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11. A society or institution shall cease to be entitled to operate accounts and shall notify the Board forthwith of that fact where–
(a)it ceases to be a building society or, as the case may be, to be authorised under the Banking Act 1987(1); or
(b)its directors have made a proposal under Part I of the Insolvency Act 1986(2) for a composition in satisfaction of its debts or a scheme of arrangement of its affairs; or
(c)an administration order is made in relation to it; or
(d)a receiver or manager of its property has been appointed; or
(e)a resolution has been passed or a petition has been presented to wind it up.
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