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Building Societies Act 1986

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This is the original version (as it was originally enacted).

54Information disclosed to Commission from other sources

(1)If and in so far as it appears to the Secretary of State that the disclosure of any information will enable the Commission better to discharge its functions under this Act (but not otherwise),—

(a)information obtained by the Secretary of State under section 447 or 448 of the [1985 c. 6.] Companies Act 1985 (inspection of companies' books and papers) may be disclosed to the Commission or further disclosed, notwithstanding the provision as to security of information contained in section 449 of that Act; and

(b)where the information is contained in a report made by inspectors appointed under section 431, 432, 442 or 446 of the Companies Act 1985 (investigation of affairs or ownership of companies and certain other bodies corporate) the Secretary of State may furnish a copy of the report to the Commission.

(2)If and in so far as it appears to the Department of Economic Development that the disclosure of any information will enable the Commission better to discharge its functions under this Act (but not otherwise),—

(a)information obtained by the Department under Article 440 or 441 of the [S.I. 1986/1032 (N.I. 6).] Companies (Northern Ireland) Order 1986 (inspection of companies' books and papers) may be disclosed or further disclosed to the Commission, notwithstanding the provision as to security of information contained in Article 442 of that Order; and

(b)where the information is contained in a report made by inspectors under Article 424, 425, 435 or 439 of the [S.I. 1986/1032 (N.I. 6).] Companies (Northern Ireland) Order 1986 (investigation of affairs or ownership of companies and certain other bodies corporate) the Department may furnish a copy of the report to the Commission.

(3)Subsection (1) of section 53 does not apply to information which has been disclosed to the Commission by virtue of subsection (1) or (2) above, but—

(a)except as provided by paragraph (b) below, nothing in this Act authorises any further disclosure of that information in contravention of section 449 of the [1985 c. 6.] Companies Act 1985 or, as the case may require, Article 442 of the Companies (Northern Ireland) Order 1986 ; and

(b)with respect to that information the references in subsections (3), (4), (5), (6), (8) and (11) of section 53 to subsection (1) of that section shall be construed as including a reference to the said section 449 or, as the case may require, Article 422, but, in the case of subsections (5), (6) and (8), so far only as they relate to the discharge of the Commission's functions or the interests of shareholders and depositors.

(4)If and in so far as it appears to the Bank of England that the disclosure of any information will enable the Commission better to discharge its functions under this Act (but not otherwise), information obtained by the Bank under or for the purposes of the [1979 c. 37.] Banking Act 1979 may be disclosed to the Commission and, with the Bank's consent, further disclosed by the Commission, notwithstanding the provision as to security of information contained in section 19 of that Act.

(5)Subsection (1) of section 53 does not apply to information which has been disclosed to the Commission by virtue of subsection (4) above, but—

(a)except as provided in paragraph (b) below, nothing in this Act authorises any further disclosure of that information in contravention of section 19 of the Banking Act 1979; and

(b)with respect to that information the references in subsection (3), (4), (6), (7), (8) and (11) of section 53 to subsection (1) of that section shall be construed as including a reference to the said section 19 but, in the case of subsections (6), (7) and (8), so far only as they relate to the discharge of the Commission's functions or the interests of shareholders and depositors.

(6)If information is disclosed to the Commission by an overseas regulatory authority—

(a)subsection (1) of section 53 applies to that information as it applies to information obtained or furnished under or for the purposes of this Act; but

(b)the references in subsections (4) to (11) of that section to the disclosure of information do not extend to the disclosure of that information.

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