The Financial Services and Markets Act 2000 (Transitional Provisions) (Partly Completed Procedures) Order 2001

Prohibition orders under section 36A of the Building Societies Act

37.—(1) Where, before commencement—

(a) a notice has been served under section 36A(1) of the original Building Societies Act(1) of intention to make a prohibition order directed to a society;

(b) no prohibition order has been made under section 36A(6) of that Act and the society has not been notified of a decision not to issue such an order,

the notice has effect after commencement as if it were a warning notice given under section 36A(5) of the amended Building Societies Act(2).

(2) A notice having effect under paragraph (1) has effect—

(a) as if it stated that section 394 of the Act does not apply;

(b) as if it informed the society that it may make representations to the Authority within a period of 28 days or within the period (if longer) specified for the purpose of section 36A(5)(c) of the original Building Societies Act.

(1)

Section 36A was inserted by the Building Societies Act 1997, section 14.

(2)

Section 36A(5) was substituted by paragraph 142(c) of Schedule 3 to the Mutual Societies Order.