Paragraph 10
United Kingdom
Where the F1appropriate authority would be precluded—
from confirming an amalgamation or transfer by reason of any of the defects specified in paragraph 9(1) above, or
from confirming a conversion by reason of any of the defects specified in paragraph 9(2) above, F2or
from confirming a conversion by reason of paragraph 11 below,
it may give to any friendly society participating in the amalgamation or transfer or, as the case may be, to the society proposing to convert a direction under sub-paragraph (2) below.
A direction under this sub-paragraph is a direction requiring a friendly society—
to take such steps to remedy the defect or defects, including the calling of a further meeting, F3or (as the case may be) to remove the risk referred to in paragraph 11 below, as are specified in the direction; and
to furnish the appropriate authority with evidence that those steps have been taken;
and if the appropriate authority is satisfied that the steps have been taken and the defect or defects has or have been substantially remedied, F4or (as the case may be) that the risk has been removed, the appropriate authority shall confirm the amalgamation, transfer or conversion.
Annotations
Textual amendments
- F1
Words in Sch. 15 paras. 8-10 substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 9 para. 56(9) (with Sch. 12)
- F2
Sch. 15 para. 10(1)(c) and the word “or” immediately preceding inserted (17.8.2001 for specified purposes and otherwise 1.12.2001) by S.I. 2001/2617, arts. 2, 8(1), 13(1), Sch. 3 para. 128(k) (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2(1)
- F3
Words in Sch. 15 para. 10(2)(a) inserted (17.8.2001 for specified purposes and otherwise 1.12.2001) by S.I. 2001/2617, arts. 2, 8(1), 13(1), Sch. 3 para. 128(l)(i) (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2(1)
- F4
Words in Sch. 15 para. 10(2) inserted (17.8.2001 or specified purposes and otherwise 1.12.2001) by S.I. 2001/2617, arts. 2, 8(1), 13(1), Sch. 3 para. 128(l)(ii) (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2(1)
Notes on Schedule 15
Modifications
- C1
Sch. 15: power to modify conferred (16.1.2009) by Building Societies (Funding) and Mutual Societies (Transfers) Act 2007 (c. 26), ss. 3, 6(2); S.I. 2009/36, art. 2
Notes on Part II
Textual amendments
- F1
Words in Sch. 15 Pt. 2 heading substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 9 para. 56(5) (with Sch. 12)
Notes on Confirmation by appropriate authority: General
Textual amendments
- F1
Words in Sch. 15 para. 8 cross-heading substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 9 para. 56(8) (with Sch. 12)