Notice of intention to give a direction under section 50 of the Building Societies ActU.K.
34.—(1) Where—
(a)a notice was given to a building society before commencement under section 50(3) of the Building Societies Act;
(b)no direction has been given following that notice under section 50(5) of that Act and the society has not been notified of a decision not to give a direction,
the notice has effect after commencement as if it were a notice given by the Authority under section 53(4).
(2) Paragraphs (3) to (5) of article 29 apply to a notice having effect under paragraph (1) with the following modifications—
(a)the references in those paragraphs to a notice having effect under article 29(1) or (2) are read as references to a notice having effect under paragraph (1) of this article;
(b)the references in those paragraphs to relevant recipients are omitted;
(c)the requirement referred to in article 29(3)(a) is a requirement that the building society act in a manner which would be required by the proposed direction and refrain from acting in a manner which would be prohibited by the proposed direction.
Commencement Information
I1Art. 34 in force at 1.12.2001, see art. 1(2)