Section 46 Notice of proposed exercise of powers on ground of unfitness of certain persons.C1
United Kingdom
Before exercising with respect to a company any power or powers conferred by sections 38 to 45 above on the ground that F1theywould be prohibited from issuing an authorisation to the company because of the unfitness of a person for the position held by him (not being that of controller of the company), the F2Treasury shall serve on that person a written notice stating—
that the Treasuryare considering exercising a power or powers by those sections and the ground on which they are considering the exercise of the power or powers; 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 F3Treasury appointed for the purpose by the Treasury.
Unless the Treasury , after considering any representations made in accordance with subsection (1) above by the person served with a notice under that subsection, F4decide not to exercise the power or powers in relation to which the notice was served, F5they shall before exercising the power or powers serve on the company a written notice—
containing the matters mentioned in paragraphs (a) and (b) of that subsection, taking references to the person there mentioned as references to the company; and
specifying the power or powers which F6they propose to exercise and, if the power or one of them is that conferred by section 45 above, specifying the manner of its proposed exercise.
A notice under this section shall give particulars of the ground on which the TreasuryF7are considering the exercise of the power or powers in question.
Where representations are made in accordance with this section the Treasury shall take them into consideration before exercising the power or powers in question.
A requirement imposed on a company in the exercise of any power or powers to which this section applies may be framed so as to come into effect after the expiration of a specified period (or such longer period as the Treasury may allow) unless before the expiration of that period the person whose fitness is in question has ceased to hold the position concerned.
Annotations
Textual amendments
- F1
Words in s. 46(1) substituted (5.1.1998) by S.I. 1997/2781, art. 8(1), Sch. Pt. I para. 33(b) (with art. 7)
- F2
Words in s. 46 substituted (5.1.1998) by S.I. 1997/2781, art. 8(1), Sch. Pt. I para. 33(a) (with art. 7)
- F3
Words in s. 46(1) substituted (5.1.1998) by S.I. 1997/2781, art. 8(1), Sch. Pt. I para. 33(b)(iv) (with art. 7)
- F4
Words in s. 46(2) substituted (5.1.1998) by S.I. 1997/2781, art. 8(1), Sch. Pt. I para. 33(c)(i) (with art. 7)
- F5
Words in s. 46(2) substituted (5.1.1998) by S.I. 1997/2781, art. 8(1), Sch. Pt. I para. 33 (c)(ii) (with art. 7)
- F6
Words in s. 46(2) substituted (5.1.1998) by S.I. 1997/2781, art. 8(1), Sch. Pt. I para. 33(c)(iii) (with art. 7)
- F7
Words in s. 46(3) substituted (5.1.1998) by S.I. 1997/2781, art. 8(1), Sch. Pt. I para. 33(d) (with art. 7)
Modifications
- C1
S. 46: power to contract out certain functions conferred (18.11.1998) by S.I. 1998/2842, arts. 2, 3, Sch. Pt. I para. 33
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)
Notes on Part II
Modifications
- C1
Pt. II (ss. 15-71) restricted (1.1.1993) by S.I. 1992/3218, reg65
Pt. II (ss. 15-71) extended (24.12.1996) by S.I. 1996/3011, reg. 3(1)(b), 10(1)