The Financial Services and Markets Act 2000 (Mutual Societies) Order 2001

142.  In section 36A(1)—

(a) in subsection (1) for the words “Commission may serve on the society a notice of the Commission’s intention to” there is substituted “Authority may”,

(b) in subsection (4) for the word “Commission” there is substituted “Authority”,

(c) for subsection (5) there is substituted—

“(5) If the Authority proposes to issue a prohibition order under this section it must give the society a warning notice.

(5A) If the Authority decides to issue a prohibition order under this section it must give the society a decision notice, and may issue the order at the same time as or after giving the decision notice.

(5B) A warning notice or decision notice about a prohibition order under this section must set out the terms of the order which the Authority proposes (or has decided) to make, including any saving or transitional provisions to be included in it.

(5C) Part XXVI of the Financial Services and Markets Act 2000 (notices) is to be treated as applying in respect of warning notices and decision notices given under this section as it applies in respect of warning notices and decision notices given under that Act, subject to subsection (5D) below.

(5D) In the application of Part XXVI of that Act in respect of warning notices and decision notices given under this section—

(a) section 388(1)(e) is to be omitted,

(b) section 388(2) (which makes provision for the type of action to which a decision notice may relate if it was preceded by a warning notice) is to be read as if, for the word “Part”, there were substituted the word “section”,

(c) section 390 (final notices) is to be omitted, and

(d) for the purposes of section 391 (publication) a decision notice given under this section is to be treated as if it were a final notice rather than a decision notice.”,

(d) for subsection (6) there is substituted—

“(6) If the Authority issues a prohibition order under this section it shall serve the order on the society, and shall keep a copy of the order in the public file of the society.”,

(e) in subsection (7) the words “made and” are omitted, and

(f) in subsections (10) to (12) for the word “Commission”, wherever it appears, there is substituted “Authority”.

(1)

Section 36A was inserted by the Building Societies Act 1997, section 14.