Building Societies Act, 1989

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THIRD SCHEDULE

Supplementary provisions in relation to authorisation

Section 17 .

Applications

1. (1) An application for authorisation—

(a) shall be made in such manner as the Central Bank may specify, either generally or in any particular case; and

(b) shall be accompanied by such information as the Central Bank may require, either generally or in any particular case, in order to decide whether or not to grant authorisation and whether with or without conditions.

(2) If required to do so by notice from the Central Bank given at any time after an application for authorisation has been made and before a decision has been reached on the application, the applicant shall furnish to the Central Bank such additional information as it may require in order to decide on the application.

(3) If the Central Bank proposes to refuse to grant authorisation it shall serve a notice on the applicant stating—

(a) that it proposes to refuse to grant authorisation,

(b) the grounds for the proposed refusal, and

(c) that the applicant may make representations in writing to the Central Bank with respect to the proposed refusal within such period, not being less than 21 days after service of the notice, as is specified in the notice.

(4) If the grounds for the proposed refusal include the ground that any officer of the society is not a fit and proper person to hold office in the society, the Central Bank shall serve notice of that ground on that officer giving him the right to make representations with respect to his fitness and propriety for office within such period, not being less than 21 days after service of the notice, as is specified in the notice.

(5) The Central Bank shall, before reaching a decision on the application, consider any representations made to it under subparagraph (3) or (4).

(6) If, on an application for authorisation, the Central Bank refuses to grant authorisation, it shall serve on the society and on every officer of the society a notice stating the Central Bank's decision and the grounds for it and, subject to subparagraph (7), shall do so before the expiry of the period of 6 months beginning on the date on which the application was received.

(7) In any case where the Central Bank requires additional information with respect to an application, the latest time for the giving of a notice under subparagraph (6) with respect to the application shall be the expiry of whichever of the following periods first expires, namely—

(a) the period of 6 months beginning with the date on which the additional information is furnished to the Central Bank; or

(b) the period of 12 months beginning with the date on which the application was received by the Central Bank.

Imposing or amending conditions.

2. (1) If the Central Bank proposes to impose conditions on an authorisation or to amend or add to the conditions of an authorisation in a manner that would make them more onerous, it shall serve on the society and on every officer of the society, a notice stating—

(a) that the Central Bank proposes to impose conditions or to amend or add to the conditions of an authorisation;

(b) the proposed conditions, amendments or additions;

(c) the grounds for the proposal; and

(d) that the society may make representations in writing to the Central Bank with respect to the proposed imposition, amendment or addition within such period, not being less than 21 days after service of the notice, as may be specified in the notice.

(2) If any condition proposed to be imposed, amended or added includes a requirement for the removal from office of any officer of the society, the Central Bank shall serve notice of that proposal on that officer giving him the right to make representations with respect to the proposal within such period, not being less than 21 days after service of the notice, as is specified in the notice.

(3) The Central Bank shall, before reaching a decision on whether to impose, amend or add to conditions, consider any representations made to it under subparagraph (1) or (2).

(4) If the Central Bank decides to impose, amend or add to conditions it shall serve on the society and every officer of the society a notice stating—

(a) the conditions, and

(b) the grounds for its decision.

(5) Where the Central Bank, after considering any representations made to it under subparagraph (1) or (2), decides on an imposition, amendment or addition, as the case may be, that differs from that specified in the notice under subparagraph (1), it shall not be necessary to give a new notice under this paragraph if the difference results in the condition or conditions being no more onerous than would be the case if the Central Bank had proceeded in accordance with the original notice.