HC Deb 01 February 2000 vol 343 c1014

.—(1) Subsection (2) applies if it appears to the Authority that a person to whom, as a result of section (Exemption from the general prohibition)(1), the general prohibition does not apply is not a fit and proper person to carry on regulated activities in accordance with that section. (2) The Authority may make an order disapplying section (Exemption from the general prohibition)(1) in relation to that person to the extent specified in the order. (3) The Authority may, on the application of the person named in an order under subsection (1), vary or revoke it. (4) 'Specified' means specified in the order. (5) If a partnership is named in an order under this section, the order is not affected by any change in its membership. (6) If a partnership named in an order under this section is dissolved, the order continues to have effect in relation to any partnership which succeeds to the business of the dissolved partnership. (7) For the purposes of subsection (6), a partnership is to be regarded as succeeding to the business of another partnership only if—

  1. (a) the members of the resulting partnership are substantially the same as those of the former partnership; and
  2. (b) succession is to the whole or substantially the whole of the business of the former partnership.".—[Miss Melanie Johnson.]
Brought up, read the First and Second time, and added to the Bill.

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