Friendly Societies Act 1992

Part IFunctions of the Financial Conduct Authority and the Prudential Regulation Authority

1Functions of the Financial Conduct Authority and the Prudential Regulation Authority in relation to friendly societies

2Financial provision for Commission.

3Accounts of Commission and audit.

4Annual and other reports.

Part II Incorporated Friendly Societies

Constitution and purposes of incorporated friendly societies

5Establishment of incorporated friendly societies.

6Incorporation of registered friendly societies.

7 Purposes and powers of an incorporated friendly society.

8 Effect of the memorandum of an incorporated society.

9 Effect of the rules of an incorporated society.

10 Social and benevolent activities.

11Group insurance.

12 Reinsurance.

13 Control of subsidiaries and other bodies corporate.

Powers of incorporated friendly societies

14Investment of funds.

15Holding of land for purposes other than investment.

16Assistance to subsidiaries and jointly controlled bodies.

17Loans to assured members.

18 Terms on which benefits are available.

Dissolution and winding up

19 Modes of dissolution and winding up.

20Dissolution by consent.

21Voluntary winding up.

22Winding up by court: grounds and petitioners.

23 Application of winding up legislation to incorporated friendly societies.

24Continuation of long term business.

25Power of court to declare dissolution void.

26Cancellation of registration.

Part III Management and Administration

Committee of management and other officers

27 Committee of management.

28 Chief executive and secretary.

29Notification of officers to FCA.

Meetings and resolutions

30 Meetings and resolutions.

Part IVAuthorisation of Friendly Societies’ Business

Restriction on carrying on unauthorised business

31Restriction on carrying on unauthorised insurance or non-insurance business.

Authorisation to carry on business

32Grant of authorisation by Commission: general.

33Applications from certain existing friendly societies.

34Grant of unconditional or conditional authorisation.

35Extension of current authorisation.

36Imposition of conditions on current authorisation.

36A Directions for deeming conditions to have been imposed.

Restrictions on business of certain authorised societies

37Restriction on combinations of business.

38Restriction on commercial business.

Powers of Commission in relation to authorised societies

39Power to direct application for fresh authorisation.

40Withdrawal of authorisation in respect of new business.

41Withdrawal of authorisation to carry on insurance business.

42Contracts effected in contravention of section 31(1).

43Interpretation of Part IV.

Part VRegulation of Friendly Societies’ Business

44Appointment of actuary by societies with long term business.

45Valuation of assets and liabilities.

Actuarial investigations

46Annual investigation into condition of certain societies.

47Triennial investigations into condition of certain societies.

Margins of solvency

48Margins of solvency in relation to insurance business of certain societies.

49Failure to maintain prescribed margin of solvency.

Adequacy of assets and premiums

49AAdequacy of assets.

49BAdequacy of premiums in respect of long term insurance.

Criteria of prudent management

50The criteria of prudent management.

Powers of FCA and PRA

51Power to forbid acceptance of new members.

52Applications to court.

52A Prohibition on disposal of assets.

53 Residual power to impose requirements for protection of members.

54Supervision of activities of subsidiaries etc.

55Supervision of group insurance business.

55ASupervision of controllers.

56 Linked long-term insurance contracts.

Covering of risks situated in another member State

57 Covering of risks situated in another member State.

57A Covering of commitments situated in another member State.

Notices, hearings and appeals

58Rights of appeal.

58ANotices, hearings and appeals.

59Determination of appeals.

60Costs, procedure and evidence.

61Further appeals on points of law.

62Powers to obtain information and documents etc.

62AEntry of premises under warrant under section 176 of the Financial Services and Markets Act 2000.

63Confidentiality of certain information.

63ADisclosure of information.

63Confidentiality of certain information.

64Exceptions from restrictions on disclosure.

Inspections etc.

65Investigations on behalf of FCA or PRA.

65AProtection of supplies

66Inspections and special meetings: general.

67Inspections: supplementary provision.

67A Information for members.

67B Statutory notice.

67C Right to withdraw from transaction.

67D Service of notice of cancellation.

Part VI Accounts and Audit

68Accounting records ...

Annual accounts of friendly societies and registered branches

69 Duty to prepare accounts.

69ADuty to prepare individual accounts

69BFriendly Societies Act individual accounts

69CForm and contents of Friendly Societies Act individual accounts

69DIAS individual accounts

69EDuty to prepare group accounts

69FFriendly Societies Act group accounts

69GForm and content of Friendly Societies Act group accounts

69HIAS group accounts

69IConsistency of accounts

69J Disclosures relating to members of the committee of management and employees of the society

69KDisclosures about related undertakings

69LDisclosures relating to off-balance-sheet arrangements

69MDisclosure of auditor remuneration

70 Contents and form of annual accounts.

Committee of management’s annual report

71 Report on a friendly society’s affairs by the committee of management.

71A Business review

72Auditors’ appointment, tenure, qualifications, etc.

Auditors’ report on annual accounts

73Auditor’s report.

74Signature of auditor’s report

74ASenior statutory auditor

74BNames to be stated in copies of auditor’s report filed or published

74CCircumstances in which names may be omitted

75Auditor’s rights to information and to attend meetings.

76Approval and signing of accounts.

77Information on appointed actuary to be annexed to balance sheet.

Laying and furnishing of accounts and reports

78Laying and furnishing of accounts and reports.

78AInterpretation of Part 6

79 Auditors’ duties to Commission and related rights.

Part VII Disputes

Disputes relating to friendly societies

80 Determination of certain disputes by arbitration.

81Complaints by members of friendly societies.

82Disputes arising out of loans of surplus funds to societies of different description.

Disputes relating to industrial and provident societies

83Disputes relating to industrial and provident societies.

Disputes under National Savings Bank Act 1971 and National Debt Act 1972

84 Disputes under the National Savings Bank Act 1971 and National Debt Act 1972.

Part VIII Amalgamations, Transfers of Engagements and Conversion of Friendly Societies into Companies

85Amalgamation of friendly societies.

Transfers of engagements

86Transfer of engagements by or to friendly society.

87Actuary’s report as to margin of solvency.

88Actuary’s report on transfer of long term business.

89Power of appropriate authority to alter requirements for transfer by friendly society.

90Power of appropriate authority to effect transfer of engagements.

90A Issue of certificates by Commission.

91Conversion of friendly society into company.

92 Compensation for loss of office.

Part IX Miscellaneous

Societies registered under 1974 Act

93Registration of societies under 1974 Act.

94 Registered friendly societies and branches: validation and ratification by members.

95 Amendments of 1974 Act.

Societies registered in Northern Ireland

96 Extension of 1974 Act to Northern Ireland.

Other miscellaneous provisions

97 Insurance protection.

98 Financial services.

99 Insurance of lives of children under 10.

100 Industrial assurance.

101 Law applicable to contracts of insurance with friendly societies.

Part X General and Supplementary

102 Power to amend, etc. to assimilate to company law or law relating to persons carrying on insurance business.

103Power to modify Part VI in relation to particular friendly societies.

104Public file of a friendly society.

105 Exemptions from stamp duty.

105AStamp duty land tax

106Officers and auditors not to be exempted from liability.

107Time limit for commencing proceedings.

108 Offences by bodies corporate, partnerships and unincorporated associations.

109 Defence of due diligence.

110Jurisdiction of magistrates' courts in Northern Ireland.

112 Records of friendly societies.

113Service of notices.

114Form of documents.

115 Provision as to information supplied for purposes of social security.

116Friendly societies etc.

117Insurance business etc.

118Financial year of friendly societies.

119General interpretation.

119AMeaning of “associate".

119AAMeaning of electronic form, electronic means etc.

119ABCommunications by means of a website

119B Meaning of “main agent".

120 Amendments and repeals.

121 Orders and regulations.

123 Power to make transitional, consequential etc. provisions.

124 Northern Ireland.

125 Channel Islands and Isle of Man.

126 Short title and commencement.

1The Commission shall be a body corporate.

Tenure of office of member

2(1) Subject to the provisions of this paragraph, a person...

3No person who has attained the age of 70 years...

Remuneration and pensions, etc. for part-time members

4The Commission shall pay to its part-time members such fees...

5(1) If the Treasury so determine in the case of...

Parliamentary disqualification

6(1) In Part II of Schedule 1 to the House...

7The Commission may appoint such staff as the chairman of...

8The quorum of the Commission and the arrangements relating to...

9The validity of any proceedings of the Commission shall not...

Performance of functions

10(1) With the exception specified in sub-paragraph (2) below, the...

11The Statutory Instruments Act 1946 shall apply to all powers...

12In Schedule 2 to the Parliamentary Commissioner Act 1967 (which...

13The fixing of the common seal of the Commission shall...

14(1) A document purporting to be duly executed under the...

Execution of documents in Scotland

15(1) This paragraph shall have effect as regards the execution...

SCHEDULE 2 The Activities of a Friendly Society

SCHEDULE 3Establishment, Incorporation and Constitution of Incorporated Friendly Societies

Requirements for establishment and incorporation

1(1) Any 7 or more persons may establish a society...

2(1) A registered friendly society may be incorporated under this...

3On registering a society under paragraph 1 or 2 above,...

4(1) The memorandum of an incorporated friendly society shall—

5(1) The rules of an incorporated friendly society shall provide...

Requirements for alteration of memorandum and rules

6(1) An incorporated friendly society may in the manner prescribed...

7A person under 18— (a) may, if the rules do...

Liability of members

8(1) The liability of a member of an incorporated friendly...

9(1) The name of an incorporated friendly society must have...

10(1) Every incorporated friendly society shall have its name mentioned...

Offences relating to society’s name

11(1) If an incorporated friendly society— (a) fails, within the...

Change of registered office

12(1) An incorporated friendly society may change its registered office...

Societies to supply copies of rules etc

13(1) An incorporated friendly society shall, on demand, give a...

Register of members

14(1) Every incorporated friendly society shall maintain a register of...

Inspection of records by members

15(1) Subject to sub-paragraph (2) below, a member or person...

SCHEDULE 4 Incorporation of Registered Friendly Societies: Supplementary

1(1) This Schedule has effect in relation to an incorporated...

Schemes under section 6(5)

2(1) This paragraph applies to a registered society with branches...

Effect of incorporation on registered society

3(1) Subject to the provisions of this Act, the incorporated...

4On incorporation of the registered society— (a) a person who...

5Any agreement made by the registered society which is in...

6It is hereby declared for the avoidance of doubt that—...

7(1) The final financial year of the registered friendly society...

Effect of incorporation on branches of registered society

8(1) This paragraph applies where the property, rights and liabilities...

9(1) This paragraph applies where the property, rights and liabilities...

10(1) This paragraph applies where some of the property, rights...

Consequences of transfer

11No transfer effected by section 6 above shall give rise...

12(1) The action mentioned in the following provisions of this...

SCHEDULE 5 Additional Activities of Incorporated Societies

1An incorporated friendly society may do anything mentioned in the...

Loans out of separate loan fund

2(1) An incorporated friendly society may, out of any separate...

Power to set up funds for purchasing Government Securities

3(1) An incorporated friendly society may set up and administer...

Investment of funds in housing association

4(1) An incorporated friendly society may invest funds of the...

Accumulation of members’ surplus contributions

5An incorporated friendly society may accumulate at interest, for the...

Subscriptions to other bodies

6An incorporated friendly society may subscribe out of its funds...

7An incorporated friendly society may contribute to the funds and...

SCHEDULE 6 Making of Contracts and Execution of Documents by Incorporated Friendly Societies

England and Wales and Northern Ireland

1Under the law of England and Wales and Northern Ireland...

2(1) The following provisions have effect with respect to the...

3(1) The following provisions have effect with respect to the...

1The establishment and management of personal equity plans within the...

1AThe establishment and management, or arranging for the establishment and...

2The establishment and management of unit trust schemes within the...

3The carrying on of long-term or general business.

4Arranging for the provision of, or giving advice as to,...

5Arranging for the provision of credit, whether as agents for...

6The provision of fund management services for trustees of pension...

7The administration of estates and the execution of trusts of...

8The provision of executry services (within the meaning of Part...

9The establishment and management of— (a) sheltered housing,

10The provision of administrative services for friendly societies or other...

11The carrying on of a business which is a deposit-taking...

12The carrying on of insurance business which is general business...

13The establishment and management of investment companies with variable capital...

14The establishment and management of companies which are approved as...

15Arranging for the provision of banking services by a UK...

SCHEDULE 8 Provisions supplementary to Section 13

1The provisions of this Schedule explain expressions used in section...

2In section 13(9)(a) and (c) the references to the voting...

3(1) For the purposes of section 13(9)(a) and (c) the...

3A(1) A body is to be treated for the purposes...

4Rights which are exercisable only in certain circumstances shall be...

5Rights held by a person in a fiduciary capacity shall...

6Rights held by a person as nominee for another shall...

7Rights attached to shares held by way of security shall...

8Rights shall be treated as held by an incorporated friendly...

9For the purposes of paragraph 7 above rights shall be...

10The voting rights in a body corporate shall be reduced...

11References in any provision of paragraphs 5 to 10 above...

SCHEDULE 9 Nominations by Members of Incorporated Friendly Societies and Related Matters

1(1) Subject to the following provisions of this paragraph, a...

2(1) Subject to sub-paragraph (2) below, on receiving satisfactory proof...

3(1) If any member of an incorporated friendly society entitled...

SCHEDULE 10 Application of Companies Winding Up Legislation to Incorporated Friendly Societies

Part I General Mode of Application

1The enactments which comprise the companies winding up legislation (referred...

2Subject to the following provisions of this Schedule, the enactments...

3(1) Subject to the following provisions of this Schedule, the...

4(1) Where any of the enactments as applied to incorporated...

5Any enactment which specifies a sum altered by order under...

Part IIModified Application of Insolvency Act 1986 Parts IV , 6, 7, 12 and 13 and Schedule 10

6In this Part of this Schedule, Part IV of the...

6AParts 4, 6, 7 and 12 of, and Schedule 10...

Members of a friendly society as contributories in winding up

7(1) Section 74 (liability of members) of the Act is...

8Sections 75 to 78 and 83 in Chapter I of...

9(1) Section 79 (meaning of “contributory”) of the Act does...

Voluntary winding up

10(1) Section 84 of the Act does not apply.

11Section 88 shall have effect with the omission of the...

12(1) Subsection (1) of section 89 shall have effect as...

13Section 90 shall have effect as if for the words...

14Sections 95(1) and 96 shall have effect as if the...

15In subsection (1) of section 101 (appointment of liquidation committee)...

16(1) Section 107 (distribution of property) of the Act does...

17Sections 110 and 111 (liquidator accepting shares, etc. as consideration...

Winding up by the court

18In sections 117 (High Court and county court jurisdiction) and...

19Section 122 (circumstances in which company may be wound up...

20Section 124 (application for winding up) of the Act does...

21(1) In section 125 (powers of court on hearing of...

22. . . . . . . . . ....

23If, before the presentation of a petition for the winding...

24(1) Section 130 of the Act (consequences of winding-up order)...

25Section 140 (appointment of liquidator by court in certain circumstances)...

26In the application of sections 141(1) and 142(1) (liquidation committees),...

27The conditions which the court may impose under section 147...

28Section 154 (adjustment of rights of contributories) of the Act...

29. . . . . . . . . ....

Winding up: general

30Section 187 (power to make over assets to employees) of...

31(1) In section 201 (dissolution: voluntary winding up) of the...

32In section 205 (dissolution: winding up by the court) of...

Penal provisions

33Sections 216 and 217 of the Act (restriction on re-use...

34(1) Sections 218 and 219 (prosecution of delinquent officers) of...

35(1) Where a report is made to the prosecuting authority...

Protection of supplies

35ASection 233B of the Act (protection of supplies of goods...

Preferential debts

36Section 387 (meaning in Schedule 6 of “the relevant date")...

Insolvency practitioners: their qualification and regulation

36ASection 390 of the Act (persons not qualified to act...

36B(1) In the following provisions of the Act, in a...

Part IIIModified Application of Insolvency (Northern Ireland) Order 1989

37In this Part of this Schedule, Part V of the...

Members of a friendly society as contributories in winding up

38(1) Article 61 (liability of members) of the Order is...

39Articles 62 to 65 and 69 of the Order (miscellaneous...

40(1) Article 13 (meaning of “contributory") of the Order does...

Voluntary winding up

41(1) Article 70 of the Order does not apply.

42Article 74 shall have effect with the omission of the...

43(1) Paragraph (1) of Article 75 shall have effect as...

44Article 76 shall have effect as if for the words...

45Article 81(1) and 82 shall have effect as if the...

46In paragraph (1) of Article 87 (appointment of liquidation committee)...

47(1) Article 93 (distribution of property) of the Order does...

48Articles 96 and 97 (liquidator accepting shares, etc. as consideration...

Winding up by the High Court

49Article 102 (circumstances in which company may be wound up...

50Article 104 (application for winding up) of the Order does...

51(1) In Article 105 (powers of High Court on hearing...

52Article 106 (power of court, between petition and winding-up order,...

53If, before the presentation of a petition for the winding...

54(1) Article 110 of the Order (consequences of winding-up order)...

55Article 119 (appointment of liquidator by High Court in certain...

56In the application of Article 120(1) (liquidation committees), of the...

57The conditions which the High Court may impose under Article...

58Article 132 (adjustment of rights of contributories) of the Order...

59Article 140(2) (liquidator’s powers) of the Order, the reference to...

Winding up: general

60Article 158 (power to make over assets to employees) of...

61(1) In Article 166 (dissolution: voluntary winding up) of the...

62In Article 169 (dissolution: winding up by the High Court)...

Penal provisions

63Articles 180 and 181 of the Order (restriction on re-use...

64(1) Articles 182 and 183 (prosecution of delinquent officers) of...

65(1) Where a report is made to the prosecuting authority...

Preferential debts

66Article 347 (meaning in Schedule 4 of “the relevant date")...

Insolvency practitioners: their qualification and regulation

66AArticle 349 of the Order (persons not qualified to act...

66B(1) In the following provisions of the Order, in a...

Part IV Supplementary

Dissolution of incorporated friendly society after winding up

67(1) Where an incorporated friendly society has been wound up...

68(1) Sections 1012 to 1023 and 1034 of the Companies...

Insolvency rules and fees

69(1) Rules may be made under— (a) section 411 of...

SCHEDULE 11 Committee of Management: Supplementary

Part I Eligibility and Retirement of Committee Members

1(1) This Part of this Schedule applies in relation to...

Eligibility to be elected committee member

2Subject to paragraph 3 below, paragraph 7 of Schedule 3...

3(1) The rules of the society may require the members...

Eligibility to be co-opted committee member

4No person may be co-opted as a member of the...

Notice to society of age of committee member

5(1) A person who holds office as, or is to...

Retirement of elected committee members

6(1) A member of the committee shall retire from office—...

Retirement of co-opted members

7(1) A person who is co-opted as a member of...

Part II Dealings with Members of Committee of Management

8(1) A friendly society or registered branch must not make...

9(1) The following provisions of the Building Societies Act 1986—...

Requisite particulars where no adoption of this Part

10Where the business associate of the society or branch provides...

11Where the business associate of the society or branch provides...

12Where the business associate of the society or branch arranges...

Requisite particulars on adoption of this Part

13Where the business associate of the society or branch provides...

14Where the business associate of the society or branch provides...

15Where the business associate of the society or branch provides...

Power to prescribe bands

16(1) The Treasury, with the consent of the Treasury, may...

SCHEDULE 12Meetings and Resolutions

Annual general meeting

1(1) Every friendly society and registered branch shall in each...

2(1) A meeting to be held as the annual general...

3(1) If a friendly society or registered branch fails to...

Notice for calling meetings

4(1) A meeting of a friendly society or registered branch...

Members’ entitlement to vote on resolutions

5(1) Subject to sub-paragraph (2) below, any provision in the...

Right to demand a poll

6(1) Any provision contained in the rules of a friendly...

Special resolutions

7(1) No resolution of a friendly society shall be passed...

8(1) The rules of a friendly society or registered branch...

Electronic ballots

8A(1) The rules of a friendly society or registered branch...

Combined ballots

8B(1) The rules of a friendly society or registered branch...

Resolutions requiring special notice

9(1) Where by any provision of this Act special notice...

Part I Applications for Authorisation

1(1) In this Part of this Schedule “application” means an...

Procedure for granting authorisation

2(1) An application shall be made in such manner as...

3(1) If on an application the Commission proposes to impose...

Offences in connection with application

4(1) A friendly society which furnishes any information or makes...

Terms of authorisation: supplementary

5(1) On granting authorisation to a friendly society the Commission...

Part II Imposition of Conditions and Withdrawal of Authorisation

6(1) In this Part of this Schedule “the society” means—...

Imposition of conditions

7(1) If the Commission proposes to impose conditions, it shall...

8(1) This paragraph applies where the Commission has decided to...

Imposition of conditions on appeal

9(1) The modifications of the provisions of paragraphs 7 and...

Procedure for withdrawing authorisation

10(1) Subject to sub-paragraph (6) below, if the Commission proposes...

11(1) On giving a direction in relation to a friendly...

Non-receipt of notice by officer

12The non-receipt by an officer of a friendly society or...

SCHEDULE 13A TO 1992 ACT

SCHEDULE 13B TO 1992 ACT

PART III FRIENDLY SOCIETIES PROVIDING INSURANCE IN THE UNITED KINGDOM THROUGH OVERSEAS BRANCHES IN OTHER EEA STATES

PART IV SUPPLEMENTAL

SCHEDULE 13C TO 1992 ACT

SCHEDULE 13DDisclosures about members of the committee of management and employees

PART 1Emoluments of and dealings with members of the committee

Aggregate amount of committee members' emoluments

1(1) The aggregate amount of committee members' emoluments must be...

Details of chairman’s and committee members' emoluments

2(1) Where the amount shown in compliance with paragraph 1(1)...

Emoluments waived

3(1) There must be shown— (a) the number of members...

Pensions of members of the committee and past members of the committee

4(1) There must be shown the aggregate amount of pensions...

Compensation to members of the committee for loss of office

5(1) There must be shown the aggregate amount of any...

Sums paid to third parties in respect of services of members of the committee

6(1) There must be shown the aggregate amount of any...

Supplementary provisions regarding committee members' emoluments

7(1) The following applies with respect to the amounts to...

8(1) The amounts to be shown for any financial year...

9(1) Where the Chief Executive of the society is not...

Interpretation of provisions regarding committee members' emoluments

10(1) In paragraphs 1 to 9— (a) references to services...

Committee members' loans and transactions

11(1) This paragraph applies, subject to sub-paragraph (5), in relation...

Disclosure of auditors' remuneration

12(1) There must be shown— (a) in respect of the...

PART 2Information about employees

13(1) The following information with respect to the employees of...

Interpretation: general

14In this Schedule “associated body”, in relation to a society,...

SCHEDULE 13EDisclosures about related undertakings

PART 1Societies not required to prepare consolidated group accounts

Subsidiary undertakings

1(1) The following information must be given with respect to...

Holdings in subsidiary undertakings

2(1) There must be stated in relation to shares of...

Financial information about subsidiary undertakings

3(1) There must be disclosed with respect to each subsidiary...

Financial years of subsidiary undertakings

4Where— (a) disclosure is made under paragraph 3(1) with respect...

Significant holdings in bodies corporate other than subsidiary undertakings

5(1) The information required by paragraphs 6 and 7 must...

6(1) The name of the body corporate must be stated....

7(1) There must also be stated— (a) the aggregate amount...

Construction of references to shares held by society

8(1) References in this Part of this Schedule to shares...

PART 2Societies required to prepare consolidated accounts

Subsidiary undertakings

9(1) The following information must be given with respect to...

Holdings in subsidiary undertakings

10(1) The following information must be given with respect to...

Financial information about subsidiary undertakings not included in the consolidation

11(1) There must be shown with respect to each subsidiary...

Jointly controlled bodies

12(1) The following information must be given where a body...

Other significant holdings of society or group

13(1) The information required by paragraphs 14 and 15 must...

14(1) The name of the body corporate must be stated....

15(1) There must be stated— (a) the aggregate amount of...

16(1) The information required by paragraphs 17 and 18 must...

17(1) The name of the body corporate must be stated....

18(1) There must be stated— (a) the aggregate amount of...

Construction of references to shares held by society or group

19(1) References in this Part of this Schedule to shares...

Interpretation: general

20In this Schedule “group” means a friendly society and its...

SCHEDULE 13FDisclosure of auditor remuneration etc

Disclosure required

1(1) The following must be shown— (a) the amount of...

Types of service

2The types of service in respect of which disclosure is...

Disclosure not required of remuneration for certain services provided by distant associate

3(1) Disclosure is not required of remuneration receivable for the...

Duty of auditor to supply information

4The auditor of a friendly society must supply the directors...

Meaning of “associate” and “distant associate” of auditor

5(1) This paragraph defines what is meant in this Schedule...

6In this Schedule— “associate of the society” means— any subsidiary...

Application to registered branches

7This Schedule applies to a registered branch as it applies...

SCHEDULE 14 Auditors: Appointment, Tenure, Qualifications and Remuneration

1(1) The first auditor of a friendly society or registered...

2The committee of management, or the society or branch in...

3(1) If at any annual general meeting of a friendly...

Appointments in relation to friendly societies subject to special requirements

3A(1) Appointment as auditor of a friendly society subject to...

Eligibility for appointment

4(1) Subject to paragraph 7 below, a person is eligible...

5(1) A person is ineligible for appointment as an auditor...

Appointment of partnerships

6(1) The following provisions apply to the appointment as auditor...

Cases in which auditor need not be a member of a recognised supervisory body

7(1) A person who is not a member of a...

Effect of ineligibility

8(1) No person shall act as an auditor under this...

Power of appropriate authority to require second audit

9(1) Where a person appointed auditor under this Schedule was,...

Removal of auditors

10(1) A friendly society or registered branch may by ordinary...

Removal of auditor on improper grounds

10A(1) Where an auditor of a friendly society subject to...

Rights of auditors who are removed or not re-appointed

11(1) Special notice is required for a resolution at a...

Resignation of auditors

12(1) An auditor of a friendly society or registered branch...

Rights of resigning auditors

13(1) This paragraph applies where an auditor’s notice of resignation...

Statement by person ceasing to hold office

14(1) Where an auditor of a friendly society or registered...

Offences of failing to comply with paragraph 14

15(1) If a person ceasing to hold office as auditor...

Duty of auditor to notify appropriate audit authority

15A(1) Where an auditor of a friendly society or registered...

Duty of friendly society or registered branch to notify appropriate audit authority

15B(1) Where an auditor of a friendly society or registered...

Meaning of “appropriate audit authority”

15CIn paragraphs 15A and 15B above “appropriate audit authority” means—...

Remuneration of auditors

16(1) The remuneration of auditor appointed by a friendly society...

Remuneration of auditors or their associates for non-audit work

17(1) The Treasury may make provision by regulations for securing...

SCHEDULE 14AAPPOINTMENT AND REMOVAL OF AUDITORS: SOCIETIES SUBJECT TO SPECIAL REQUIREMENTS

1(1) This Schedule makes provision in relation to the appointment...

Appointment of auditor for society which has an audit committee

2(1) This paragraph applies to the appointment under section 72...

Appointment of auditor for society which does not have an audit committee

3(1) This paragraph applies to the appointment under section 72...

Restriction on appointment of auditor who holds office for maximum engagement period

4(1) A person who has been, or will have been,...

4A(1) If— (a) a friendly society appoints, or purports to...

The maximum engagement period

5(1) Where a person is auditor of the society in...

Application to court to remove auditor from office

6(1) The competent authority may apply to the High Court...

7(1) In this Schedule— “ audit committee ” means a...

SCHEDULE 15Amalgamations, Transfers of Engagements and Conversion: Supplementary

Part IProvision of Information to Members

Statements relating to amalgamations and transfers

1(1) A friendly society which desires— (a) to amalgamate under...

2(1) The matters of which a statement required by paragraph...

Statements relating to conversion of society into company

3(1) A friendly society which desires to convert into a...

4The statement referred to in paragraph 3 above shall be...

4ZAThe PRA must consult the FCA before approving a statement...

4A(1) A society is to be regarded as sending a...

Part IIConfirmation by appropriate authority

Applications for confirmation

5(1) An application by a friendly society for confirmation by...

6(1) Where a friendly society applies for confirmation of an...

7After the date specified in the notice in pursuance of...

Confirmation by appropriate authority: General

8(1) Where an application is duly made for confirmation by...

9(1) Subject to sub-paragraph (3) below, the appropriate authority shall...

10(1) Where the appropriate authority would be precluded—

11The appropriate authority shall not confirm an amalgamation, transfer of...

11A(1) The PRA must consult the FCA before confirming an...

Confirmation of transfers of engagements

12The appropriate authority shall not confirm a transfer unless it...

13 (1) The appropriate authority shall not confirm a transfer...

14. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

15(1) This paragraph applies to any transfer of engagements (other...

15A(1) This paragraph applies to any transfer of engagements (other...

16. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

16A(1) This paragraph applies where the appropriate authority confirms a...

16B(1) This paragraph applies where the appropriate authority confirms a...

Effect of failure to comply with relevant requirements

17A failure to comply with a relevant requirement of this...

18(1) In this Part of this Schedule expressions used which...

SCHEDULE 16 Amendments of 1974 Act

1The 1974 Act shall be amended as follows.

2(1) In subsection (1) of section 4—

3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4In section 7, in subsection (1)— (a) for the words...

5In section 13(1), for the words from “except" to the...

6(1) For section 15 there shall be substituted the following...

7In section 21, for the words “sum not exceeding 10p"...

8After section 23 there shall be inserted the following section—...

9For section 24 there shall be substituted the following section—...

10For section 26 there shall be substituted the following section—...

11Sections 27 and 28 shall cease to have effect.

12Sections 29 to 45 shall cease to have effect in...

13In section 35, after subsection (5) there shall be inserted...

14In section 40, after subsection (2) there shall be added...

15(1) In section 46, in subsection (1), paragraphs (a) and...

16In section 49— (a) in paragraph (b), for “ £200”...

17In section 50, after subsection (2) there shall be inserted...

18(1) In section 51— (a) at the end of subsection...

19In section 53, for subsection (1) there shall be substituted...

20In section 55, at the end of subsection (4) there...

21After section 57 there shall be inserted the following section—...

22After section 63 there shall be inserted the following section—...

23After section 65 there shall be inserted the following sections—...

24Sections 70 to 75 shall cease to have effect.

25(1) Section 76 shall be amended as follows.

26Section 77 shall cease to have effect.

27In section 78(1), after the words “Act 1950" there shall...

28In section 80— (a) in subsection (1), at the beginning...

29(1) Section 82 (amalgamation and transfer of engagements) shall be...

30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

31Section 84 shall cease to apply to registered friendly societies....

32After section 84 there shall be inserted the following section—...

33In section 86— (a) in subsection (1), at the beginning...

34For section 87 there shall be substituted the following section—...

35Sections 88 and 89 shall cease to have effect.

36Section 90 shall cease to have effect in relation to...

37In section 91(4), after the words “section 85(4) above" there...

38In section 93— (a) in subsection (1)(b), for the words...

39Section 95 shall cease to have effect in relation to...

40In section 96, after the words “section 95(3)" there shall...

41In section 97, in subsection (1)(b) after the words “section...

42In section 98— (a) in subsection (1)(g), for the words...

43In section 100(a), at the end there shall be added...

44In section 102— (a) after “1980" there shall be inserted...

45Section 106 shall cease to have effect.

46In section 107, after subsection (2) there shall be inserted...

47. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

48In section 111(1)— (a) in the definition of “collecting society"...

49Section 115 shall cease to have effect.

50In section 117(3), after the words “extends to" there shall...

51(1) In paragraph 3 of Schedule 2—

52After Schedule 6 there shall be inserted the following Schedule—...

Part I Amendments of Provisions Other Than Schedule 11

1The following section shall be substituted for section 23— Friendly...

2In section 113 (periodical fees), for subsection (3) there shall...

3In section 141 (indemnity schemes), in subsection (2), for the...

4In section 179 (restrictions on disclosure of information), in subsection...

5In section 180 (exceptions from restrictions on disclosure), in subsection...

6In section 204(1) (service of notices), for the words from...

7In section 207(1) (interpretation), the following definitions shall be inserted...

8In section 210(3) (expenses and receipts), for the words from...

9(1) In the following provisions of Schedule 14 (restriction of...

Part II Amendments of Schedule 11

10(1) Subject to paragraph 11 below, for each of the...

11(1) In paragraph 1, in the definition of “a recognised...

12In paragraph 3(1)— (a) for the word “his" there shall...

13In paragraph 4(2), for the words “the Friendly Societies Act...

14In paragraph 7(1), for the words “himself alter, its rules"...

15In paragraph 13A(6), for the word “his" there shall be...

16In paragraph 26, for sub-paragraph (2) there shall be substituted...

17In paragraph 28(6), for the word “his" there shall be...

18In paragraph 29, in sub-paragraph (1)— (a) in paragraph (a)...

19After paragraph 31 there shall be inserted the following paragraph—...

20(1) In paragraph 37, in sub-paragraph (1), for the words...

21After paragraph 40 there shall be inserted the following paragraph—...

22For paragraph 45 there shall be substituted the following paragraph—...

Part I Great Britain

Industrial Assurance Act 1923

1The Industrial Assurance Act 1923 shall be amended as follows....

2(1) In section 1, for subsection (1A) there shall be...

3In section 10, for subsection (1) there shall be substituted...

4In section 11, in subsection (2), for the word “Commissioner"...

5(1) In the following provisions— (a) section 10(3),

6In section 17, for subsections (1) and (2) there shall...

7For section 23 there shall be substituted the following section—...

8In section 26, for subsection (1) there shall be substituted...

9For section 32 there shall be substituted the following section—...

10For section 33 there shall be substituted the following section—...

11In section 39, in subsection (5), for the word “Commissioner"...

12In section 45(1) after the definition of “collector" there shall...

Industrial Assurance and Friendly Societies Act 1948

13In section 8(2) of the Industrial Assurance and Friendly Societies...

14In section 13(1) of that Act— (a) for the word...

15In section 17A(1) of that Act, for the words “Industrial...

16In section 23(1) of that Act— (a) at the end...

Part II Northern Ireland

17The Industrial Assurance (Northern Ireland) Order 1979 shall be amended...

18(1) In Article 2, in paragraph (2), for the definitions...

19In Article 4(2), for the word “Registrar" there shall be...

20In the following provisions— (a) Article 4(2),

21In Article 12, for paragraph (1) there shall be substituted...

22In Article 13(1), for the word “registered" there shall be...

23In Article 14, after paragraph (2) there shall be inserted...

24(1) Article 18 shall be amended as follows.

25For Article 29 there shall be substituted the following Article—...

26In Article 32, for paragraph (1) there shall be substituted...

27For Article 36 there shall be substituted the following Article—...

28For Article 37 there shall be substituted the following Article—...

29(1) In Article 46, in paragraph (2) for the word...

30In Schedule 3, in paragraph 10, in paragraph (d) of...

31In Schedule 4— (a) in paragraph 1(a) for the words...

32(1) In Schedule 5, in paragraph 5(1), for the word...

Part I General Mode of Application

General rules as to applicable law

1(1) Where the person (“the person insured”) who has entered...

Applicable law in the absence of choice

2(1) The choice referred to in paragraph 1 above must...

Mandatory rules

3(1) The fact that in the cases referred to in...

Supplementary provisions

4(1) Where a member State includes several territorial units, each...

5(1) Subject to the preceding provisions of this Part of...

Part IILong Term Business by Societies to which Section 37(2) applies

General rules as to applicable law

6The law applicable to the contract of insurance is the...

7Where the person who has entered into the contract of...

Mandatory rules

8Nothing in this Part of this Schedule restricts the application...

Supplementary provisions

9(1) Where a member State includes several territorial units, each...

10(1) Subject to the preceding provisions of this Part of...

SCHEDULE 21 Amendments

Part I Amendments of Enactments

Loan Societies Act 1840

1The duty of the Chief Registrar to lay before Parliament...

National Savings Bank Act 1971

2. . . . . . . . . ....

3. . . . . . . . . ....

National Debt Act 1972

4. . . . . . . . . ....

Solicitors Act 1974

5(1) Section 23 of the Solicitors Act 1974 (preparation of...

Insurance Companies Act 1982

6(1) In section 49 of the Insurance Companies Act 1982,...

Companies Act 1985

7. . . . . . . . . ....

Company Directors Disqualification Act 1986

8After section 22A of the Company Directors Disqualification Act 1986...

Banking Act 1987

9In section 84(1) of the Banking Act 1987 (disclosure of...

Income and Corporation Taxes Act 1988

10. . . . . . . . . ....

Companies Act 1989

11In section 87 of the Companies Act 1989 (disclosure of...

Tribunals and Inquiries Act 1992

12. . . . . . . . . ....

13. . . . . . . . . ....

14. . . . . . . . . ....

15. . . . . . . . . ....

16. . . . . . . . . ....

Trade Union and Labour Relations (Consolidation) Act 1992

17. . . . . . . . . ....

Social Security Contributions and Benefits (Northern Ireland) Act 1992

18In section 171(2) of the Social Security Contributions and Benefits...

19(1) In Schedule 1 to that Act, in paragraph 10(2)—...

Part II Amendments of Northern Ireland Legislation

Parliamentary Commissioner Act (Northern Ireland) 1969

20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Industrial and Provident Societies Act (Northern Ireland) 1969

21In section 101(1) of the Industrial and Provident Societies Act...

Social Security Pensions (Northern Ireland) Order 1975

22In Article 67(1) of the commref NUM="M845">Social Security Pensions (Northern...

23In Article 67(4) of that Order for the words “Friendly...

Statutory Rules (Northern Ireland) Order 1979

24In Article 7(5) of the Statutory Rules (Northern Ireland) Order...

25In Part I of Schedule 1 to that Order, for...

Housing (Northern Ireland) Order 1981

26In Article 114 of the Housing (Northern Ireland) Order 1981,...

Property (Discharge of Mortgage by Receipt)(Northern Ireland) Order 1983

27In Article 3(10) of the Property (Discharge of Mortgage by...

Credit Unions (Northern Ireland) Order 1985

28In Article 2(2) of the Credit Unions (Northern Ireland) Order...

29After Article 2 there shall be inserted the following Article—...

Companies (Northern Ireland) Order 1986

30(1) In Article 442 of the Companies (Northern Ireland) Order...

Companies (Northern Ireland) Order 1989

31After Article 2 of the Companies (Northern Ireland) Order 1989...

SCHEDULE 22 Repeals

Part II Northern Ireland Legislation

Friendly Societies Act 1992

1992 c. 40

An Act to make further provision for friendly societies; to provide for the cessation of registration under the Friendly Societies Act 1974; to make provision about disputes involving friendly societies or other bodies registered under the Friendly Societies Act 1974 and about the functions of the Chief Registrar of friendly societies; and for connected purposes.

[16th March 1992]

C1 C2Be it enacted by the Queen’s most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—C3

Annotations:

Modifications etc. (not altering text)

C1

Act: functions transferred (18.11.1998) by S.I. 1998/2842, art. 2, Sch. Pt. II para. 65

C2

Power to amend conferred (E.W.S.) (7.2.1994) by 1993 c. 48,s.162, (with s. 6(8), 164); S.I. 1994/86, art. 2

C3

Act: power to amend conferred (24.1.2013) by Financial Services Act 2012 (c. 21), ss. 50(2)(i), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(a), Sch. Pt. 1