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Banking Act 1987

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This is the original version (as it was originally enacted).

23Objection by direction of the Treasury

(1)The Treasury may direct the Bank to serve a notice of objection under this section on a person—

(a)who has given notice under section 21 above of his intention to become a shareholder controller of any description of an institution: or

(b)who has become such a controller without giving the required notice under that section,

if it appears to the Treasury that, in the event of his becoming or, as the case may be, as a result of his having become, such a controller, a notice could be served on the institution by the Treasury under section 183 of the [1986 c. 60.] Financial Services Act 1986 (disqualification or restriction of persons connected with overseas countries which do not afford reciprocal facilities for financial business).

(2)No direction shall be given in a case within subsection (1)(b) above more than three months after the Treasury becomes aware of the fact that the person concerned has become a controller of the relevant description.

(3)Any notice of objection served by virtue of a direction under this section shall state the grounds on which it is served.

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