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The Banking Act 1987 (Exempt Transactions) Regulations 1997
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1. Not less than 28 days before giving an Expulsion Notice the Board shall serve on the Participating Society concerned and on every member of its Board of Directors a notice (a “Default Notice”) stating that the Board proposes to give an Expulsion Notice and specifying the considerations which has led the Board to conclude that such an Expulsion Notice should be given.
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