(1) The provisions of this section have effect where, by reason of a building society's failure to comply with -
(a) the requirement imposed by section 5(1)(a) or (b) (purpose or principal purpose and principal office);
(b) the requirement imposed by section 6(1) (the lending limit); or
(c) the requirement imposed by section 7(1) (the funding limit),
the powers conferred by this section become exercisable by the Commission in relation to the society (the requirements referred to in paragraphs (a), (b) and (c) above being referred to in this section as "the relevant statutory requirements").
(2) The Commission may give the society a direction under subsection (3), (5) or (6) below.
(3) A direction by the Commission under this subsection is a direction requiring the society, within a specified period, to submit for its approval a plan (in this section referred to as a "restructuring plan") designed to secure the following purposes, that is to say -
(a) that the society will, by the end o
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