7(1)This paragraph applies where the [F2Treasury][F3receive] from an EC company a notice given in accordance with paragraph 4 or 5 above.
(2) The [F2Treasury] may, before the end of the period of three months beginning with the day on which [F4they receive] the notice, direct that Part II of this Act shall apply to the company.
(3)Before giving a direction under sub-paragraph (2) above, the [F2Treasury]shall serve on the company a written notice stating—
(a)that [F5they are] considering giving a direction and particulars of the ground on which [F5they are] considering it; and
(b)that the company may, within the period of one month from the date of service of the notice, make written representations to the [F2Treasury] and, if the company so requests, oral representations to an officer of the [F6Treasury] appointed for the purpose by the [F2Treasury].
(4)Where representations are made in response to a notice under sub-paragraph (3) above, the [F2Treasury] shall take them into account before giving a direction.
Textual Amendments
F2Word in Sch. 2F para. 7 substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 72 (with art. 7)
F3Word in Sch. 2F para. 7(1) substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 76(a) (with art. 7)
F4Words in Sch. 2F para. 7(2) substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 76(b) (with art. 7)
F5Words in Sch. 2F para. 7(3)(a) substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 76(c)(i) (with art. 7)
F6Word in Sch. 2F para. 7(3)(b) substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 76(c)(ii) (with art. 7)