Paragraph 3
United Kingdom
If at any annual general meeting of a building society no F1auditor is appointed or re-appointed, the F2appropriate authority may appoint a person to fill the vacancy; and the society shall, within one week of the power of the appropriate authority becoming exercisable, F3give notice to the FCA and, if the society is a PRA-authorised person, to the PRA of that fact.
If a building society fails to give the notice required by sub-paragraph (1) above the society shall be liable on summary conviction—
to a fine not exceeding level 3 on the standard scale, and
in the case of a continuing offence, to an additional fine not exceeding £40 for every day during which the offence continuesX;
and so shall any officer who is also guilty of the offence.
Annotations
Textual amendments
- F1
Words in Sch. 11 para. 3(1) substituted (29.6.2008) by The Building Societies Act 1986 (Accounts, Audit and EEA State Amendments) Order 2008 (S.I. 2008/1519), art. 1(2), Sch. 2 para. 8(b)
- F2
Words in Sch. 11 para. 3(1) substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 8 para. 55(2)(a) (with Sch. 12)
- F3
Words in Sch. 11 para. 3(1) substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 8 para. 55(2)(b) (with Sch. 12)
Notes on Schedule 11
Textual amendments
- F1
Words in Sch. 11 heading omitted (6.4.2008) by virtue of The Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), art. 2(2), Sch. 1 para. 14(a), Sch. 2 (with arts. 6, 11, 12)
Modifications
- C1
Sch. 11 excluded by S.I. 1986/2168, art. 12(a)