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Friendly Societies Act 1992
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- UK Public General Acts
- 1992 c. 40
- SCHEDULE 10
- Part III
- Voluntary winding up
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Changes over time for: Cross Heading: Voluntary winding up
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- 01/02/1993- Amendment
- 01/02/1993
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Point in time view as at 01/02/1993.
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There are currently no known outstanding effects for the Friendly Societies Act 1992, Cross Heading: Voluntary winding up.
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Voluntary winding upU.K.
41(1)Article 70 of the Order does not apply.U.K.
(2)In the enactments as applied to an incorporated friendly society, the expression “resolution for voluntary winding up” means a resolution passed under section 21(1) above.
42U.K.Article 74 shall have effect with the omission of the words from the beginning to “and".
43(1)Paragraph (1) of Article 75 shall have effect as if for the words from the beginning to “meeting" there were substituted the words—U.K.
“(1)Where it is proposed to wind up an incorporated friendly society voluntarily, the committee of management (or, in the case of an incorporated friendly society whose committee of management has more than two members, the majority of them) may at a meeting of the committee”.
(2)The reference to the directors in paragraph (2) shall be construed as a reference to members of the committee of management.
44U.K.Article 76 shall have effect as if for the words “directors’ statutory declaration in accordance with Article 75" there were substituted the words “ statutory declaration made in accordance with Article 75 by members of the committee of management ”.
45U.K.Article 81(1) and 82 shall have effect as if the word “directors"' were omitted from each of them.
46U.K.In paragraph (1) of Article 87 (appointment of liquidation committee) of the Order, the reference to functions conferred on a liquidation committee by or under that Order shall have effect as a reference to its functions by or under that Order as applied to incorporated friendly societies.
47(1)Article 93 (distribution of property) of the Order does not apply; and the following applies in its place.U.K.
(2)Subject to the provisions of Part V relating to preferential payments, an incorporated friendly society’s property in a voluntary winding up shall be applied in satisfaction of the society’s liabilities to creditors pari passu and, subject to that application, in accordance with the rules of the society.
48U.K.Articles 96 and 97 (liquidator accepting shares, etc. as consideration for sale of company property) of the Order do not apply.
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