# The Financial Services and Markets Act 2000 (Transitional Provisions) (Partly Completed Procedures) Order 2001, Article 34: Notice of intention to give a direction under section 50 of the Building Societies Act

Extent: E+W+S+N.I.

(1) Where—
(a) a notice was given to a building society before commencement under section 50(3) of the Building Societies Act;
(b) no direction has been given following that notice under section 50(5) of that Act and the society has not been notified of a decision not to give a direction,
the notice has effect after commencement as if it were a notice given by the Authority under section 53(4).
(2) Paragraphs (3) to (5) of article 29 apply to a notice having effect under paragraph (1) with the following modifications—
(a) the references in those paragraphs to a notice having effect under article 29(1) or (2) are read as references to a notice having effect under paragraph (1) of this article;
(b) the references in those paragraphs to relevant recipients are omitted;
(c) the requirement referred to in article 29(3)(a) is a requirement that the building society act in a manner which would be required by the proposed direction and refrain from acting in a manner which would be prohibited by the proposed direction.

---
Source: https://www.legislation.gov.uk/uksi/2001/3592/article/34 (the official version)
Page: https://openlegislation.uk/financial-services-and-markets-act-2000-transitional-provisions-partly-completed-procedures-order-2001/article-34
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.