11  A society, person or institution shall cease to be entitled to operate accounts and shall notify the Board forthwith of that fact where–

(a)it ceases to be a building society or to fall within section 840A(1)(b) of the Taxes Act or to be a relevant European institution, as the case may be; or

(b)its directors have made a proposal under Part I of the Insolvency Act 1986 for a composition in satisfaction of its debts or a scheme of arrangement of its affairs; or

(c)it enters administration; or

(d)a receiver or manager of its property has been appointed; or

(e)a resolution has been passed or a petition has been presented to wind it up; or

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