[36 Power to direct restructuring of business etc]
Building Societies Act 1986 (1986 c 53) | Legislation

Part VI Powers of Control of the [Appropriate Authority]

[Powers in relation to principal purpose and nature limits]

[36  Power to direct restructuring of business etc]

[(1)     The provisions of this section have effect where, by reason of a building society's failure to comply with—

(a)     the requirement imposed by section 5(1)(a) or (b) (purpose or principal purpose and principal office);

(b)     the requirement imposed by section 6(1) (the lending limit); or

(c)     the requirement imposed by section 7(1) (the funding limit),

the powers conferred by this section become exercisable by the [appropriate authority] in relation to the society (the requirements referred to in paragraphs (a), (b) and (c) above being referred to in this section as “the relevant statutory requirements”).

(2)     The [appropriate authority] may give the society a direction under subsection (3), (5) or (6) below.

(3)     A direction by the [appropriate authority] under this subsection is a direction requiring the society, within a specified period, to submit for its approval a plan (in this section referred to as a “restructuring plan”) designed to secure the following purposes, that is to say—

(a)     that the society will, by the end of a specified period, comply with the relevant

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