{
  "url": "https://openlegislation.uk/banking-act-1987-repealed/section-16",
  "json_url": "https://openlegislation.uk/banking-act-1987-repealed/section-16.json",
  "legislation": "ukpga/1987/22",
  "legislation_title": "Banking Act 1987 (repealed)",
  "legislation_url": "https://openlegislation.uk/banking-act-1987-repealed",
  "path": "section/16",
  "kind": "section",
  "number": "16",
  "heading": "Statement of principles.",
  "text": "(1) The Authority shall, as soon as practicable after the coming into force of this section, publish in such manner as it thinks appropriate a statement of the principles in accordance with which it is acting or proposing to act—\n(a) in interpreting the criteria specified in Schedule 3 to this Act and the grounds for revocation specified in section 11 above; and\n(b) in exercising its power to grant, revoke or restrict an authorisation.\n(2) If in the course of a financial year of the Authority it makes a material change in the principles in accordance with which it is acting or proposing to act as mentioned in subsection (1) above it shall include a statement of the change in the report made by it for that year under section 1(3) above; and the Authority may, at any time, publish in such manner as it thinks appropriate a statement of the principles in accordance with which it is acting or proposing to act as mentioned in that subsection.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in s. 16 substituted (1.6.1998) by 1998 c. 11, s. 23, Sch. 5 Pt. I Ch. I para.7; S.I. 1998/1120, art.2"
    },
    {
      "type": "C",
      "label": "C1",
      "text": "S. 16(2) applied (1.1.1993) by S.I. 1992/3218, reg. 9(7), Sch. 3 para. 5(2).S. 16(2) applied (1.1.1993) by S.I. 1992/3218, reg. 23(7), Sch. 7 para. 6(2)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1987/22/section/16",
    "retrieved_at": "2026-10-29T09:52:41.355387+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}