SCHEDULES
C1SCHEDULE 11 Friendly Societies
Part III Registrar’s Powers in Relation to Regulated Friendly Societies
Conduct of investment business
F1C2C322D
1
F2The Commission may issue codes of practice with respect to any matters dealt with by statements of principle issued under paragraph 13A or by rules or regulations made under any provision of this Schedule.
2
In determining whether a society has failed to comply with a statement of principle—
a
a failure by it to comply with any relevant provision of a code of practice may be relied on as tending to establish failure to comply with the statement of principle, and
b
compliance by it with the relevant provisions of a code of practice may be relied on as tending to negative any such failure.
3
A contravention of a code of practice with respect to a matter dealt with by rules or regulations shall not of itself give rise to any liability or invalidate any transaction; but in determining whether a society’s conduct amounts to contravention of a rule or regulation—
a
contravention by it of any relevant provision of a code of practice may be relied on as tending to establish liability, and
b
compliance by it with the relevant provisions of a code of practice may be relied on as tending to negative liability.
4
Where by virtue of paragraph 22B (application of designated rules and regulations to member societies) rules or regulations—
a
do not apply, to any extent, to a member society of a recognised self-regulating organisation for friendly societies, or
b
apply, to any extent, subject to the rules of the organisation,
a code of practice with respect to a matter dealt with by the rules or regulations may contain provision limiting its application to a corresponding extent.
Sch. 11 amended (1.2.1993 for specified purposes and 1.1.1994 for all remaining purposes) by Friendly Societies Act 1992 (c. 40) s. 98, Sch. 18 Pt. II para. 10; S.I. 1993/16, art. 2, Sch.4; S.I. 1993/2213, art. 2(1), Sch.5.