# Banking Act 1987 (repealed), Section 15: Surrender of authorisation.

Extent: E+W+S+N.I.

(1) An authorised institution may surrender its authorisation by written notice to the Authority.
(2) A surrender shall take effect on the giving of the notice or, if a later date is specified in it, on that date; and where a later date is specified in the notice the institution may by a further written notice to the Authority substitute an earlier date, not being earlier than that on which the first notice was given.
(3) The surrender of an authorisation shall be irrevocable unless it is expressed to take effect on a later date and before that date the Authority by notice in writing to the institution allows it to be withdrawn.
(4) Where the Authority receives a notice of surrender under subsection (1) above from a credit institution incorporated in or formed under the law of any part of the United Kingdom, it shall give a copy of that notice to every other authority which the Authority knows is—
(a) a connected UK authority; or
(b) a supervisory authority in another member State in which the institution is carrying on a listed activity.

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Source: https://www.legislation.gov.uk/ukpga/1987/22/section/15 (the official version)
Page: https://openlegislation.uk/banking-act-1987-repealed/section-15
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.