Part IIU.K. Powers of control of Commission

23 Rights of appeal.U.K.

For section 46 of the 1986 Act there shall be substituted the following section—

“46 Rights of appeal.

(1)A building society which is aggrieved by a decision of the Commission—

(a)to refuse to grant authorisation;

(b)to revoke authorisation;

(c)to impose or vary conditions or as to the conditions imposed or varied; or

(d)to give a direction,

may appeal against the decision to a tribunal constituted in accordance with section 47.

(2)Any person in relation to whom the Commission, in deciding to refuse to grant or to revoke authorisation, to impose or vary conditions or to give a direction, makes a determination that a person is not a fit and proper person to hold, or as the case may be, to remain in an office in the society or imposes a requirement that he be removed from an office in the society, may appeal against the decision so far as it relates to that determination or requirement.

(3)The revocation of a society’s authorisation, or a direction under section 36(3), (5), (6), (7) or (10), shall not have effect until—

(a)the end of the period within which an appeal can be brought against the Commission’s decision to revoke the authorisation or give the direction; and

(b)if such an appeal is brought, until it is determined or withdrawn.

(4)Subsection (3) above applies in relation to the expiry of a society’s authorisation on a refusal to grant authorisation under section 41 as it applies to the revocation of a society’s authorisation.

(5)Subject to subsection (3) above and any order of the tribunal made under section 47(5), an appeal under subsection (1)(c) or (d) or (2) above shall not affect the operation, pending the determination of the appeal, of any condition or direction which is the subject of the appeal; and no determination of an appeal by any person under subsection (2) above shall affect the revocation or direction for the purposes of which the Commission made its determination or requirement in relation to that person.

(6)In this section and section 47—

• “conditions” means conditions to be complied with by a building society and imposed on the grant of authorisation under section 9, on the renewal of authorisation under section 41, on reauthorisation under section 44, or under section 42, or imposed or varied under section 42A;

• “direction” means a direction under section 36(3), (5), (6), (7) or (10), section 42B(1) or section 43A;

• “grant” includes renew;

• “revoke” means revoke under section 43(1).”