Building Societies Act 1986

10 (1) 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 under sub-paragraph (1) above shall specify the prescribed matters of complaint action in relation to which by the society 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 the prescribed matters of complaint specified in the notice, action by the society 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 withhold its confirmation.

(4) If the central office withholds its confirmation of a society's withdrawal from a scheme, the society shall continue to be a member of the scheme and bound and entitled under the scheme accordingly.

(5) On confirming the withdrawal of a society from a scheme the central office shall send to the society and to the Commission notice of its decision and the central office shall record the decision in the public file of the society.