Part VI Powers of Control of the Commission
F4Powers in relation to principal purpose and nature limits
F137 Powers to petition for winding up etc.
1
Where—
a
by virtue of section 36(13) the powers conferred by this section become exercisable in relation to a building society;
b
by virtue of section 36A(12) the power conferred by this subsection becomes so exercisable; or
c
the F2Authority has reason to believe that a building society has ceased to comply with the requirement imposed by section 5(1)(a) (purpose or principal purpose),
2
Where by virtue of section 36(13) the powers conferred by this section become exercisable in relation to a building society, the F2Authority may make an application to the High Court for an order giving directions to the society under subsection (3) below; and the power conferred by this subsection is available to the F2Authority whether or not it has previously made an application for such an order.
3
An order under this subsection is an order directing the society to comply with a direction under subsection (3), (5), (6), (7) or (10) of section 36 as directed in the order, or to carry out a restructuring plan as so directed.
4
5
The High Court shall not make an order winding up the society on an application under subsection (1)(c) above unless it is satisfied that the society has ceased to comply with the requirement imposed by section 5(1)(a).
6
In the application of this section to a building society whose principal office is in Scotland, references to the High Court shall be read as references to the Court of Session.
S. 36 and cross-heading substituted (1.12.1997 in specified cases and for specified purposes and otherwise in accordance with art. 2(2)(3)(5) of S.I. 1997/2668) by 1997 c. 32, ss. 13(1), 47(3); S.I. 1997/2668, art. 2, Sch. Pt. II(k)