Part XI Miscellaneous and Supplementary and Conveyancing Services

Miscellaneous and supplementary

104 Power to amend, etc. to assimilate to company law.

(1)

If, on any modification of the statutory provisions in force in Great Britain or Northern Ireland relating to companies, it appears to the Treasury to be expedient to modify the relevant provisions of this Act for the purpose of assimilating the law relating to companies and the law relating to building societies, the Treasury may, by order, make such modifications of the relevant provisions of this Act as they think appropriate for that purpose.

(2)

The “relevant provisions of this Act” are the following provisions as for the time being in force, that is to say—

F1(za)

the provisions of Part 2 (but see subsection (3A));

(a)

so much of Part VI as relates to investigations or inspections;

(b)

the provisions of Part VII (management);

(c)

the provisions of Part VIII (accounts and audit); F2 . . .

(d)

so much of Part X as relates to winding up F3or insolvency F4; and

(e)

section 110 (provisions exempting officers and auditors from liability)..

(3)

The power conferred by subsection (1) above includes power to modify the relevant provisions of this Act so as to—

(a)

confer power to make orders, regulations, rules or other subordinate legislation;

(b)

create criminal offences; or

(c)

provide for the charging of fees but not any charge in the nature of taxation.

F5(3A)

The power conferred by subsection (1) by virtue of subsection (2)(za) is exercisable only for the purpose of making provision in relation to common seals and the execution of documents.

(4)

An order under this section may—

(a)

make consequential amendments of or appeals in other provisions of this Act; or

(b)

make such transitional or saving provisions as appear to the Treasury to be necessary or expedient.

(5)

The power to make an order under this section is exercisable by statutory instrument but no such order shall be made unless a draft of it has been laid before and approved by a resolution of each House of Parliament.

(6)

In this section—

“modification” includes any additions and, as regards modifications of the statutory provisions relating to companies, any modification whether effected by any future Act or by an instrument made after the passing of this Act under an Act whenever passed; and

“statutory provisions” includes the provisions of any instrument made under this Act.