Friendly Societies Act 1992

Contents

3,819 provisions, too many to show on one page. Open a part or section to read it with its history and connections, or search inside the text.

1. Part I · Functions of the Financial Conduct Authority and the Prudential Regulation Authority
   1. 1 Functions of the Financial Conduct Authority and the Prudential Regulation Authority in relation to friendly societies
   2. 2 Financial provision for Commission.
   3. 3 Accounts of Commission and audit.
   4. 4 Annual and other reports.
2. Part II · Incorporated Friendly Societies
   1. Benefit terms
   2. Constitution and purposes of incorporated friendly societies
   3. Dissolution and winding up
   4. Powers of incorporated friendly societies
3. Part III · Management and Administration
   1. Committee of management and other officers
   2. Meetings and resolutions
4. Part IV · Authorisation of Friendly Societies’ Business
   1. Supplementary
   2. Authorisation to carry on business
   3. Powers of Commission in relation to authorised societies
   4. Restriction on carrying on unauthorised business
   5. Restrictions on business of certain authorised societies
5. Part V · Regulation of Friendly Societies’ Business
   1. Notices, hearings and appeals
   2. Information
   3. Preliminary
   4. Actuarial investigations
   5. Adequacy of assets and premiums
   6. Covering of risks situated in another member State
   7. Criteria of prudent management
   8. Inspections etc.
   9. Margins of solvency
   10. Powers of FCA and PRA
6. Part VI · Accounts and Audit
   1. Auditors
   2. Annual accounts of friendly societies and registered branches
   3. Auditors’ report on annual accounts
   4. Committee of management’s annual report
   5. Laying and furnishing of accounts and reports
   6. Records . . .
7. Part VII · Disputes
   1. Disputes relating to friendly societies
   2. Disputes relating to industrial and provident societies
   3. Disputes under National Savings Bank Act 1971 and National Debt Act 1972
8. Part VIII · Amalgamations, Transfers of Engagements and Conversion of Friendly Societies into Companies
   1. Amalgamations
   2. Conversions
   3. Supplementary
   4. Transfers of engagements
9. Part IX · Miscellaneous
   1. Other miscellaneous provisions
   2. Societies registered in Northern Ireland
   3. Societies registered under 1974 Act
10. Part X · General and Supplementary
    1. General
    2. Interpretation
    3. Supplementary
11. Schedule 1
    1. Status
    2. Tenure of office of member
    3. Remuneration and pensions, etc. for part-time members
    4. Parliamentary disqualification
    5. Staff
    6. Proceedings
    7. Performance of functions
    8. Instruments
    9. Execution of documents in Scotland
12. Schedule 2 · The Activities of a Friendly Society
13. Schedule 3 · Establishment, Incorporation and Constitution of Incorporated Friendly Societies
    1. Requirements for establishment and incorporation
    2. The memorandum
    3. The rules
    4. Requirements for alteration of memorandum and rules
    5. Membership
    6. Liability of members
    7. Name
    8. Offences relating to society’s name
    9. Change of registered office
    10. Societies to supply copies of rules etc
    11. Register of members
    12. Inspection of records by members
14. Schedule 4 · Incorporation of Registered Friendly Societies: Supplementary
    1. Preliminary
    2. Schemes under section 6(5)
    3. Effect of incorporation on registered society
    4. Effect of incorporation on branches of registered society
    5. Consequences of transfer
15. Schedule 5 · Additional Activities of Incorporated Societies
    1. Introductory
    2. Loans out of separate loan fund
    3. Power to set up funds for purchasing Government Securities
    4. Investment of funds in housing association
    5. Accumulation of members’ surplus contributions
    6. Subscriptions to other bodies
16. Schedule 6 · Making of Contracts and Execution of Documents by Incorporated Friendly Societies
    1. England and Wales and Northern Ireland
    2. Scotland
17. Schedule 7
    1. Activities
18. Schedule 8 · Provisions supplementary to Section 13
    1. (1) The provisions of this Schedule explain expressions used in section...
    2. (2) In section 13(9)(a) and (c) the references to the voting...
    3. (3) (1) For the purposes of section 13(9)(a) and (c) the...
    4. (3A) (1) A body is to be treated for the purposes...
    5. (4) Rights which are exercisable only in certain circumstances shall be...
    6. (5) Rights held by a person in a fiduciary capacity shall...
    7. (6) Rights held by a person as nominee for another shall...
    8. (7) Rights attached to shares held by way of security shall...
    9. (8) Rights shall be treated as held by an incorporated friendly...
    10. (9) For the purposes of paragraph 7 above rights shall be...
    11. (10) The voting rights in a body corporate shall be reduced...
    12. (11) References in any provision of paragraphs 5 to 10 above...
19. Schedule 9 · Nominations by Members of Incorporated Friendly Societies and Related Matters
    1. (1) (1) Subject to the following provisions of this paragraph, a...
    2. (2) (1) Subject to sub-paragraph (2) below, on receiving satisfactory proof...
    3. (3) (1) If any member of an incorporated friendly society entitled...
20. Schedule 10 · Application of Companies Winding Up Legislation to Incorporated Friendly Societies
    1. Part I General Mode of Application
    2. Part II Modified Application of Insolvency Act 1986 Parts IV , 6, 7, 12 and 13 and Schedule 10
    3. Part III Modified Application of Insolvency (Northern Ireland) Order 1989
    4. Part IV Supplementary
21. Schedule 11 · Committee of Management: Supplementary
    1. Part I Eligibility and Retirement of Committee Members
    2. Part II Dealings with Members of Committee of Management
22. Schedule 12 · Meetings and Resolutions
    1. Annual general meeting
    2. Notice for calling meetings
    3. Members’ entitlement to vote on resolutions
    4. Right to demand a poll
    5. Special resolutions
    6. Postal ballots
    7. Electronic ballots
    8. Combined ballots
    9. Resolutions requiring special notice
23. Schedule 13
    1. Part I Applications for Authorisation
    2. Part II Imposition of Conditions and Withdrawal of Authorisation
24. Schedule 13D · Disclosures about members of the committee of management and employees
    1. Part 1 Emoluments of and dealings with members of the committee
    2. Part 2 Information about employees
25. Schedule 13E · Disclosures about related undertakings
    1. Part 1 Societies not required to prepare consolidated group accounts
    2. Part 2 Societies required to prepare consolidated accounts
26. Schedule 13F · Disclosure of auditor remuneration etc
    1. Disclosure required
    2. Types of service
    3. Disclosure not required of remuneration for certain services provided by distant associate
    4. Duty of auditor to supply information
    5. Meaning of “associate” and “distant associate” of auditor
    6. Interpretation
    7. Application to registered branches
27. Schedule 14 · Auditors: Appointment, Tenure, Qualifications and Remuneration
    1. Appointment
    2. Appointments in relation to friendly societies subject to special requirements
    3. Eligibility for appointment
    4. Appointment of partnerships
    5. Cases in which auditor need not be a member of a recognised supervisory body
    6. Effect of ineligibility
    7. Power of appropriate authority to require second audit
    8. Removal of auditors
    9. Removal of auditor on improper grounds
    10. Rights of auditors who are removed or not re-appointed
    11. Resignation of auditors
    12. Rights of resigning auditors
    13. Statement by person ceasing to hold office
    14. Offences of failing to comply with paragraph 14
    15. Duty of auditor to notify appropriate audit authority
    16. Duty of friendly society or registered branch to notify appropriate audit authority
    17. Meaning of “appropriate audit authority”
    18. Remuneration of auditors
    19. Remuneration of auditors or their associates for non-audit work
28. Schedule 14A · Appointment and removal of auditors: societies subject to special requirements
    1. Introductory
    2. Appointment of auditor for society which has an audit committee
    3. Appointment of auditor for society which does not have an audit committee
    4. Restriction on appointment of auditor who holds office for maximum engagement period
    5. The maximum engagement period
    6. Application to court to remove auditor from office
    7. Interpretation
29. Schedule 15 · Amalgamations, Transfers of Engagements and Conversion: Supplementary
    1. Part I Provision of Information to Members
    2. Part II Confirmation by appropriate authority
30. Schedule 16 · Amendments of 1974 Act
    1. (1) The 1974 Act shall be amended as follows.
    2. (2) (1) In subsection (1) of section 4—
    3. (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
    4. (4) In section 7, in subsection (1)— (a) for the words...
    5. (5) In section 13(1), for the words from “except" to the...
    6. (6) (1) For section 15 there shall be substituted the following...
    7. (7) In section 21, for the words “sum not exceeding 10p"...
    8. (8) After section 23 there shall be inserted the following section—...
    9. (9) For section 24 there shall be substituted the following section—...
    10. (10) For section 26 there shall be substituted the following section—...
    11. (11) Sections 27 and 28 shall cease to have effect.
    12. (12) Sections 29 to 45 shall cease to have effect in...
    13. (13) In section 35, after subsection (5) there shall be inserted...
    14. (14) In section 40, after subsection (2) there shall be added...
    15. (15) (1) In section 46, in subsection (1), paragraphs (a) and...
    16. (16) In section 49— (a) in paragraph (b), for “ £200”...
    17. (17) In section 50, after subsection (2) there shall be inserted...
    18. (18) (1) In section 51— (a) at the end of subsection...
    19. (19) In section 53, for subsection (1) there shall be substituted...
    20. (20) In section 55, at the end of subsection (4) there...
    21. (21) After section 57 there shall be inserted the following section—...
    22. (22) After section 63 there shall be inserted the following section—...
    23. (23) After section 65 there shall be inserted the following sections—...
    24. (24) Sections 70 to 75 shall cease to have effect.
    25. (25) (1) Section 76 shall be amended as follows.
    26. (26) Section 77 shall cease to have effect.
    27. (27) In section 78(1), after the words “Act 1950" there shall...
    28. (28) In section 80— (a) in subsection (1), at the beginning...
    29. (29) (1) Section 82 (amalgamation and transfer of engagements) shall be...
    30. (30) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
    31. (31) Section 84 shall cease to apply to registered friendly societies....
    32. (32) After section 84 there shall be inserted the following section—...
    33. (33) In section 86— (a) in subsection (1), at the beginning...
    34. (34) For section 87 there shall be substituted the following section—...
    35. (35) Sections 88 and 89 shall cease to have effect.
    36. (36) Section 90 shall cease to have effect in relation to...
    37. (37) In section 91(4), after the words “section 85(4) above" there...
    38. (38) In section 93— (a) in subsection (1)(b), for the words...
    39. (39) Section 95 shall cease to have effect in relation to...
    40. (40) In section 96, after the words “section 95(3)" there shall...
    41. (41) In section 97, in subsection (1)(b) after the words “section...
    42. (42) In section 98— (a) in subsection (1)(g), for the words...
    43. (43) In section 100(a), at the end there shall be added...
    44. (44) In section 102— (a) after “1980" there shall be inserted...
    45. (45) Section 106 shall cease to have effect.
    46. (46) In section 107, after subsection (2) there shall be inserted...
    47. (47) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
    48. (48) In section 111(1)— (a) in the definition of “collecting society"...
    49. (49) Section 115 shall cease to have effect.
    50. (50) In section 117(3), after the words “extends to" there shall...
    51. (51) (1) In paragraph 3 of Schedule 2—
    52. (52) After Schedule 6 there shall be inserted the following Schedule—...
31. Schedule 17
32. Schedule 18
    1. Part I Amendments of Provisions Other Than Schedule 11
    2. Part II Amendments of Schedule 11
33. Schedule 19
    1. Part I Great Britain
    2. Part II Northern Ireland
34. Schedule 20
    1. Part I General Mode of Application
    2. Part II Long Term Business by Societies to which Section 37(2) applies
35. Schedule 21 · Amendments
    1. Part I Amendments of Enactments
    2. Part II Amendments of Northern Ireland Legislation
36. Schedule 22 · Repeals
    1. Part I General
    2. Part II Northern Ireland Legislation
37. Schedule 13A to 1992 act
38. Schedule 13B to 1992 act
    1. Part III Friendly societies providing insurance in the united kingdom through overseas branches in other eea states
    2. Part IV Supplemental
39. Schedule 13C to 1992 act