Section 185 Banking business.

United Kingdom

(1)

A notice under section 183 above relating to the carrying on of a deposit-taking business as F1an authorised institution within the meaning of the Banking Act 1987 shall be served by the Treasury and may be either a disqualification notice or a partial restriction notice.

(2)

A disqualification notice relating to such business shall have the effect of—

(a)

cancelling any F2authorisation granted to the person concerned under the Banking Act 1987; and

(b)

disqualifying him from becoming an authorised institution within the meaning of that Act.

(3)

A partial restriction notice relating to such business may—

(a)

prohibit the person concerned from dealing with or disposing of his assets in any manner specified in the direction;

(b)

impose limitations on the acceptance by him of deposits;

(c)

prohibit him from soliciting deposits either generally or from persons who are not already depositors;

(d)

prohibit him from entering into any other transaction or class of transactions;

(e)

require him to take certain steps, to pursue or refrain from pursuing a particular course of activities or to restrict the scope of his business in a particular way.

(4)

The Treasury shall serve on the F3Financial Services Authority a copy of any notice served by them under section 183 above.

(5)

Any person who contravenes any provision of a partial restriction notice served on him by the Treasury under this section shall be guilty of an offence and liable—

(a)

on conviction on indictment, to a fine;

(b)

on summary conviction, to a fine not exceeding the statutory maximum.

(6)

Any such contravention shall be actionable at the suit of a person who suffers loss as a result of the contravention subject to the defences and other incidents applying to actions for breach of statutory duty, but no such contravention shall invalidate any transaction.

(7)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F4

Annotations

Textual amendments

F1: Words substituted by Banking Act 1987 (c. 22, SIF 10), s. 108(1), Sch. 6 para. 27(4)(a)
F2: Words substituted by Banking Act 1987 (c. 22, SIF 10), s. 108(1), Sch. 6 para. 27(4)(b)
F3: Words in s. 185(4) substituted (1.6.1998) by 1998 c. 11, ss. 23, 45, Sch. 5 para. 39; S.I. 1998/1120, art. 2; which Sch. 5 Pt. IV para. 39 itself was repealed (1.12.2001) by S.I. 2001/3649, arts. 1, 162(b)
F4: S. 185(7) repealed by Banking Act 1987 (c. 22, SIF 10), s. 108(2), Sch. 7 Pt. I

Notes on the whole Act

Textual amendments

F1: Act repealed (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649), arts. 1, 3(1)(c) (with savings in art. 292)