Textual Amendments
F1S. 46A and cross-heading substituted (17.8.2001 for specified purposes and otherwise 1.12.2001) for ss. 46-49 and cross-heading by S.I. 2001/2617, arts. 2, 8, 13(1), Sch. 3 Pt. II para. 148 (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2(1)
(1)If the Authority proposes—
(a)to give a direction to a society under section 36(3), (5), (6), (7) or (10), or
(b)to give a direction to a society under section 42B(1), other than a direction varying a previous direction with the agreement of the society concerned,
it must give the society a warning notice.
(2)The warning notice must set out the terms of the direction which the Authority proposes to give.
(3)If the Authority decides—
(a)to give a direction to a society under section 36(3), (5), (6), (7) or (10), or
(b)to give a direction to a society under section 42B(1), other than a direction varying a previous direction with the agreement of the society concerned,
it must give the society a decision notice.
(4)The decision notice must set out the terms of the direction which the Authority has decided to give.
(5)A society to whom a decision notice is given under this section may refer the matter to the [F3Upper Tribunal].
(6)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 (8) below.
F4(7). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(8)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)(i) (which requires a decision notice to indicate any right given under that Act to refer a decision to the Tribunal) is to be read as if, for the words “this Act”, there were substituted “ the Building Societies Act 1986 ”;
(b)section 388(2) (which makes provision for the type of action which may be proposed in a decision notice which was preceded by a warning notice) is to be read as if, for the word “Part”, there were substituted “ section ”;
(c)section 390(4) (which provides for the content of a final notice about an order) is to be read as if—
(i)for the words “an order” there were substituted “ a direction ”, and
(ii)for the words “the order”, in both places where they appear, there were substituted “ the direction ”; and
(d)section 392 (application of sections 393 (third party rights) and 394 (access to Authority material)) is to be read—
(i)as if paragraph (a) of that section contained a reference to a warning notice given under subsection (1) above, and
(ii)as if paragraph (b) of that section contained a reference to a decision notice given under subsection (3) above.]
Textual Amendments
F2S. 46A substituted (17.8.2001 for specified purposes and otherwise 1.12.2001) for ss. 46-49 by S.I. 2001/2617, arts. 2, 8, 13(1), Sch. 3 Pt. II para. 148 (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2(1)
F3Words in s. 46A(5) substituted (6.4.2010) by The Transfer of Tribunal Functions Order 2010 (S.I. 2010/22), art. 1(2)(e), Sch. 2 para. 7(a) (with Sch. 5)
F4S. 46A(7) omitted (6.4.2010) by virtue of The Transfer of Tribunal Functions Order 2010 (S.I. 2010/22), art. 1(2)(e), Sch. 2 para. 7(b) (with Sch. 5)
Modifications etc. (not altering text)
C1S. 46A(1) extended (1.12.2001) by S.I. 2001/3592, arts. 36(2), 38(1) (with art. 23(2))
C2S. 46A(8)(d)(i) excluded (1.12.2001) by S.I. 2001/3592, arts. 36(3), 38(2) (with art. 23(2))