Part I Regulation of Deposit-Taking Business
Objections to controllers
23 Objection by direction of the Treasury.
1
The Treasury may direct the Bank to serve a notice of objection under this section on a person—
a
who has given notice under section 21 above of his intention to become a shareholder controller of any description of an institution; or
b
who has become such a controller without giving the required notice under that section,
if it appears to the Treasury that, in the event of his becoming or, as the case may be, as a result of his having become, such a controller, a notice could be served on the institution by the Treasury under section 183 of the M1Financial Services Act 1986 (disqualification or restriction of persons connected with overseas countries which do not afford reciprocal facilities for financial business).
2
No direction shall be given in a case within subsection (1)(b) above more than three months after the Treasury becomes aware of the fact that the person concerned has become a controller of the relevant description.
3
Any notice of objection served by virtue of a direction under this section shall state the grounds on which it is served.