HL Deb 27 July 1960 vol 225 cc874-6

Clause 5, page 6, line 45, at end insert ("on an application in writing made in accordance with the following provisions of this section.

(2) An application for permission under this section—

  1. (a) may not he made in the financial year in which the building society is incorporated or, unless it was incorporated on the first day of any year, in the financial year next following that in which it was incorporated; and
  2. (b) may not be made at any time in any financial year before the building society has, in accordance with the provisions of this Act, sent to the Chief Registrar its annual return (with the auditors' report annexed) for the last preceding financial year, and a copy of the corresponding balance sheet, including every document required by law to be annexed or attached thereto.

(3) On an application under this section the Chief Registrar shall grant permission if all the requirements set out in the Schedule (Requirements to be met by a new society desiring to advertise) to this Act are fulfilled as regards the building society making the application.")

Clause 6, page 8, line 21, leave out from ("and") to end of line 27 and insert— ("specifying the considerations which have led him to conclude that it would be in the interests of persons who have invested or deposited or may invest or deposit money with the building society to make the order, and shall also serve on every director of the building society a notice stating that he proposes to make an order; (b) the Chief Registrar shall consider any representations with respect to the notice made to him by the building society within such period (not being less than fourteen days) from the date on which the building society is served with the notice as the Chief Registrar may allow and, if the building society so requests, afford to the building society an opportunity of being heard by him within that period; (c) on making an order applying subsection (2) of this section the Chief Registrar shall serve on the building society, and on every director of the building society, a notice of the making of the order, and shall serve on the building society a notice specifying the considerations which have led him to conclude that it is expedient to make the order in the interests of persons who have invested or deposited or may invest or deposit money with the building society; and the Chief Registrar shall not have power to make an order unless all of those considerations were those, or were among those, which were specified in a notice under paragraph (a) of this subsection; (d) a notice under this subsection may be served on a director of a building society by sending it by post to his address, or latest address, as notified to the Chief Registrar or registrar by the building society or the director, and failure to serve a notice under this section on a director shall not affect the validity of an order under this section.")

Clause 7, page 9, line 21, leave out from ("give") to end of line 30 and insert ("a direction—

  1. (a) prohibiting the issue by the building society of advertisements of all descriptions, or
  2. (b) prohibiting the issue by the building society of advertisements of any description specified in the direction, or
  3. (c) prohibiting the issue by the building society of any advertisements which are, or are substantially, repetitions of an advertisement which has been issued and which is specified in the direction, or
  4. (d) requiring the building society to take all practicable steps to withdraw any advertisement, or any description of advertisement, specified in the direction which is on display in any place,
or a direction which contains two or more such prohibitions or requirements.")

Clause 7, page 9, line 31, leave out from ("may") to ("be") in line 34.

Clause 7, page 9, line 40, leave out from ("and") to end of line 44 and insert— ("specifying the considerations which have led him to conclude that it would be in the interests of persons who may invest or deposit money with the building society to give the direction, and shall also serve on every director of the building society a notice stating that he proposes to give the direction; (b) the Chief Registrar shall consider any representations with respect to the notice made to him by the building society within the period of one week from the date on which the building society is served with the notice and, if the building society so requests, afford to the building society an opportunity of being heard by him within that period; (c) on giving a direction under this section (other than a direction revoking a previous direction) the Chief Registrar shall serve on the building society, and on every director of the building society, a notice of the giving of the direction, and shall serve on the building society a notice specifying the considerations which have led him to conclude that it is expedient to give the direction in the interests of persons who may invest or deposit money with the building society; and the Chief Registrar shall not have power to give a direction under this section unless all of those considerations were those, or were among those, which were specified in a notice under paragraph (a) of this subsection; (d) a notice under this subsection may be served on a director of a building society by sending it by post to his address, or latest address, as notified to the Chief Registrar or registrar by the building society or the director, and failure to serve a notice under this subsection on a director shall not affect the validity of a direction under this section.")

In the Schedules

After the First Schedule, insert the following new Schedule:—