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1. These Regulations may be cited as the Friendly Societies (Accounts and Related Provisions) Regulations 1994, and shall come into force on 1st September 1994.
2.—(1) In these Regulations:
“the Act” means the Friendly Societies Act 1992;
“associated body”, in relation to a society, means a body in which the society holds shares or corresponding membership rights;
“general business” has the same meaning as in the Act;
“group accounts society” means a society the committee of management of which is obliged by section 69 of the Act (duty to prepare accounts) to prepare group accounts;
“long term business” has the same meaning as in the Act;
“long term fund” means the fund or funds maintained by a society in respect of its long term business in accordance with the provisions of the Act;
“member” has the same meaning as in the Act;
“non-directive society” means a friendly society to which section 37(2) or (3) of the Act does not apply, which is a registered society and which does not carry on reinsurance business;
“particular account” means an income and expenditure account or a balance sheet;
“policy holder”, in relation to a subsidiary or a jointly controlled body of a friendly society, has the same meaning as in the Insurance Companies Act 1982(1);
“single accounts society” means a society which is not a group accounts society;
“society” means a friendly society—
to which section 37(2) or (3) of the Act applies,
which is an incorporated friendly society, or
which carries on reinsurance business; and
“subsidiary” means a subsidiary of a group accounts society with which the group accounts of the society are required by section 69 of the Act to deal;
(2) Where a society or a non-directive society (in this paragraph referred to as a central office) has registered branches, a requirement in these Regulations in respect of a society or a non-directive society is, except where it is expressly otherwise provided, a requirement which the central office and the registered branch must each comply with as if each of them is a society or a non-directive society.
(3) Nothing in these Regulations is to be taken to imply that the carrying on by a society of any activity provision for the recording of which is contained in these Regulations is, by virtue of that provision, within the powers of that society.
3. The Regulations apply to the accounts and reports (as specified in regulations 4, 5, 11 and 12) of every society to which Part VI of the Act applies in respect of any financial year of the society ending on or after 31st December 1995.
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