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Power of Registrar to suspend advertising.
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32.—(1) Where the Registrar is of the opinion that a society has become or is likely to become unable to meet its obligations to its creditors, or considers it expedient in the interests of its members or of the orderly and proper regulation of building society business, or where a society is being investigated under section 29, he may issue a direction to the society—
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(a) in relation to the information which the society shall include in any advertisement to be published by or on its behalf or in any statement to the public to be made by it or on its behalf, or
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(b) not to advertise for or otherwise solicit deposits or subscriptions for shares, or
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(c) not to issue an advertisement of a description specified in the direction or substantially similar to such description, or
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(d) to take all practical steps to withdraw any notice, circular, photograph or film used or capable of being used to advertise for or otherwise solicit deposits or subscriptions for shares.
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(2) A direction under this section may relate to one or more of the matters referred to at paragraphs (a) to (d) of subsection (1).
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(3) Where he considers that it would not be prejudicial to the members or creditors or to the orderly and proper regulation of building society business, the Registrar may give a society and every director of the society not less than 14 days' notice of his intention to issue a direction under this section, and any such notice shall specify the considerations by reference to which he considers the issue of a direction to be necessary.
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(4) Where notice of intention to give a direction is given under subsection (3), the Registrar shall consider any representations made to him in relation to the proposed direction within such period (of not less than 7 days) as he may specify from the date on which the notice is given.
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(5) A direction under this section by the Registrar to a society shall specify the considerations (being considerations specified in a notice under subsection (3)) by reference to which he considered it necessary to issue the direction.
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(6) A notice under this section may be served on a director of a society by sending it by post to his address as notified to the Registrar but failure so to send such a notice shall not affect the validity of a direction under this section.
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(7) A direction under this section may be varied or revoked by the Registrar at any time.
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