Financial Services Act 1986 (Repealed)

Exercise of powers under enactments relating to friendly societiesU.K.

26(1)If it appears to the Chief Registrar of friendly societies that a regulated friendly society which is an authorised person by virtue of section 23(1) of this Act—

(a)has contravened any provision of—

(i)this Act or any rules or regulations made under it;

(ii)any requirement imposed under paragraph 24 above;

(iii)the rules of a recognised self-regulating organisation for friendly societies in relation to which it is a member society; or

(b)in purported compliance with any such provision has furnished false, inaccurate or misleading information,

he may exercise any of the powers mentioned in sub-paragraph (2) below in relation to that society.

(2)The powers mentioned in sub-paragraph (1) above are those under subsection (1) of section 87 (inspection and winding up of registered friendly societies), subsection (1) of section 88 (suspension of business of registered friendly societies), subsections (1) and (2) of section 89 (production of documents) and subsections (1) and (2) of section 91 (cancellation and suspension of registration) of the M1Friendly Societies Act 1974; and subject to sub-paragraph (3) below the remaining provisions of those sections shall apply in relation to the exercise of those powers by virtue of this paragraph as they do in relation to their exercise in the circumstances mentioned in those sections.

(3)In its application by virtue of this paragraph—

(a)section 88 of the said Act of 1974 shall have effect with the omission of subsections (3), (5) and (9); and

(b)section 89 of that Act shall have effect with the omission of subsection (7).

27(1)If it appears to the Registrar of Friendly Societies for Northern Ireland that a regulated friendly society which is an authorised person by virtue of section 23(2) of this Act—

(a)has contravened any provision of—

(i)this Act or any rules or regulations made under it;

(ii)any requirement imposed under paragraph 24 above;

(iii)the rules of a recognised self-regulating organisation for friendly societies in relation to which it is a member society; or

(b)in purported compliance with any such provision has furnished false, inaccurate or misleading information,

he may exercise any of the powers mentioned in sub-paragraph (2) below in relation to that society.

(2)The powers mentioned in sub-paragraph (1) above are those under subsection (1) of section 77 (inspection and winding up of registered friendly societies), subsection (1) of section 78 (suspension of business of registered friendly societies), subsections (1) and (2) of section 79 (production of documents) and subsections (1) and (2) of section 80 (cancellation and suspension of registration) of the M2Friendly Societies Act (Northern Ireland) 1970; and subject to sub-paragraph (3) below the remaining provisions of those sections shall apply in relation to the exercise of those powers by virtue of this paragraph as they do in relation to their exercise in the circumstances mentioned in those sections.

(3)In its application by virtue of this paragraph section 78 of the said Act of 1970 shall have effect with the omission in subsection (2) of the words from “and such notice" onwards and of subsection (4).