'(1) Where the central office is satisfied, with respect to a building society—
the central office shall cancel the registration of the society.
(2) Where the central office is satisfied, with respect to a building society—
the central office may cancel the registration of the society.
(3) Without prejudice to subsection (2) above, the central office may, if it thinks fit, cancel the registration of a building society at the request of the society, evidenced in such manner as the central office may direct.
(4) Before cancelling the registration of a building society under subsection (2) above, the central office shall give to the society not less than two months' previous notice, specifying briefly the grounds of the proposed cancellation.
(5) Where the registration of a building society is cancelled under subsection (2) above, the society may appeal to—
and on any such appeal the High Court or the Court of Session, as the case may be, if it thinks just to do so, may set aside the cancellation.
(6) Where the registration of a building society is cancelled under subsection (2) or (3) above, then subject to the right of appeal conferred by subsection (5) above, the society, so far as it continues to exist, shall cease to be a society incorporated under this Act (and accordingly shall cease to be a building society within the meaning of this Act).
(7) Subsection (6) above shall have effect in relation to a building society without prejudice to any liability actually incurred by the society; and any such liability may be enforced against the society as if the cancellation had not take place.
(8) Any cancellation of the registration of a building society under this section shall be effected in writing signed by the central office.
(9) As soon as practicable after the cancellation of the registration of a society under his section the central office shall cause notice thereof to be published in the London Gazette, the Edinburgh Gazette or the Belfast Gazette according to the situation of the society's principal office, and if it thinks fit, in one or more newspapers.'.— [Mr. Ian Stewart.]
Brought up, read the First and Second time, and added to the Bill.