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Banking Act 1987 (repealed)
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- UK Public General Acts
- 1987 c. 22
- Part IV
- Section 76
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Changes over time for: Section 76
Version Superseded: 01/06/1998
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- 01/02/1991- Amendment
- 01/01/1994
Point in time - 01/06/1998- Amendment
- Stop date 01/12/2001- Amendment
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76 Power to object to names of overseas institutions.U.K.
(1)An overseas institution which has established a representative office in the United Kingdom shall not change any name used by it in relation to activities conducted by it in the United Kingdom or, in the case of an institution which is obliged to disclose any name in connection with those activities as mentioned in section 75(1) above, that name unless it has given not less than two months’ notice to the Bank of the proposed name.
(2)Where notice of a name is given to the Bank by an overseas institution under section 75(1) or subsection (1) above and it appears to the Bank that the name is misleading to the public or otherwise undesirable it may, within the period of two months beginning with the day on which that notice was given, give notice in writing to the institution that it objects to that name.
(3)Where it appears to the Bank that an overseas institution which has established a representative office in the United Kingdom before the date on which this Part of this Act comes into force is using a name in relation to activities conducted by it in the United Kingdom which is misleading to the public or otherwise undesirable, the Bank may give notice in writing to the institution that it objects to the name—
(a)in a case where the Bank was notified of the establishment of the representative office before that date, within the period of six months beginning with that date; and
(b)otherwise, within the period of six months beginning with the date on which the establishment of the representative office comes to the Bank’s knowledge.
(4)Where, as a result of a material change in circumstances since the time when notice of a name was given to the Bank under section 75(1) or subsection (1) above or as a result of further information becoming available to the Bank since that time, it appears to the Bank that the name is so misleading as to be likely to cause harm to the public, the Bank may give notice in writing to the overseas institution in question that it objects to the name.
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