PART IRegulation of Investment Business
CHAPTER VIIICollective Investment Schemes
Authorised unit trust schemes
80Representations against refusal or revocation
1
Where the Secretary of State proposes—
a
to refuse an application for an order under section 78 above; or
b
to revoke such an order otherwise than at the request of the manager or trustee of the scheme,
he shall give the applicants or, as the case may be, the manager and trustee of the scheme written notice of his intention to do so, stating the reasons for which he proposes to act and giving particulars of the rights conferred by subsection (2) below.
2
A person on whom a notice is served under subsection (1) above may, within twenty-one days of the date of service, make written representations to the Secretary of State and, if desired, oral representations to a person appointed for that purpose by the Secretary of State.
3
The Secretary of State shall have regard to any representations made in accordance with subsection (2) above in determining whether to refuse the application or revoke the order, as the case may be.