Search Legislation

Banking Act 1979

Status:

This is the original version (as it was originally enacted).

7Revocation: powers and procedure

(1)Where the powers of the Bank under this section have become exercisable with respect to an institution, the Bank may—

(a)revoke the recognition or licence of the institution and take such action as it considers appropriate under section 8 below ; or

(b)revoke the recognition or licence of the institution and grant it a conditional licence or, if the institution is already the holder of such a licence, grant it another conditional licence subject to different conditions.

(2)Where the powers of the Bank under this section have become exercisable with respect to a recognised bank but it appears to the Bank that the circumstances are not such as to justify proceedings under subsection (1) above, the Bank may revoke the institution's recognition and grant it a full licence.

(3)Subject to subsection (4) below, where the Bank proposes to act under subsection (1) or subsection (2) above.—

(a)the Bank shall give the institution concerned notice in writing of its intention specifying the reasons why it proposes to act; and

(b)the provisions of Part I of Schedule 4 to this Act shall apply.

(4)In any case where—

(a)the powers of the Back under this section have become exercisable with respect to an institution, and

(b)the Bank considers that urgent action is necessary, the Bank may, without prior notice under subsection (3) above, by notice in writing given to the institution concerned exercise its powers under paragraph (b) of subsection (1) above; and Where the Bank exercises those powers by virtue of this subsection, the provisions of Part II of Schedule 4 to this Act shall apply instead of the provisions of Part I of that Schedule.

(5)In Schedule 4 to this Act " the principal section " means this section and—

(a)in Part I of that Schedule a "notice of intention to act" means a notice given under subsection (3)(a) above; and

(b)in Part II of that Schedule an " immediate revocation notice" means a notice given under subsection (4) above.

(6)The power of the Bank to revoke a licence by virtue of subsection (4) or subsection (5) of section 6 above shall be exercisable by notice in writing given to the institution concerned.

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made):The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources