Friendly Societies Act 1974 (c. 46)

Power of societies to disapply obligation to appoint auditors

186.—(1) Section 32A of the Friendly Societies Act 1974(1) (power of societies to disapply section 31) is amended as follows.

(2) In subsection (3) the words “within the meaning of the Banking Act 1987” are repealed.

(3) After that subsection, insert—

“(3A) In subsection (3) the reference to a deposit must be read with—

(a)section 22 of the Financial Services and Markets Act 2000;

(b)any relevant order under that section;

(c)Schedule 2 to that Act.”.

References to Chief Registrar etc.

187.—(1) In sections 82(5)(2), 84(3) and 84A(6)(3) of the Friendly Societies Act 1974, for the words from “Chief Registrar or,” to the end substitute “Authority”.

(2) In Schedule 3 to the Financial Services and Markets Act 2000 (Mutual Societies) Order 2001, paragraphs 27, 29(b) and 30 are revoked.

Regulations with respect to registration and procedure

188.  Section 109(1)(a) of the Friendly Societies Act 1974 (Regulations) is repealed.

Advertising dissolution of society

189.  In section 94(7)(4) of the Friendly Societies Act 1974 (instrument of dissolution), the words “at the expense of the society or branch” are repealed.

Requirements for rules of registered societies

190.—(1) Schedule 2 to the Friendly Societies Act 1974 (matters to be provided for by the rules of societies registered under that Act) is amended as follows.

(2) In sub-paragraph (2) of paragraph 11, the words “within the meaning of the Insurance Companies Act 1974” are repealed.

(3) After that sub-paragraph insert—

“(2A) In sub-paragraph (2) “long-term business” has the meaning given by section 117(2) of the Friendly Societies Act 1992.”.