86.—(1) If the F273[Bank] considers it necessary to do so in the case of any body (whether a credit union, a group or association of credit unions or otherwise) F273[it] may give the body directions in writing relating to the content or form (or both)—

(a) of any advertisement or other means of soliciting deposits or subscriptions for shares in any one or more credit unions or credit unions generally; or

(b) of any advertisement relating to any service provided or business undertaken by any one or more credit unions or credit unions generally;

and the F273[Bank] may also give directions in writing requiring any such body to withdraw or amend an advertisement.

(2) Without prejudice to the generality of subsection (1), directions under this section may do all or any of the following—

(a) prohibit the issue by the body concerned of advertisements of all descriptions or any specified description;

(b) require the body concerned to modify advertisements of a specified description in a specified manner;

(c) prohibit the issue by the body concerned of any advertisements which are, or are substantially, repetitions of a specified advertisement;

(d) require the body concerned to withdraw any specified advertisement or any advertisement of a specified description;

(e) require the body concerned to include specified information in any advertisement to be published by it or on its behalf or in any statement to the public to be made by it or on its behalf.

(3) In this section:

(a) “advertisement” includes every form of recommendation of any matter to which this section relates, including in particular the display or publication of any such matter by way of leaflet, notice, circular, pamphlet, brochure, photograph, film, video, sound broadcasting, television, electronic communication or personal canvassing, and references to the issue of advertisements shall be construed accordingly; and

(b) “specified” means specified by directions in writing under this section.

(4) Section 3 (3) shall not apply to directions under this section.

(5) A credit union or other body which fails to comply with any directions given to it under this section shall be guilty of an offence.