Regulation 5 Withdrawal of approval

If at the expiration of the period specified in regulation 4 (or at the end of such further time as the Board may have allowed) the Board are not satisfied that a scheme complies with sections 20 to 30 of the Act, the Board shall give written notice to the applicant for approval of the withdrawal of approval as from the date of approval of the scheme.

A notice under paragraph (1) shall state the grounds on which approval is withdrawn.