Regulation 11 Society or institution ceasing to be entitled to operate accounts

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

reg. 11(a) words substituted by Financial Services and Markets Act 2000 (Taxes) 2001 art. 132
reg. 11 heading word inserted by Financial Services and Markets Act 2000 (Taxes) 2001 art. 133(2)(k)
reg. 11 word inserted by Financial Services and Markets Act 2000 (Taxes) 2001 art. 133(2)(k)
reg.11(a) amended by Tax-exempt Special Savings Account (Relevant European Institutions) 1995 reg.10(a)
reg.11(f) added by Tax-exempt Special Savings Account (Relevant European Institutions) 1995 reg.10(b)
reg.11 amended by Tax-exempt Special Savings Account 1996 reg. 4
reg. 11(c) words substituted by Enterprise Act 2002 (Insolvency) 2003 Sch. para. 46

A society or institution shall cease to be entitled to operate accounts and shall notify the Board forthwith of that fact where–

(a)

it ceases to be a building society or, as the case may be, to be authorised under the Banking Act 1987^f1; or

(b)

its directors have made a proposal under Part I of the Insolvency Act 1986^f2 for a composition in satisfaction of its debts or a scheme of arrangement of its affairs; or

(c)

an administration order is made in relation to it; or

(d)

a receiver or manager of its property has been appointed; or

(e)

a resolution has been passed or a petition has been presented to wind it up.

Annotations

Footnotes

f1: 1987 c. 22.
f2: 1986 c. 45.