Section 12 Notices of withdrawal under section 11.C1
United Kingdom
Before giving a direction under section 11 above otherwise than at the request of the company concerned the F1Treasury shall serve on the company a written notice stating—
that F2they are considering giving a direction and the ground on which they areconsidering it; and
that the company may, within the period of one month from the date of service of the notice, make written representations to the Treasury and, if the company so requests, oral representations to an officer of the F3Treasury appointed for the purpose by the Treasury.
Before giving a direction under section 11 above in respect of a company F4on either of the grounds set out in subsection (2A) below, the Treasury shall serve on the person whose fitness is in question a written notice stating—
that they are considering giving a direction on that ground; and
that the person on whom the notice is served may, within the period of one month from the date of service of the notice, make written representations to the Treasury and, if that person so requests, oral representations to an officer of the Treasury appointed for the purpose by the Treasury
The grounds referred to in subsection (2) above are—
that the company is a UK or non-EC company and it appears to the Treasury that the second or third criterion of sound and prudent management is or has not been fulfilled, or may not be or may not have been fulfilled, in respect of the company; and
that there exists a ground on which the Treasury would be prohibited by section 7(3), 8(2) or 9(5) above from issuing an authorisation to the company.
Subject to subsection (4) below, the Treasury shall consider any representations made in response to a notice under subsection (2) above before serving a notice under subsection (1) above.
Subsection (3) above shall not apply where the position held by the person on whom the notice under subsection (2) above is served, and whose fitness for that position is in question, is controller of a company.
A notice under subsection (1) or (2) above shall give particulars of the ground on which the TreasuryF6are considering giving a direction.
Where representations are to be made in response to a notice under subsection (1) or (2) above, the Treasury shall take them into consideration before giving a direction.
Any notice to be served on a person under subsection (1) or (2) above may be served by post, and a letter containing the notice shall be deemed to be properly addressed if it is addressed to that person at his last known residence or last known place of business in the United Kingdom.
After giving a direction under section 11 above the Treasury shall publish notice of it in the London, Edinburgh and Belfast Gazettes and in such other ways as appear to F7the Treasury expedient for notifying the public.
Annotations
Textual amendments
- F1
Words in s. 12 substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 8(a) (with art. 7)
- F2
Words in s. 12(1)(a)(2)(a) substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 8(b)(c) (with art. 7)
- F3
Words in s. 12(1)(b)(2)(b) substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 8(b)(c) (with art. 7)
- F4
Words in s. 12(2) substituted (1.7.1994) by S.I. 1994/1696, reg. 10(2)
- F5
S. 12(2A) inserted (1.7.1994) by S.I. 1994/1696, reg. 10(3)
- F6
Words in s. 12(5) substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 8(d) (with art. 7)
- F7
Words in s. 12(8) substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 8(e) (with art. 7)
Modifications
- C1
S. 12: power to contract out functions conferred (18.11.1998) by S.I. 1998/2842, arts. 2, 3, Sch. Pt. I para. 9
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)(b)