Part VI Powers of Control of the F6appropriate authority
F2Notices, hearings and appeals
S. 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)
F146A Notices, hearings and appeals.
C11
If the F5appropriate 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 F5appropriate authority proposes to give.
3
If the F5appropriate 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 F5appropriate authority has decided to give.
5
A society to whom a decision notice is given under this section may refer the matter to the F3Upper 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.
F47
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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 F5appropriate authority material)) is to be read—
C2i
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.
Words in Pt. 6 heading substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 8 para. 9 (with Sch. 12)