56 Power of [F1FCA and PRA] to petition for winding up.E+W+S
F2(1)In the case of a society to which section 4 of this Act applies which was registered or deemed to be registered under the Act of 1893 before 26th July 1938, a petition for the winding up of the society may be presented to the court by the [F3FCA or PRA] if it appears to the [F4FCA or PRA (as the case may be)]—
(a)that neither of the conditions specified in section 1(2) of this Act is fulfilled in the case of that society; and
(b)that it would be in the interests of persons who have invested or deposited money with the society or of any other person that the society should be wound up.
[F5(2) The FCA must consult the PRA before presenting a petition under subsection (1) in respect of a PRA -authorised person.
(3) The PRA must consult the FCA before presenting a petition under subsection (1). ]
Textual Amendments
F1Words in s. 56 heading substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 2 para. 10(5) (with Sch. 12)
F2S. 56 renumbered as s. 56(1) (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 2 para. 10(2) (with Sch. 12
F3Words in s. 56(1) substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 2 para. 10(3)(a) (with Sch. 12)
F4Words in s. 56(1) substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 2 para. 10(3)(b) (with Sch. 12)
F5S. 56(2)(3) inserted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 2 para. 10(4) (with Sch. 12)