Building Societies Act 1986

Procedure for recognition : submission by societies

5 (1) Submission by or on behalf of building societies of a scheme for approval by the Commission as a recognised scheme shall be made by an application for recognition which shall be—

(a) made in such manner as the Commission specifies, either generally or in any particular case ; and

(b) accompanied by such information as the Commission may reasonably require, either generally or in any particular case, in order to make its decision on the application ;

and in this paragraph " the applicants " means those societies or the person acting on their behalf for the purposes of the application.

(2) Where an application is made to the Commission for recognition of a scheme then—

(a) if it appears to the Commission that the scheme qualifies for recognition and conforms to the relevant requirements in respect of one or more of the prescribed matters of complaint, the Commission shall approve the scheme as a recognised scheme to such extent as it considers appropriate;

(b) if it appears to the Commission that the scheme, with modifications, will, in addition to qualifying for recognition, conform to the relevant requirements in respect of one or more of the prescribed matters of complaint, and the applicants agree on appropriate modifications within the period of 21 days from the date on which the Commission notifies the applicants of the modifications it proposes for their agreement, the Commission shall approve the scheme as modified as a recognised scheme to such extent as it considers appropriate ;

but otherwise it shall withhold its approval.

(3) The Commission shall, on approving a scheme, give a direction for its recognition and send copies of the direction to the applicants.

(4) On giving a direction for the recognition of a scheme, the Commission shall also send a copy of the scheme and of the direction to the central office ; and the central office shall keep the copy of the scheme and of the direction in the register.