Section 103 Cancellation of registration.C1

United Kingdom

(1)

Where F1, having consulted the PRA, the F2FCA is satisfied, with respect to a building society—

(a)

that the society has been dissolved by virtue of section 93(5), 94(10), 97(9) or 97(10), or

(b)

that the society has been wound up under the applicable winding up legislation and dissolved, F3or

(c)

that the society has been dissolved following building society insolvency or building society special administration.

the FCA shall cancel the registration of the society.

(2)

Where F4, having consulted the PRA, the FCA is satisfied, with respect to a building society—

(a)

that a certificate of incorporation has been obtained for the society by fraud or mistake and that the society F5does not have permission under F6Part 4A of the Financial Services and Markets Act 2000 to accept deposits, or

(b)

that the society has ceased to exist,

the FCA may cancel the registration of the society.

(3)

Without prejudice to subsection (2) above, the FCA may, if it thinks fit F7after consulting the PRA, cancel the registration of a building society at the request of the society, evidenced in such manner as the FCA may direct.

(4)

Before cancelling the registration of a building society under subsection (2) above, the FCA shall give to the society not less than two months’ previous notice, specifying briefly the grounds of the proposed cancellation.

C2(5)

Where the registration of a building society is cancelled under subsection (2) above, the society may appeal to—

(a)

the High Court, where the principal office of the society is situated in England and Wales or in Northern Ireland, or

(b)

the Court of Session, where that office is situated in Scotland.

and on any such appeal the High Court or the Court of Session, as the case may be, if it thinks it just to do so, may set aside the cancellation.

(6)

Where the registration of a building society is cancelled under subsection (2) or (3) above, then, subject to the right of appeal conferred by subsection (5) above, the society, so far as it continues to exist, shall cease to be a society incorporated under this Act (and accordingly shall cease to be a building society within the meaning of this Act).

(7)

Subsection (6) above shall have effect in relation to a building society without prejudice to any liability actually incurred by the society; and any such liability may be enforced against the society as if the cancellation had not taken place.

(8)

Any cancellation of the registration of a building society under this section shall be effected in writing signed by the FCA .

(9)

As soon as practicable after the cancellation of the registration of a society under this section the FCA shall cause notice thereof to be published in the London Gazette, the Edinburgh Gazette or the Belfast Gazette according to the situation of the society’s principal office, and if it thinks fit, in one or more newspapers.

Annotations

Textual amendments

F1: Words in s. 103(1) inserted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 8 para. 45(3) (with Sch. 12)
F2: Word in s. 103 substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 8 para. 45(2) (with Sch. 12)
F3: S. 103(1)(c) and preceding word inserted (29.3.2009) by The Building Societies (Insolvency and Special Administration) Order 2009 (S.I. 2009/805), art. 10
F4: Words in s. 103(2) inserted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 8 para. 45(4)(a) (with Sch. 12)
F5: Words in s. 103(2)(a) substituted (17.8.2001 for specified purposes and otherwise 1.12.2001) by S.I. 2001/2617, art. 13(1), Sch. 3 Pt. II para. 187(b) (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2(a)
F6: Words in s. 103(2) substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 8 para. 45(4)(b) (with Sch. 12)
F7: Words in s. 103(3) inserted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 8 para. 45(5) (with Sch. 12)

Modifications

C1: S. 103 excluded by 2009 c. 1, s. 84D(7) (as inserted (10.1.2015) by The Building Societies (Bail-in) Order 2014 (S.I. 2014/3344), arts. 1, 2(3))
C2: S. 103(5)(6)(7) applied by S.I. 1986/2168, art. 10(3)(b)