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Banking Act 1987 (repealed)

Changes over time for: Section 71

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Version Superseded: 01/06/1998

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71 Effect of notices under s. 70 and appeals.U.K.

(1)Where the Bank has given notice to an authorised institution under section 70 above the institution shall not use the name to which the Bank has objected for the purposes of or in connection with any business carried on in the United Kingdom after the objection has taken effect; and for the purposes of this subsection the disclosure of a name in connection with such a business by virtue of section 4 of the M1Business Names Act 1985 or Article 6 of the Business Names (Northern Ireland) Order 1986 shall be treated (if it would not otherwise be) as use for the purposes of that business.

(2)For the purposes of this section an objection under section 70(1) or (2) above takes effect when the institution receives the notice of objection.

(3)An institution to which a notice of objection is given under section 70(1) or (2) above may within the period of three weeks beginning with the day on which it receives the notice apply to the court to set aside the objection and on such an application the court may set it aside or confirm it (but without prejudice to its operation before that time).

(4)For the purposes of this section an objection under section 70(4) above takes effect—

(a)in a case where no application is made under subsection (5) below, at the expiry of the period of two months beginning with the day on which the institution receives the notice of objection or such longer period as the notice may specify; or

(b)where an application is made under subsection (5) below and the court confirms the objection, after such period as the court may specify.

(5)An institution to which a notice of objection is given under section 70(4) above may within the period of three weeks beginning with the day on which it receives the notice apply to the court to set aside the objection.

(6)In this section “the court” means the High Court, the Court of Session or the High Court in Northern Ireland according to whether—

(a)if the institution concerned is a company registered in the United Kingdom, it is registered in England and Wales, Scotland or Northern Ireland; and

(b)in the case of any other institution, its principal or prospective principal place of business in the United Kingdom is situated in England and Wales, Scotland or Northern Ireland.

Modifications etc. (not altering text)

C1S. 71 amended (1.1.1993) by S.I. 1992/3218, reg. 47, Sch. 8 para. 20.

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