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Building Societies Act 1986

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This is the original version (as it was originally enacted).

Procedure for recognition: Commission's initiative

4(1)If it appears to the Commission, from its own enquiries or from information made available to it, that a scheme has been made or is in operation which qualifies for recognition the Commission shall consider the scheme and the extent to which it qualifies for recognition.

(2)If, on consideration of a scheme, the Commission is satisfied that the scheme qualifies for recognition and conforms to the relevant requirements in relation to one or more prescribed matters of complaint, the Commission shall approve the scheme as a recognised scheme to such extent as it considers appropriate.

(3)The Commission shall, on approving a scheme under this paragraph, give a direction for its recognition.

(4)On giving a direction for the recognition of a scheme, the Commission shall send a copy of the scheme and of the direction to the central office ; and the central office shall keep the copy of the scheme and of the direction in the register.

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