[SCHEDULE 2D] FURTHER PROVISIONS WITH RESPECT TO CONTROLLERS OF UK COMPANIES
Objection to existing controller
4
(1)
Where it appears to the F1Treasury that the criteria of sound and prudent management are not or may not be fulfilled in respect of a UK company by reason of the ability of a person who is a controller of the company to influence the company, F2the Treasury may—
(a)
where that person is the managing director or chief executive, serve on the company; and
(b)
in any other case, serve on that person,
a written notice of objection to that person continuing to be a controller of the company.
(2)
Before serving a notice of objection under this paragraph, the F1Treasury shall serve—
(a)
on the person concerned; and
(3)
A notice under sub-paragraph (2) above shall—
(a)
give particulars of the rights conferred by sub-paragraph (4) below; and
(b)
specify the criteria of sound and prudent management which are not or may not be fulfilled in respect of the company.
(4)
A person served with a notice under sub-paragraph (2) above may, within the period of one month beginning with the day on which the notice is served—
(a)
make written representations to the F1Treasury; and
(5)
Where representations are made in accordance with this paragraph, the F1Treasury shall take them into consideration before serving a notice of objection.
(6)
(7)
After a notice of objection has been served on a company in relation to a person who is a managing director or chief executive, the company shall forthwith remove that person from that office.