The Financial Services and Markets Act 2000 (Mutual Societies) Order 2001

145.  In section 42B(1)—

(a) in subsection (1) for the words “for which an authorisation is in force, the Commission” there is substituted “which has a permission under Part IV of the Financial Services and Markets Act 2000 to accept deposits, the Authority”,

(b) for subsection (2) there is substituted—

“(2) If it appears to the Authority that a society has failed to comply with a direction under subsection (1), the Authority may exercise its power under section 45 of the Financial Services and Markets Act 2000 in relation to the society (power to vary or cancel a Part IV permission on the Authority’s own initiative).

(2A) Subsection (2) does not affect the Authority’s ability to exercise that power, in relation to the society, on any other ground.”,

(c) in subsections (3), (4) and (5), for the word “Commission”, wherever it appears, there is substituted “Authority”,

(d) subsection (6) is omitted, and

(e) in subsection (8) for the words “Commission, with the consent of the Treasury,” there is substituted “Treasury”.

(1)

Section 42B was inserted by the Building Societies Act 1997, section 17.