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Building Societies Act 1986

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Commencement Orders bringing legislation that affects this Act into force:

[F1Notices, hearings and appeals]E+W+S+N.I.

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Amendments (Textual)

F1S. 46A and cross-heading substituted (17.8.2001 for specified purposes and otherwise 1.12.2001) for ss. 46-49 and cross-heading by S.I. 2001/2617, arts. 2, 8, 13(1), Sch. 3 Pt. II para. 148 (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2(1)

[F246A Notices, hearings and appeals.E+W+S+N.I.

(1)If the Authority proposes—

(a)to give a direction to a society under section 36(3), (5), (6), (7) or (10), or

(b)to give a direction to a society under section 42B(1), other than a direction varying a previous direction with the agreement of the society concerned,

it must give the society a warning notice.

(2)The warning notice must set out the terms of the direction which the Authority proposes to give.

(3)If the Authority decides—

(a)to give a direction to a society under section 36(3), (5), (6), (7) or (10), or

(b)to give a direction to a society under section 42B(1), other than a direction varying a previous direction with the agreement of the society concerned,

it must give the society a decision notice.

(4)The decision notice must set out the terms of the direction which the Authority has decided to give.

(5)A society to whom a decision notice is given under this section may refer the matter to the Financial Services and Markets Tribunal.

(6)Part XXVI of the Financial Services and Markets Act 2000 (notices) is to be treated as applying in respect of warning notices and decision notices given under this section as it applies in respect of warning notices and decision notices given under that Act, subject to subsection (8) below.

(7)The provisions of Part IX of the Financial Services and Markets Act 2000 (hearings and appeals) are to be treated as applying in respect of references to the Financial Services and Markets Tribunal made under this section as they apply in respect of references made to that Tribunal under that Act.

(8)In the application of Part XXVI of that Act in respect of warning notices and decision notices given under this section—

(a)section 388(1)(e)(i) (which requires a decision notice to indicate any right given under that Act to refer a decision to the Tribunal) is to be read as if, for the words “this Act”, there were substituted “ the Building Societies Act 1986 ”;

(b)section 388(2) (which makes provision for the type of action which may be proposed in a decision notice which was preceded by a warning notice) is to be read as if, for the word “Part”, there were substituted “ section ”;

(c)section 390(4) (which provides for the content of a final notice about an order) is to be read as if—

(i)for the words “an order” there were substituted “ a direction ”, and

(ii)for the words “the order”, in both places where they appear, there were substituted “ the direction ”; and

(d)section 392 (application of sections 393 (third party rights) and 394 (access to Authority material)) is to be read—

(i)as if paragraph (a) of that section contained a reference to a warning notice given under subsection (1) above, and

(ii)as if paragraph (b) of that section contained a reference to a decision notice given under subsection (3) above.]

Annotations: Help about Annotation
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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

F2S. 46A substituted (17.8.2001 for specified purposes and otherwise 1.12.2001) for ss. 46-49 by S.I. 2001/2617, arts. 2, 8, 13(1), Sch. 3 Pt. II para. 148 (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2(1)

Modifications etc. (not altering text)

C1S. 46A(1) extended (1.12.2001) by S.I. 2001/3592, arts. 36(2), 38(1) (with art. 23(2))

C2S. 46A(8)(d)(i) excluded (1.12.2001) by S.I. 2001/3592, arts. 36(3), 38(2) (with art. 23(2))

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