56 Inspections and special meetings: general
Building Societies Act 1986 (1986 c 53) | Legislation

56  Inspections and special meetings: general

(1)     In the circumstances mentioned in subsection (2) below, the [FCA and the PRA]—

(a)     may appoint one or more competent inspectors to investigate and report on the affairs of a building society, or

(b)     may call a special meeting of a building society to consider its affairs, or

(c)     may (either on the same or on different occasions) both appoint an inspector or inspectors and call a special meeting for those purposes;

and, in the circumstances mentioned in subsection (3) below, the investigation or consideration may extend to the affairs of any body corporate which is or at any relevant time has been a [connected undertaking of] the building society.

[(1A)     The FCA must consult the PRA before exercising the power in subsection (1).

(1B)     The PRA must consult the FCA before exercising the power in subsection (1).]

(2)     The powers conferred by subsection (1) above may be exercised either—

(a)     on the application of the requisite number of members of the society, or

(b)     where no such application is made but the [FCA or the PRA (as the case may be)] is of opinion that an investigation should be held into

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