3(1)If at any annual general meeting of a building society no [F1auditor is] appointed or re-appointed, the [F2appropriate authority] may appoint a person to fill the vacancy; and the society shall, within one week of the power of the [F2appropriate authority] becoming exercisable, [F3give notice to the FCA and, if the society is a PRA-authorised person, to the PRA] of that fact.U.K.
(2)If a building society fails to give the notice required by sub-paragraph (1) above the society shall be liable on summary conviction—
(a)to a fine not exceeding level 3 on the standard scale, and
(b)in the case of a continuing offence, to an additional fine not exceeding £40 for every day during which the offence continuesX;
and so shall any officer who is also guilty of the offence.
Textual Amendments
F1Words in Sch. 11 para. 3(1) substituted (29.6.2008) by The Building Societies Act 1986 (Accounts, Audit and EEA State Amendments) Order 2008 (S.I. 2008/1519), art. 1(2), Sch. 2 para. 8(b)
F2Words in Sch. 11 para. 3(1) substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 8 para. 55(2)(a) (with Sch. 12)
F3Words in Sch. 11 para. 3(1) substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 8 para. 55(2)(b) (with Sch. 12)