Paragraph 6

United Kingdom

(1)

A building society F1or connected undertaking of a building societywhich accedes to a recognised scheme or has acceded to a scheme which becomes a recognised scheme shall, within the period of 21 days beginning with the date of its accession or on which it receives a copy of the direction for its recognition, as the case may be, send a notice of that fact to the central office and to the Commission.

(2)

A notice by a society F2or undertakingunder sub-paragraph (1) above shall specify F3the relevant services action in relation to which by the society or undertakingis subject to investigation under the scheme.

(3)

The central office, on receiving such a notice from a society, shall, if satisfied that the scheme is a recognised scheme to the extent required to enable the society to comply with its duty under section 83(3) in relation to F4the relevant services specified in the notice record the accession of the society to the scheme in the public file of the society.

F5(3A)

The central office, on receiving such a notice from a connected undertaking of a society, shall, if satisfied that the scheme is a recognised scheme to the extent required to enable the society to comply with its duty under section 83(4) in relation to the relevant services specified in the notice record the accession of the undertaking to the scheme in the public file of the society.

(4)

If a building society F6or connected undertakingfails to comply with sub-paragraph (1) above, the society F7or undertakingshall be liable on summary conviction—

(a)

to a fine not exceeding level 4 on the standard scale; and

(b)

in the case of a continuing offence, to an additional fine not exceeding £100 for every day during which the offence continuesX;

and so shall any director of the society or undertakingwho is also guilty of the offence.

Annotations

Textual amendments

F1: Words in Sch. 13 para. 6(1) inserted (1.12.1997) by 1997 c. 32, s. 43, Sch. 7 para. 63(5); S.I. 1997/2668, art. 2, Sch. Pt. I(j)(l)(xvii)
F2: Words in Sch. 13 para. 6(2) inserted (1.12.1997) by 1997 c. 32, s. 43, Sch. 7 para. 63(6)(a); S.I. 1997/2668, art. 2, Sch. Pt. I(j)(l)(xvii)
F3: Words in Sch. 13 para. 6(2) substituted (1.12.1997) by 1997 c. 32, s. 43, Sch. 7 para. 63(6)(b); S.I. 1997/2668, art. 2, Sch. Pt. I(j)(l)(xvii)
F4: Words in Sch. 13 para. 6(3) substituted (1.12.1997) by 1997 c. 32, s. 43, Sch. 7 para. 63(7); S.I. 1997/2668, art. 2, Sch. Pt. I(j)(l)(xvii)
F5: Sch. 13 para. 6(3A) inserted (1.12.1997) by 1997 c. 32, s. 43, Sch. 7 para. 63(8); S.I. 1997/2668, art. 2, Sch. Pt. I(j)(l)(xvii)
F6: Words in Sch. 13 para. 6(4) inserted (1.12.1997) by 1997 c. 32, s. 43, Sch. 7 para. 63(9)(a); S.I. 1997/2668, art. 2, Sch. Pt. I(j)(l)(xvii)
F7: Words in Sch. 13 para. 6(4) inserted (1.12.1997) by 1997 c. 32, s. 43, Sch. 7 para. 63(9)(b); S.I. 1997/2668, art. 2, Sch. Pt. I(j)(l)(xvii)

Notes on Schedule 13

Textual amendments

F1: Sch. 13 repealed (1.12.2001) by S.I. 2001/2617 arts. 2(b), 13(2), Sch. 4 (with art. 13(3), Sch. 5); S.I. 2001/3538 art. 2