10(1)A building society [F1or connected undertaking of a building society]wishing to withdraw from membership of a recognised scheme shall send notice of its proposed withdrawal to the central office and to the Commission.
(2)A notice by a society [F2or undertaking]under sub-paragraph (1) above shall specify [F3the relevant services]action in relation to which by the society [F2or undertaking]is subject to investigation under the scheme and the recognised scheme or recognised schemes of which it is or, on its withdrawal, will become a member under which, as regards each of [F3the relevant services] specified in the notice, action by the society [F2or undertaking]is or will be subject to investigation.
(3)The central office, on receiving such a notice from a society, if satisfied that its withdrawal from the scheme will not result in a failure by it to comply with the duty imposed on it by section 83(3), shall confirm the withdrawal of the society from the scheme; but, if the central office is not so satisfied, the central office shall withold its confirmation.
[F4(3A)The central office, on receiving such a notice from a connected undertaking of a society, if satisfied that its withdrawal from the scheme will not result in a failure by the society to comply with the duty imposed on it by section 83(4), shall confirm the withdrawal of the undertaking from the scheme; but, if the central office is not so satisfied, the central office shall withhold its confirmation.]
(4)If the central office withholds its confirmation of a society’s [F5or undertaking’s]withdrawal from a scheme, the society [F6or undertaking]shall continue to a member of the scheme and bound and entitled under the scheme accordingly.
(5)On confirming the withdrawal of a society [F7or connected undertaking of a society]from a scheme the central office shall send to the society [F8or undertaking]and to the Commission notice of its decision and the central office shall record the decision in the public file of the society.
Textual Amendments
F1Words in Sch. 13 para. 10(1) inserted (1.12.1997) by 1997 c. 32, s. 43, Sch. 7 para. 63(11); S.I. 1997/2668, art. 2, Sch. Pt. I(j)(l)(xvii)
F2Words in Sch. 13 para. 10(2) inserted (1.12.1997) by 1997 c. 32, s. 43, Sch. 7 para. 63(12)(a); S.I. 1997/2668, art. 2, Sch. Pt. I(j)(l)(xvii)
F3Words in Sch. 13 para. 10(2) substituted (1.12.1997) by 1997 c. 32, s. 43, Sch. 7 para. 63(12)(b); S.I. 1997/2668, art. 2, Sch. Pt. I(j)(l)(xvii)
F4Sch. 13 para. 10(3A) inserted (1.12.1997) by 1997 c. 32, s. 43, Sch. 7 para. 63(13); S.I. 1997/2668, art. 2, Sch. Pt. I(j)(l)(xvii)
F5Words in Sch. 13 para. 10(4) inserted (1.12.1997) by 1997 c. 32, s. 43, Sch. 7 para. 63(14)(a); S.I. 1997/2668, art. 2, Sch. Pt. I(j)(l)(xvii)
F6Words in Sch. 13 para. 10(4) inserted (1.12.1997) by 1997 c. 32, s. 43, Sch. 7 para. 63(14)(b); S.I. 1997/2668, art. 2, Sch. Pt. I(j)(l)(xvii)
F7Words in Sch. 13 para. 10(5) inserted (1.12.1997) by 1997 c. 32, s. 43, Sch. 7 para. 63(15)(a); S.I. 1997/2668, art. 2, Sch. Pt. I(j)(l)(xvii)
F8Words in Sch. 13 para. 10(5) inserted (1.12.1997) by 1997 c. 32, s. 43, Sch. 7 para. 63(15)(b); S.I. 1997/2668, art. 2, Sch. Pt. I(j)(l)(xvii)