SCHEDULES

SCHEDULE 11U.K. Auditors: Appointment, TenureF1...

Textual Amendments

F1Words in Sch. 11 heading omitted (6.4.2008) by virtue of The Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), art. 2(2), Sch. 1 para. 14(a), Sch. 2 (with arts. 6, 11, 12)

Modifications etc. (not altering text)

C1Sch. 11 excluded by S.I. 1986/2168, art. 12(a)

AppointmentU.K.

3(1)If at any annual general meeting of a building society no [F2auditor is] appointed or re-appointed, the [F3appropriate authority] may appoint a person to fill the vacancy; and the society shall, within one week of the power of the [F3appropriate authority] becoming exercisable, [F4give notice to the FCA and, if the society is a PRA-authorised person, to the PRA] of that fact.U.K.

(2)If a building society fails to give the notice required by sub-paragraph (1) above the society shall be liable on summary conviction—

(a)to a fine not exceeding level 3 on the standard scale, and

(b)in the case of a continuing offence, to an additional fine not exceeding £40 for every day during which the offence continuesX;

and so shall any officer who is also guilty of the offence.