The Friendly Societies (Accounts and Related Provisions) Regulations 1994

Interpretation

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—

“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.