Building Societies Act 1986

Grant and revocation of recognition

3 (1) Recognition rules may make provision—

(a) for the manner and form in which applications for recognition under this Schedule are to be made, and for the payment of fees in connection with such applications ;

(b) as to the period (whether determinate or otherwise) for which any recognition granted under this Schedule shall (subject to the provisions of any recognition rules) remain in force; and

(c) for the revocation by the Lord Chancellor of any such recognition on any of the grounds referred to in sub-paragraph (2) below.

(2) Those grounds are—

(a) that an institution's recognition was granted as a result of any error or fraud ;

(b) that while an institution was a recognised institution—

(i) the institution, or

(ii) where it is a body corporate, any director, manager, secretary or other similar officer of the institution, or

(iii) where it is an unincorporated association, any member of the institution,

has been convicted by any court in the United Kingdom of a criminal offence which, in the opinion of the Lord Chancellor, renders the institution unsuitable to be recognised under this Schedule ; or

(c) the institution has, while a recognised institution, failed to comply with any conditions prescribed in pursuance of paragraph 2(1)(b) above or with any requirement imposed in pursuance of paragraph 2(3) above.

(3) Recognition rules may—

(a) prescribe the manner and form in which any revocation of an institution's recognition under this Schedule is to be notified to the institution ; and

(b) provide for any such revocation to be effective as from the time when the institution is notified of it in accordance with the rules.