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Banking Act 1987 (repealed)

Changes over time for: Section 75

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Version Superseded: 01/06/1998

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75 Notice of establishment of representative office.U.K.

(1)An overseas institution shall not establish a representative office in the United Kingdom unless it has given not less than two months’ notice to the Bank that it proposes to establish such an office and a notice under this subsection shall specify—

(a) any name the institution proposes to use in relation to activities conducted by it in the United Kingdom after the establishment of that office; and

(b)in the case of an institution which will be obliged to disclose any name in connection with those activities by virtue of section 4 of the Business Names Act 1985 or Article 6 of the Business Names (Northern Ireland) Order 1986, that name.

(2)Where an overseas institution has established a representative office in the United Kingdom before the date on which this Part of this Act comes into force and has not given notice of that fact to the Bank under section 40 of the Banking Act 1979 it shall give notice in writing to the Bank of the continued existence of that office within the period of two months beginning with that date; and the obligation of an overseas institution to give notice under this subsection in respect of the establishment of an office established within the period of one month ending with that date shall supersede any obligation to give notice in respect of that matter under that section.

(3)A notice under this section shall be given in such manner and form as the Bank may specify.

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