societies) Order 2001

71.  In section 54—

(a) in subsections (2), (3) and (7) for the word “Commission”, wherever it appears, there is substituted “Authority”,

(b) in subsection (4) for the words from “when” to the end there is substituted—

“that the society is to comply with it—

(a) immediately on receipt of a final notice in relation to the direction;

(b) before the end of such period as may be specified in the direction, beginning with the giving of a final notice in relation to the direction; or

(c) on the happening of an event subsequent to the giving of such a notice.”,

(c) for subsection (6) there is substituted—

“(6) The Authority may by written notice to the society—

(a) vary a direction under this section at the request of the society; or

(b) revoke a direction under this section.”,

(d) subsection (8) is omitted,

(e) in subsection (9)—

(i) for the words “Commission shall send to the central office” there is substituted “Authority shall keep”,

(ii) at the end of paragraph (b) there is inserted—

“(ba) of a final notice varying a direction under this section;”, and

(iii) the words “and the central office shall keep a copy” are omitted, and

(f) at the end of subsection (9) there is inserted—

“(10) “Final notice” means a final notice given under section 390 of the Financial Services and Markets Act 2000, as applied by section 58A(6) below.”.