{
  "url": "https://openlegislation.uk/banking-act-1987-repealed/section-46",
  "json_url": "https://openlegislation.uk/banking-act-1987-repealed/section-46.json",
  "legislation": "ukpga/1987/22",
  "legislation_title": "Banking Act 1987 (repealed)",
  "legislation_url": "https://openlegislation.uk/banking-act-1987-repealed",
  "path": "section/46",
  "kind": "section",
  "number": "46",
  "heading": "Notification in respect of auditors.",
  "text": "(1) An authorised institution incorporated in the United Kingdom shall forthwith give written notice to the Authority if the institution—\n(a) proposes to give special notice to its shareholders of an ordinary resolution removing an auditor before the expiration of his term of office; or\n(b) gives notice to its shareholders of an ordinary resolution replacing an auditor at the expiration of his term of office with a different auditor,\nor if a person ceases to be an auditor of the institution otherwise than in consequence of such a resolution.\n(2) An auditor of an authorised institution appointed under Chapter V of Part XI of the Companies Act 1985 shall forthwith give written notice to the Authority if he—\n(a) resigns before the expiration of his term of office;\n(b) does not seek to be re-appointed; or\n(c) decides to include in his report on the institution’s accounts any qualification as to a matter mentioned in section 235(2) or any statement pursuant to section 235(3) or section 237 of that Act.\n(3) The foregoing provisions of this section shall apply to a former authorised institution as they apply to an authorised institution.\n(4) In the application of subsection (2) above to Northern Ireland for the references to Chapter V of Part XI and sections235(2) and 235(3) and 237 of the Companies Act 1985 there shall be substituted references to Chapter V of Part XII and Articles, 243(2), 243(3) and 245 of the Companies (Northern Ireland) Order 1986.\n(5) An institution or auditor who fails to comply with this section shall be guilty of an offence and liable on summary conviction to a fine not exceeding the fifth level on the standard scale.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in s. 46 substituted (1.6.1998) by 1998 c. 11, s. 23, Sch. 5 Pt. I Ch. I para. 13; S.I. 1998/1120, art. 2"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words substituted by Companies Act 1989 (c. 40, SIF 27), s. 119(3) (the substitution being in force 1.4.1990 subject to transitional and saving provisions referred to in art. 4(a) of S.I. 1990/355)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Words substituted by Companies Act 1989 (c. 40, SIF 27), s. 23, Sch. 10 para. 37(2)"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "Words substituted (1.4.1990 subject to the transitional and saving provisions referred to in art. 4(a) of S.I. 1990/355) for the words “sections 384” by Companies Act 1989 (c. 40, SIF 27), s. 119(3)"
    },
    {
      "type": "F",
      "label": "F5",
      "text": "Words substituted by Companies Act 1989 (c. 40, SIF 27), s. 23, Sch. 10 para. 37(2)"
    },
    {
      "type": "F",
      "label": "F6",
      "text": "Words substituted by S.I. 1990/593 (N.I. 5), art. 25, Sch. 10 Pt. II para. 29 (subject to the savings and transitional provisions referred to in S.R. 1990/246 art. 4)"
    },
    {
      "type": "F",
      "label": "F7",
      "text": "Words in s. 46(4) substituted (11.03.1991) by S.I. 1990/1504 (N.I. 10), art. 54(3); S.R. 1991/26, arts. 3(a), 4, Sch."
    },
    {
      "type": "M",
      "label": "M1",
      "text": "1985 c. 6."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1987/22/section/46",
    "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."
}