Section 61A Approval of acquisition of notifiable holding in UK company.F1C1
United Kingdom
No person who is a controller of a UK company shall acquire a notifiable holding in that company, or in another company of which it is a subsidiary undertaking, unless—
he has served on the F2Treasury a written notice stating—
that he intends to acquire such a holding; and
the number of the shares or details of the voting rights which he proposes to acquire; and
either the TreasuryF3have, before the expiration of the period of three months beginning with the date of service of that notice, notified him in writing that there is no objection to his proposed acquisition of the holding, or that period has elapsed without the Treasury having served on him a written notice of objection.
The Treasury may serve a notice of objection under subsection (1) above on the ground—
that it appears to F4them that the person concerned is not a fit and proper person to acquire such a holding; or
that it appears to them that, if that person were to acquire such a holding, the criteria of sound and prudent management would not or might not continue to be fulfilled in respect of the company.
Subsections (2) to (4) of section 61 above shall (with the necessary modifications) apply for the purposes of this section as they apply for the purposes of that section.
Annotations
Textual amendments
- F1
S. 61A inserted (1.7.1994) by S.I. 1994/1696, reg. 34
- F2
Words in s. 61A substituted (5.1.1998) by S.I. 1997/2781, art. 8(1), Sch. Pt. I para. 42(a) (with art. 7)
- F3
Words s. 61A(1)(b) substituted (5.1.1998) by S.I. 1997/2781, art. 8(1), Sch. Pt. I para. 42(b) (with art. 7)
- F4
Words in s. 61A(2) substituted (5.1.1998) by S.I. 1997/2781, art. 8(1), Sch. Pt. I para. 42(c) (with art. 7)
Modifications
- C1
S. 61A: power to contract out functions conferred (18.11.1998) by S.I. 1998/2842, arts. 2, 3, Sch. Pt. I para. 42
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Act repealed (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649), arts. 1, 3(1)(b)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)