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Banking Act 1979

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This is the original version (as it was originally enacted).

Duties of licensed institutions

14Duty to notify changes of directors etc.

(1)A licensed institution shall give written notice to the Bank of the fact that any person has become or ceased to be a director, controller or manager of the institution.

(2)A notice required to be given by subsection (1) above shall be given before the expiry of the period of twenty-one days beginning with the day next following that on which the relevant fact comes to the knowledge of the institution.

(3)Any institution which fails to give a notice required by this section shall be liable on summary conviction to a fine not exceeding £1,000.

15Audited accounts of licensed institutions to be open to inspection

(1)At each place within the United Kingdom at which it holds itself out to accept deposits, a licensed institution shall keep a copy of its most recent audited accounts; and during normal business hours that copy shall be made available for inspection by any person on request.

(2)If an institution fails to comply with subsection (1) above, then, for each occasion on which it so fails, it shall be liable on summary conviction to a fine not exceeding £500.

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