# Building Societies Act 1986, Paragraph 3

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

(1) If at any annual general meeting of a building society no auditor is appointed or re-appointed, the appropriate 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, give notice to the FCA and, if the society is a PRA-authorised person, to the PRA of that fact.
(2) If a building society fails to give the notice required by sub-paragraph (1) above the society shall be liable on summary conviction—
(a) to a fine not exceeding level 3 on the standard scale, and
(b) 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.

---
Source: https://www.legislation.gov.uk/ukpga/1986/53/schedule/11/paragraph/3 (the official version)
Page: https://openlegislation.uk/building-societies-act-1986/schedule-11/paragraph-3
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.