(1)Where an appeal is brought under section 46, a tribunal to determine the appeal shall be constituted in accordance with subsection (2) below.
(2)The tribunal shall consist of—
(a)a chairman appointed by the Lord Chancellor or the Lord Advocate, and
(b)two other members appointed by the Chancellor of the Exchequer.
(3)The chairman shall be
[F1(a)a person who has a 7 year general qualification, within the meaning of section 71 of the Courts and Legal Services Act 1990;
(b)an advocate or solicitor in Scotland of at least 7 years’ standing; or
(c)a member of the Bar of Northern Ireland or solicitor of the Supreme Court of Northern Ireland of at least 7 years’ standing;]
; and the other two members shall be persons appearing to the Chancellor of the Exchequer to have respectively experience of accountancy and experience of the business of building societies or of other financial institutions.
[F2(3A)A person shall not be appointed after the day on which he attains the age of 70 to be the chairman of a tribunal under this section.]
(4)On any appeal against any decision of the Commission the question for the determination of the tribunal shall be whether, for the reasons adduced by the appellant, the decision was unlawful or not justified by the evidence on which it was based.
(5)The tribunal may, on the application of the building society concerned, order that the operation of any condition which is the subject of an appeal by the society be suspended pending the determination of the appeal.
(6)The tribunal may confirm or reverse the decision which is the subject of the appeal but shall not have power to vary it except by directing the Commission—
(a)in the case of an appeal against a decision to refuse to grant authorisation, to determine the conditions to which the grant of authorisation is to be subject;
(b)in the case of an appeal against a decision to revoke authorisation, to determine the conditions or different conditions subject to which the authorisation is to continue in forc e, as the case may be;
(c)in the case of an appeal against the imposition of conditions or as to the conditions imposed by the decision, to determine the conditions or different conditions subject to which the authorisation is to be granted or is to continue, as the case may be.
(7)Where by virtue of subsection (6) above the tribunal directs the Commission to determine conditions or different conditions, the Commission shall by notice to the society concerned impose such conditions to be complied with by the society as it considers expedient in order to protect the investments of shareholders or depositors and —
(a)Part III of Schedule 3 to this Act shall apply subject to the modifications made by paragraph 9 of that Schedule; but
(b)the society concerned may appeal to the tribunal against any of those conditions;
and on any such appeal the tribunal may confirm or reverse the Commission’s decision with respect to the conditions which are the subject of the appeal or may direct the Commission to determine different conditions.
(8)Where by virtue of subsection (7) above the tribunal, on an appeal against any conditions, directs the Commission to determine different conditions, the other provisions of that subsection shall apply as they apply where the tribunal gives such a direction by virtue of subsection (6) above.
(9)Where the tribunal reverses a decision of the Commission to refuse to grant authorisation, it shall direct the Commission to grant it; and where the tribunal reverses a decision of the Commission to make the grant of authorisation subject to conditions, it shall direct the Commission to grant it unconditionally.
(10)Notice of a tribunal’sdetermination, together with a statement of its reasons, shall be given to the appellant and to the Commission; and unless the tribunal has directed the Commission to determine conditions or, in any other case, the tribunal directs otherwise, the determination shall come into operation when the notice is given to the appellant.
(11)The Treasury may out of money provided by Parliament pay to the persons appointed as members of a tribunal under this section such fees and allowances in respect of expenses as the Treasury may determine and any other expenses incurred for the purposes of this section.
Textual Amendments
F1Words substituted by Courts and Legal Services Act 1990 (c. 41, SIF 37), s. 71(2), Sch. 10 para. 68
F2S. 47(3A) inserted (31.3.1995) by 1993 c. 8, ss. 26(10), 31(2), Sch. 6 para.64 (subject to s. 27 and Sch. 7 as mentioned in the said s. 26(10)); S.I. 1995/631, art. 2
Modifications etc. (not altering text)
C1S. 47 amended (1. 1. 1993) by S.I. 1992/3218, regs. 22(6), 23(7), Sch. 6 para. 9(2), Sch. 7 para.5(2)
C2S. 47 restricted (31.3.1995) by 1993 c. 8, ss. 26(8)(e), 31(2) (with Sch. 7 paras. 2(2), 3(2), 4); S.I. 1995/631, art. 2