C1Part II Regulation of Insurance Companies
Changes of director, controller or manager etc.
61AF2C2 Approval of acquisition of notifiable holding in UK company.
1
No person who is a controller of a UK company shall acquire a notifiable holding in that company, or in another company of which it is a subsidiary undertaking, unless—
a
he has served on the F3Treasury a written notice stating—
i
that he intends to acquire such a holding; and
ii
the number of the shares or details of the voting rights which he proposes to acquire; and
b
either the F3TreasuryF4have, before the expiration of the period of three months beginning with the date of service of that notice, notified him in writing that there is no objection to his proposed acquisition of the holding, or that period has elapsed without the F3Treasury having served on him a written notice of objection.
2
The F3Treasury may serve a notice of objection under subsection (1) above on the ground—
a
that it appears to F5them that the person concerned is not a fit and proper person to acquire such a holding; or
b
that it appears to F5them that, if that person were to acquire such a holding, the criteria of sound and prudent management would not or might not continue to be fulfilled in respect of the company.
3
Subsections (2) to (4) of section 61 above shall (with the necessary modifications) apply for the purposes of this section as they apply for the purposes of that section.
Pt. II (ss. 15-71) restricted (1.1.1993) by S.I. 1992/3218, reg65
Pt. II (ss. 15-71) extended (24.12.1996) by S.I. 1996/3011, reg. 3(1)(b), 10(1)