- Latest available (Revised)
- Original (As enacted)
This is the original version (as it was originally enacted).
(1)The Ministers shall satisfy themselves, in relation to an approved scheme, that any steps which need to be taken to enable the scheme to be carried out are taken before the vesting day under the scheme.
(2)The Ministers may by notice require the Board to supply to them such information as may be specified in the notice, being information which they consider necessary or desirable for the purpose of enabling them to discharge their function under subsection (1) above.
(3)A notice under subsection (2) above shall require the information to be supplied within such period as may be specified in the notice, being not less than 7 days from the date of the notice.
(4)If, at any time before the vesting day, it appears to the Ministers—
(a)that the Board has failed to supply information required by a notice under subsection (2) above, or
(b)that steps which need to be taken to enable the scheme to be carried out are unlikely to be taken before the vesting day under the scheme,
they may give the Board notice of that fact and of the reasons for it.
(5)No notice under subsection (4) above may be given by virtue of paragraph (a) of that subsection more than 28 days after the Board has purported to comply with the notice under subsection (2) above.
(6)The Ministers shall, by notice to the Board, withdraw a notice under subsection (4) above if they are satisfied—
(a)that there is no longer any ground for it, and
(b)that it continues to be practicable for the scheme to be carried out.
(7)If the Board, in purported compliance with a notice under subsection (2) above, knowingly or recklessly supplies information which is false or misleading in a material respect, it shall be guilty of an offence and liable on summary conviction to a fine not exceeding level 5 on the standard scale.
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