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35. After section 37 of the Banking Act there shall be inserted the following section—
37A.—(1) A person shall not cease to be a minority, 10 per cent., 20 per cent., 33 per cent. or 50 per cent. shareholder controller or a parent controller of an authorised institution which is a credit institution incorporated in or formed under the law of any part of the United Kingdom unless he has first given to the Bank written notice of his intention to cease to be such a controller of the institution.
(2) If, after ceasing to be such a controller of such an institution, a person will, either alone or with any associate or associates—
(a)still hold 10 per cent. or more of the shares in the institution or another institution of which it is a subsidiary undertaking;
(b)still be entitled to exercise or control the exercise of 10 per cent. or more of the voting power at any general meeting of the institution or of another institution of which it is such an undertaking; or
(c)still be able to exercise a significant influence over the management of the institution or another institution of which it is such an undertaking by virtue of—
(i)a holding of shares in; or
(ii)an entitlement to exercise, or control the exercise of, the voting power at any general meeting of,
the institution or, as the case may be, the other institution concerned,
his notice under subsection (1) above shall state the percentage of the shares or voting power which he will (alone or with any associate or associates) hold or be entitled to exercise or control; and in this subsection 'share' has the same meaning as in Part VII of the Companies Act 1985 or Part VIII of the Companies (Northern Ireland) Order 1986.
(3) Subject to subsection (4) below, any person who contravenes subsection (1) or (2) above shall be guilty of an offence.
(4) Subject to subsection (5) below, a person shall not be guilty of an offence under subsection (3) above if he shows that he did not know of the acts or circumstances by virtue of which he ceased to be a controller of the relevant description in sufficient time to enable him to comply with subsection (1) above.
(5) Notwithstanding anything in subsection (4) above, a person who ceases to be a controller of a relevant description without having complied with subsection (1) above shall be guilty of an offence if, within fourteen days of becoming aware of the fact that he has ceased to be such a controller—
(a)he fails to give the Bank written notice of that fact; or
(b)he gives the Bank such a notice but the notice fails to comply with subsection (2) above.
(6) A person guilty of an offence under this section shall be liable on summary conviction to a fine not exceeding the fifth level on the standard scale.”
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