SCHEDULES
[F2C1SCHEDULE 2D] FURTHER PROVISIONS WITH RESPECT TO CONTROLLERS OF UK COMPANIES
Sch. 2D: Power to contract out functions conferred (18.11.1998) by S.I. 1998/2842, arts. 2, 3, Sch. Pt. I para. 59
Objection to existing controller
4
1
Where it appears to the F3Treasury that the criteria of sound and prudent management are not or may not be fulfilled in respect of a UK company by reason of the ability of a person who is a controller of the company to influence the company, F4the Treasury may—
a
where that person is the managing director or chief executive, serve on the company; and
b
in any other case, serve on that person,
a written notice of objection to that person continuing to be a controller of the company.
2
Before serving a notice of objection under this paragraph, the F3Treasury shall serve—
a
on the person concerned; and
3
A notice under sub-paragraph (2) above shall—
a
give particulars of the rights conferred by sub-paragraph (4) below; and
b
specify the criteria of sound and prudent management which are not or may not be fulfilled in respect of the company.
4
A person served with a notice under sub-paragraph (2) above may, within the period of one month beginning with the day on which the notice is served—
a
make written representations to the F3Treasury; and
5
Where representations are made in accordance with this paragraph, the F3Treasury shall take them into consideration before serving a notice of objection.
6
7
After a notice of objection has been served on a company in relation to a person who is a managing director or chief executive, the company shall forthwith remove that person from that office.
Sch. 2D inserted (1.7.1994) by S.I. 1994/1696, reg. 35, Sch. 4