Modifications etc. (not altering text)
C1Pt. 2 modified (1.4.2012) by Localism Act 2011 (c. 20), s. 240(2), Sch. 16 para. 69(2); S.I. 2012/628, art. 6(i) (with arts. 9 11 14 15 17)
(1)This section applies to a manager appointed to implement proposals relating to an industrial and provident society.
(2)The appointment may confer on the manager power to make and execute on behalf of the society—
(a)an instrument providing for the amalgamation of the society with another industrial and provident society, or
(b)an instrument transferring its engagements.
(3)An instrument providing for the amalgamation of a society (“S1”) with another has the same effect as a resolution by S1 under section 50 of the Industrial and Provident Societies Act 1965 (c. 12) (amalgamation of societies by special resolution).
(4)An instrument transferring engagements has the same effect as a transfer of engagements under sections 51 and 52 of the Industrial and Provident Societies Act 1965 (transfer by special resolution to another society or company).
(5)A copy of the instrument shall be sent to and registered by the [F1Financial Conduct Authority].
(6)An instrument does not take effect until the copy is registered.
(7)The copy must be sent for registration during the period of 14 days beginning with the date of execution; but a copy registered after that period is valid.
Textual Amendments
F1Words in s. 157(5) substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 11 para. 8(2), (3)(c) (with Sch. 12)
Commencement Information
I1S. 157 in force at 1.4.2010 by S.I. 2010/862, art. 2 (with Sch.)