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Paragraph 38 F1

United Kingdom

(1)

Subject to sub-paragraph (2) below, Article 27 of the Order (general powers of administrator) has effect as if it required the administrator of a building society, in exercising his powers under that Article—

(a)

to ensure compliance with the provisions of this Act; and

(b)

not to appoint to be a director any person who is not a fit and proper person to hold that position.

(2)

Sub-paragraph (1)(a) above does not apply in relation to section 5, 6 or 7 of this Act F2. . ..

(3)

In paragraph (4) of that Article as applied to a building society, the reference to any power conferred by the Order or F3the Companies Acts or by F4the company’s articles is a reference to any power conferred by this Act or by the society’s memorandum or rules.

F5(4)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Annotations

Textual amendments

F1: Sch. 15A inserted (1.12.1997) by 1997 c. 32, s. 39(2), Sch. 6; S.I. 1997/2668, art. 2, Sch. Pt. I(i)
F2: Words in Sch. 15A para. 38(2) repealed (1.12.2001) by S.I. 2001/2617, arts. 2(b), 13(2), Sch. 4 (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2
F3: Words in Sch. 15A para. 38(3) substituted (1.10.2007) by The Companies Act 2006 (Commencement No. 3, Consequential Amendments, Transitional Provisions and Savings) Order 2007 (S.I. 2007/2194), art. 1(3)(a), Sch. 4 para. 50 (with art. 12)
F4: Words in Sch. 15A para. 38(3) substituted (1.10.2009) by The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), art. 1(2), Sch. 1 para. 87(12)(c) (with art. 10)
F5: Sch. 15A para. 38(4) repealed (1.12.2001) by S.I. 2001/2617, arts. 2(b), 13(b), Sch. 4 (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2

Notes on Schedule 15A

Modifications

C1: Sch. 15A amendment to earlier affecting provision SI 2010/1188 art. 11 (with application in accordance with art. 1(4) of the amending S.I.) by The Building Societies (Floating Charges and Other Provisions) Order 2016 (S.I. 2016/679), art. 1(1)(2), 5(3)
C2: Sch. 15A: amendment to earlier affecting provision S.I. 2010/1188, arts. 1(2), 11 (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), arts. 1(1), 2(c), Sch. 11 para. 018(05)(d) (with Sch. 12)
C3: Sch. 15A applied (with modifications) (7.4.2010) by The Building Societies (Financial Assistance) Order 2010 (S.I. 2010/1188), arts. 1(2), 11 (as amended (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), arts. 1(1), 2(c), Sch. 11 para. 18(5)(d) (with Sch. 12) and (with application in accordance with art. 1(4) of the amending S.I.) by The Building Societies (Floating Charges and Other Provisions) Order 2016 (S.I. 2016/679), art. 1(1)(2), 5(3))

Notes on Part III

Textual amendments

F2: Words in Sch. 15A Pt. III heading substituted (7.4.2017) by The Deregulation Act 2015, the Small Business, Enterprise and Employment Act 2015 and the Insolvency (Amendment) Act (Northern Ireland) 2016 (Consequential Amendments and Transitional Provisions) Regulations 2017 (S.I. 2017/400), regs. 1(2), 2(4)(e)