Banking Act 1987 (repealed)

77 Effect of notices under s. 76 and appeals. U.K.

(1) Where the Bank has given notice under section 76 above to an overseas institution the institution shall not use the name to which the Bank has objected in relation to activities conducted by it in the United Kingdom after the objection has taken effect; and for the purposes of this subsection the disclosure of a name in connection with those activities as mentioned in section 75(1)(b) above shall be treated (if it would not otherwise be) as use of that name in relation to those activities.

(2) For the purposes of this section an objection under section 76(2) above takes effect when the institution receives the notice of objection.

(3) An institution to which a notice of objection is given under section 76(2) above may within the period of three weeks beginning with the day on which it receives the notice apply to the court to set aside the objection and on such an application the court may set it aside or confirm it (but without prejudice to its operation before that time).

(4) For the purposes of this section an objection under section 76(3) or (4) above takes effect—

(a) in a case where no application is made under subsection (5) below, at the expiry of the period of two months beginning with the day on which the institution receives the notice of objection or such longer period as the notice may specify; or

(b) where an application is made under subsection (5) below and the court confirms the objection, after such period as the court may specify.

(5) An institution to which a notice of objection is given under section 76(3) or (4) above may within the period of three weeks beginning with the day on which it receives the notice apply to the court to set aside the objection.

(6) In this section “the court” means the High Court, the Court of Session or the High Court in Northern Ireland according to whether the representative office of the institution in question is situated in England and Wales, Scotland or Northern Ireland.