Friendly Societies Act 1992

[F178AInterpretation of Part 6U.K.

(1)In this Part—

• “annual accounts”, in relation to a friendly society or registered branch, means—

  (a)

  the individual accounts required by section 69A, and

  (b)

  any group accounts required by section 69E,

  together with the notes to those accounts;

• F2...

• [F3“firm” means any entity, whether or not a legal person, that is not an individual and includes a body corporate, a corporation sole, and a partnership or other unincorporated association;]

• “IAS accounts” means IAS individual accounts or IAS group accounts;

• F4...

• “income and expenditure account”, in relation to a friendly society or registered branch which prepares IAS accounts, includes an income statement or other equivalent financial statement required to be prepared by [F5UK-adopted international accounting standards];

• F6...

• “non-directive friendly society” means a registered friendly society —

  (a)

  to which subsections (2) and (3) of section 37 (restriction of combinations of business do not apply; and

  (b)

  which does not carry on reinsurance business;

• “parent undertaking” and “subsidiary undertaking” shall be construed in accordance with the provisions of [F7section 1162 of the Companies Act 2006, read in conjunction with section 1161(1) of and Schedule 7 to that Act].

• [F3“senior statutory auditor” has meaning given by section 74A(1) above;]

• [F8“UK-adopted international accounting standards” has the meaning given by section 474(1) of the Companies Act 2006;]

(2)References in this Part to accounts giving a “true and fair view” are references—

(a)in the case of Friendly Societies Act individual accounts, to the requirement under section 69B that such accounts give a true and fair view;

(b)in the case of Friendly Societies Act group accounts, to the requirement under section 69F that such accounts give a true and fair view; and

(c)in the case of IAS accounts, to the requirement under [F9UK-adopted international accounting standards] that such accounts achieve a fair presentation.

[F10(3)References in this Part to a friendly society [F11subject to special requirements] are to a friendly society that F12... —

(a)[F13would be] an insurance undertaking within the meaning given by Article 2.1 of Council Directive 1991/674/EEC on the annual accounts and consolidated accounts of insurance undertakings [F13were the United Kingdom a member State], or

(b)[F14is] an issuer whose transferable securities are admitted to trading on a regulated market.

(4)In subsection (3)—

(a)“issuer” and “regulated market” have the same meaning as in Part 6 of the Financial Services and Markets Act 2000; and

(b)“transferable securities” means anything which is a transferable security for the purposes of Directive 2004/39/EC of the European Parliament and of the Council on markets in financial instruments.]]