[36A Power to make prohibition orders]
Building Societies Act 1986 (1986 c 53) | Legislation

[36A  Power to make prohibition orders]

[(1)     Where by virtue of section 36(12) the powers conferred by this section become exercisable in relation to a building society, the [[appropriate authority] may] issue a prohibition order directed to the society.

(2)     A prohibition order under this section is an order—

(a)     prohibiting, subject to the saving or transitional provisions of the order, the continuance or, as the case may be, the carrying on of the activity specified in the order after a date so specified, either absolutely or unless conditions so specified are complied with; and

(b)     requiring, subject to the saving or transitional provisions of the order, the disposal within a period specified in the order of all assets acquired or otherwise in its possession by virtue of the activity.

(3)     A disposal of assets in pursuance of a prohibition order shall vest the assets in the transferee but without prejudice to any claim against the society by a person who had an interest in the assets.

(4)     The saving or transitional provisions which may be included in a prohibition order shall be such as appear to the [appropriate authority] to be just having regard to—

(a)     the interests of shareholders

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Violent disorder

Violent disorderThe offence of violent disorderViolent disorder can be tried in the magistrates' court or the Crown Court. These offences will normally be dealt with in the Crown Court. However, there may be cases involving minor violence or threats of violence leading to no or minor injury, with

LEXISNEXIS

Collective investment schemes—essentials

Collective investment schemes—essentialsThis Practice Note examines the definition of a collective investment scheme (CIS) and available exemptions, and the treatment of regulated and unregulated CIS.Definition of a collective investment schemeThe definition of a CIS is contained in section 235 of

LEXISNEXIS

Unless orders

Unless ordersThis Practice Note provides guidance on the interpretation and application of the relevant provisions of the CPR. Depending on the court in which your matter is proceeding, you may also need to be mindful of additional provisions—see further below.This Practice Note provides guidance on

LEXISNEXIS

Criminal damage

Criminal damageGeneralSimple criminal damage is triable either way unless the value of the alleged damage is £5,000 or less, in which case the offence will be treated as if it were triable only summarily.Where the damage is caused by fire or the racially aggravated form of the offence is charged,