After section 42 of the 1986 Act there shall be inserted the following section -
"42A Imposition or variation of conditions in urgent cases
(1) No notice need be given under Part III or Part IV of Schedule 3 to this Act in respect of the imposition of conditions under section 42 in any case in which the Commission considers that the conditions should be imposed as a matter of urgency.
(2) Conditions imposed under section 42 may be varied by the Commission without the agreement of the building society concerned in any case in which the Commission considers that the conditions should be varied as a matter of urgency.
(3) In any such case the Commission may by written notice to the building society concerned impose or vary the conditions.
(4) Any such notice shall state the reasons for which the Commission has acted and particulars of the rights conferred by subsection (6) below and by section 46.
(5) If conditions as imposed or varied by a notice under subsection (3) above include a