Paragraph 17

Section 52^f1 (applications to court) is amended as follows.

For subsection (1), substitute—

“(1)

If the FCA has reason to believe that any of the conditions mentioned in subsection (2) is satisfied, it may, after consulting the PRA if the society is a PRA-authorised person—

(a)

present a petition to the High Court for the winding up of the society under the applicable winding up legislation;

(b)

make an application to the High Court for an order under subsection (5).

(1A)

If the PRA has reason to believe that any of the conditions mentioned in subsection (2) is satisfied in relation to a society which is a PRA-authorised person, it may, after consulting the FCA—

(a)

present a petition to the High Court for the winding up of the society under the applicable winding up legislation;

(b)

make an application to the High Court for an order under subsection (5).”.

In subsection (2), for “subsection (1) above” substitute “subsections (1) and (1A)”.

Omit subsection (3).

In subsection (6), for “Authority” substitute “FCA”.

In subsection (7), for “Authority whether or not it” substitute “FCA and the PRA whether or not either of them”.