Financial Services Act 1986 (repealed)
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Change 1
185 Banking business.
(1) A notice under section 183 above relating to the carrying on of a deposit-taking business as an authorised institution within the meaning of the Banking Act 1987 shall be served by the Treasury and may be either a disqualification notice or a partial restriction notice. (2) A disqualification notice relating to such business shall have the effect of— (a) cancelling any authorisation granted to the person concerned under the Banking Act 1987; and (b) disqualifying him from becoming an authorised institution within the meaning of that Act. (3) A partial restriction notice relating to such business may— (a) prohibit the person concerned from dealing with or disposing of his assets in any manner specified in the direction; (b) impose limitations on the acceptance by him of deposits; (c) prohibit him from soliciting deposits either generally or from persons who are not already depositors; (d) prohibit him from entering into any other transaction or class of transactions; (e) require him to take certain steps, to pursue or refrain from pursuing a particular course of activities or to restrict the scope of his business in a particular way. (4) The Treasury shall serve on the Financial Services Authority a copy of any notice served by them under section 183 above. (5) Any person who contravenes any provision of a partial restriction notice served on him by the Treasury under this section shall be guilty of an offence and liable— (a) on conviction on indictment, to a fine; (b) on summary conviction, to a fine not exceeding the statutory maximum. (6) Any such contravention shall be actionable at the suit of a person who suffers loss as a result of the contravention subject to the defences and other incidents applying to actions for breach of statutory duty, but no such contravention shall invalidate any transaction. (7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
185 Banking business.
(1) A notice under section 183 above relating to the carrying on of a deposit-taking business as an authorised institution within the meaning of the Banking Act 1987 shall be served by the Treasury and may be either a disqualification notice or a partial restriction notice. (2) A disqualification notice relating to such business shall have the effect of— (a) cancelling any authorisation granted to the person concerned under the Banking Act 1987; and (b) disqualifying him from becoming an authorised institution within the meaning of that Act. (3) A partial restriction notice relating to such business may— (a) prohibit the person concerned from dealing with or disposing of his assets in any manner specified in the direction; (b) impose limitations on the acceptance by him of deposits; (c) prohibit him from soliciting deposits either generally or from persons who are not already depositors; (d) prohibit him from entering into any other transaction or class of transactions; (e) require him to take certain steps, to pursue or refrain from pursuing a particular course of activities or to restrict the scope of his business in a particular way. (4) The Treasury shall serve on the Financial Services Authority a copy of any notice served by them under section 183 above. (5) Any person who contravenes any provision of a partial restriction notice served on him by the Treasury under this section shall be guilty of an offence and liable— (a) on conviction on indictment, to a fine; (b) on summary conviction, to a fine not exceeding the statutory maximum. (6) Any such contravention shall be actionable at the suit of a person who suffers loss as a result of the contravention subject to the defences and other incidents applying to actions for breach of statutory duty, but no such contravention shall invalidate any transaction. (7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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