# Banking Act 1987 (repealed), Section 16: Statement of principles.

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

(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—
(a) in interpreting the criteria specified in Schedule 3 to this Act and the grounds for revocation specified in section 11 above; and
(b) in exercising its power to grant, revoke or restrict an authorisation.
(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.

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Source: https://www.legislation.gov.uk/ukpga/1987/22/section/16 (the official version)
Page: https://openlegislation.uk/banking-act-1987-repealed/section-16
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.