Friendly Societies Act 1992
Friendly Societies Act 1992 (1992 c. 40)
- Friendly Societies Act 1992 (1992 c. 40)
- Part I Functions of the Financial Conduct Authority and the Prudential Regulation Authority
- 1 Functions of the Financial Conduct Authority and the Prudential Regulation Authority in relation to friendly societies
- 2 Financial provision for Commission.
- 3 Accounts of Commission and audit.
- 4 Annual and other reports.
- Part II Incorporated Friendly Societies
- Constitution and purposes of incorporated friendly societies
- 5 Establishment of incorporated friendly societies.
- 6 Incorporation of registered friendly societies.
- 7 Purposes and powers of an incorporated friendly society.
- 8 Effect of the memorandum of an incorporated society.
- 9 Effect of the rules of an incorporated society.
- 10 Social and benevolent activities.
- 11 Group insurance.
- 12 Reinsurance.
- 13 Control of subsidiaries and other bodies corporate.
- Powers of incorporated friendly societies
- 14 Investment of funds.
- 15 Holding of land for purposes other than investment.
- 16 Assistance to subsidiaries and jointly controlled bodies.
- 17 Loans to assured members.
- Benefit terms
- 18 Terms on which benefits are available.
- Dissolution and winding up
- 19 Modes of dissolution and winding up.
- 20 Dissolution by consent.
- 21 Voluntary winding up.
- 22 Winding up by court: grounds and petitioners.
- 23 Application of winding up legislation to incorporated friendly societies.
- 24 Continuation of long term business.
- 25 Power of court to declare dissolution void.
- 26 Cancellation of registration.
- Part III Management and Administration
- Committee of management and other officers
- 27 Committee of management.
- 28 Chief executive and secretary.
- 29 Notification of officers to FCA.
- Meetings and resolutions
- 30 Meetings and resolutions.
- Part IV Authorisation of Friendly Societies’ Business
- Restriction on carrying on unauthorised business
- 31 Restriction on carrying on unauthorised insurance or non-insurance business.
- Authorisation to carry on business
- 32 Grant of authorisation by Commission: general.
- 33 Applications from certain existing friendly societies.
- 34 Grant of unconditional or conditional authorisation.
- 35 Extension of current authorisation.
- 36 Imposition of conditions on current authorisation.
- 36A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Restrictions on business of certain authorised societies
- 37 Restriction on combinations of business.
- 38 Restriction on commercial business.
- Powers of Commission in relation to authorised societies
- 39 Power to direct application for fresh authorisation.
- 40 Withdrawal of authorisation in respect of new business.
- 41 Withdrawal of authorisation to carry on insurance business.
- Supplementary
- 42 Contracts effected in contravention of section 31(1).
- 43 Interpretation of Part IV.
- Part V Regulation of Friendly Societies’ Business
- Preliminary
- 44 Appointment of actuary by societies with long term business.
- 45 Valuation of assets and liabilities.
- Actuarial investigations
- 46 Annual investigation into condition of certain societies.
- 47 Triennial investigations into condition of certain societies.
- Margins of solvency
- 48 Margins of solvency in relation to insurance business of certain societies.
- 49 Failure to maintain prescribed margin of solvency.
- Adequacy of assets and premiums
- 49A Adequacy of assets.
- 49B Adequacy of premiums in respect of long term insurance.
- Criteria of prudent management
- 50 The criteria of prudent management.
- Powers of FCA and PRA
- 51 Power to forbid acceptance of new members.
- 52 Applications to court.
- 52A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 53 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 54 Supervision of activities of subsidiaries etc.
- 55 Supervision of group insurance business.
- 55A Supervision of controllers.
- 56 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Covering of risks situated in another member State
- 57 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 57A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Notices, hearings and appeals
- 58 Rights of appeal.
- 58A Notices, hearings and appeals.
- 59 Determination of appeals.
- 60 Costs, procedure and evidence.
- 61 Further appeals on points of law.
- Information
- 62 Powers to obtain information and documents etc.
- 62A Entry of premises under warrant under section 176 of the Financial Services and Markets Act 2000.
- 63 Confidentiality of certain information.
- 63A Disclosure of information.
- 63 Confidentiality of certain information.
- 64 Exceptions from restrictions on disclosure.
- Inspections etc.
- 65 Investigations on behalf of FCA or PRA.
- 65A Protection of supplies
- 66 Inspections and special meetings: general.
- 67 Inspections: supplementary provision.
- 67A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 67B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 67C . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 67D . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Part VI Accounts and Audit
- Records . . .
- 68 Accounting records ...
- Annual accounts of friendly societies and registered branches
- 69 Duty to prepare accounts.
- 69A Duty to prepare individual accounts
- 69B. Friendly Societies Act individual accounts
- 69C. Form and contents of Friendly Societies Act individual accounts
- 69D. IAS individual accounts
- 69E. Duty to prepare group accounts
- 69F. Friendly Societies Act group accounts
- 69G. Form and content of Friendly Societies Act group accounts
- 69H. IAS group accounts
- 69I. Consistency of accounts
- 69J Disclosures relating to members of the committee of management and employees of the society
- 69K Disclosures about related undertakings
- 69L. Disclosures relating to off-balance-sheet arrangements
- 69M. Disclosure of auditor remuneration
- 70 Contents and form of annual accounts.
- Committee of management’s annual report
- 71 Report on a friendly society’s affairs by the committee of management.
- 71A Business review
- Auditors
- 72 Auditors’ appointment, tenure, qualifications, etc.
- Auditors’ report on annual accounts
- 73 Auditor’s report.
- 74 Signature of auditor’s report
- 74A. Senior statutory auditor
- 74B. Names to be stated in copies of auditor’s report filed or published
- 74C. Circumstances in which names may be omitted
- 75 Auditor’s rights to information and to attend meetings.
- 76 Approval and signing of accounts.
- 77 Information on appointed actuary to be annexed to balance sheet.
- Laying and furnishing of accounts and reports
- 78 Laying and furnishing of accounts and reports.
- 78A Interpretation of Part 6
- 79 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Part VII Disputes
- Disputes relating to friendly societies
- 80 Determination of certain disputes by arbitration.
- 81 Complaints by members of friendly societies.
- 82 Disputes arising out of loans of surplus funds to societies of different description.
- Disputes relating to industrial and provident societies
- 83 Disputes relating to industrial and provident societies.
- Disputes under National Savings Bank Act 1971 and National Debt Act 1972
- 84 Disputes under the National Savings Bank Act 1971 and National Debt Act 1972.
- Part VIII Amalgamations, Transfers of Engagements and Conversion of Friendly Societies into Companies
- Amalgamations
- 85 Amalgamation of friendly societies.
- Transfers of engagements
- 86 Transfer of engagements by or to friendly society.
- 87 Actuary’s report as to margin of solvency.
- 88 Actuary’s report on transfer of long term business.
- 89 Power of appropriate authority to alter requirements for transfer by friendly society.
- 90 Power of appropriate authority to effect transfer of engagements.
- 90A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Conversions
- 91 Conversion of friendly society into company.
- Supplementary
- 92 Compensation for loss of office.
- Part IX Miscellaneous
- Societies registered under 1974 Act
- 93 Registration of societies under 1974 Act.
- 94 Registered friendly societies and branches: validation and ratification by members.
- 95 Amendments of 1974 Act.
- Societies registered in Northern Ireland
- 96 Extension of 1974 Act to Northern Ireland.
- Other miscellaneous provisions
- 97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 98 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 99 Insurance of lives of children under 10.
- 100 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 101 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Part X General and Supplementary
- General
- 102 Power to amend, etc. to assimilate to company law or law relating to persons carrying on insurance business.
- 103 Power to modify Part VI in relation to particular friendly societies.
- 104 Public file of a friendly society.
- 105 Exemptions from stamp duty.
- 105A. Stamp duty land tax
- 106 Officers and auditors not to be exempted from liability.
- 107 Time limit for commencing proceedings.
- 108 Offences by bodies corporate, partnerships and unincorporated associations.
- 109 Defence of due diligence.
- 110 Jurisdiction of magistrates' courts in Northern Ireland.
- 111 Evidence.
- 112 Records of friendly societies.
- 113 Service of notices.
- 114 Form of documents.
- 115 Provision as to information supplied for purposes of social security.
- Interpretation
- 116 Friendly societies etc.
- 117 Insurance business etc.
- 118 Financial year of friendly societies.
- 119 General interpretation.
- 119A Meaning of “associate".
- 119AA. Meaning of electronic form, electronic means etc.
- 119AB. Communications by means of a website
- 119B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Supplementary
- 120 Amendments and repeals.
- 121 Orders and regulations.
- 122 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 123 Power to make transitional, consequential etc. provisions.
- 124 Northern Ireland.
- 125 Channel Islands and Isle of Man.
- 126 Short title and commencement.
- SCHEDULES
- Status
- Tenure of office of member
- Remuneration and pensions, etc. for part-time members
- Parliamentary disqualification
- Staff
- Proceedings
- Performance of functions
- Instruments
- Execution of documents in Scotland
- SCHEDULE 2 The Activities of a Friendly Society
- SCHEDULE 3 Establishment, Incorporation and Constitution of Incorporated Friendly Societies
- Requirements for establishment and incorporation
- The memorandum
- The rules
- Requirements for alteration of memorandum and rules
- Membership
- Liability of members
- Name
- Offences relating to society’s name
- Change of registered office
- Societies to supply copies of rules etc
- Register of members
- Inspection of records by members
- SCHEDULE 4 Incorporation of Registered Friendly Societies: Supplementary
- Preliminary
- Schemes under section 6(5)
- Effect of incorporation on registered society
- Effect of incorporation on branches of registered society
- Consequences of transfer
- SCHEDULE 5 Additional Activities of Incorporated Societies
- Introductory
- Loans out of separate loan fund
- Power to set up funds for purchasing Government Securities
- Investment of funds in housing association
- Accumulation of members’ surplus contributions
- Subscriptions to other bodies
- SCHEDULE 6 Making of Contracts and Execution of Documents by Incorporated Friendly Societies
- England and Wales and Northern Ireland
- Scotland
- Activities
- SCHEDULE 8 Provisions supplementary to Section 13
- SCHEDULE 9 Nominations by Members of Incorporated Friendly Societies and Related Matters
- SCHEDULE 10 Application of Companies Winding Up Legislation to Incorporated Friendly Societies
- Part I General Mode of Application
- Part II Modified Application of Insolvency Act 1986 Parts IV , 6, 7, 12 and 13and Schedule 10
- Preliminary
- Members of a friendly society as contributories in winding up
- Voluntary winding up
- Winding up by the court
- Winding up: general
- Penal provisions
- Protection of supplies
- Preferential debts
- Insolvency practitioners: their qualification and regulation
- Part III Modified Application of Insolvency (Northern Ireland) Order 1989
- Preliminary
- Members of a friendly society as contributories in winding up
- Voluntary winding up
- Winding up by the High Court
- Winding up: general
- Penal provisions
- Preferential debts
- Insolvency practitioners: their qualification and regulation
- Part IV Supplementary
- Dissolution of incorporated friendly society after winding up
- Insolvency rules and fees
- SCHEDULE 11 Committee of Management: Supplementary
- Part I Eligibility and Retirement of Committee Members
- Preliminary
- Eligibility to be elected committee member
- Eligibility to be co-opted committee member
- Notice to society of age of committee member
- Retirement of elected committee members
- Retirement of co-opted members
- Part II Dealings with Members of Committee of Management
- Requisite particulars where no adoption of this Part
- Requisite particulars on adoption of this Part
- Power to prescribe bands
- SCHEDULE 12 Meetings and Resolutions
- Annual general meeting
- Notice for calling meetings
- Members’ entitlement to vote on resolutions
- Right to demand a poll
- Special resolutions
- Postal ballots
- Electronic ballots
- Combined ballots
- Resolutions requiring special notice
- Part I Applications for Authorisation
- Preliminary
- Procedure for granting authorisation
- Offences in connection with application
- Terms of authorisation: supplementary
- Part II Imposition of Conditions and Withdrawal of Authorisation
- Preliminary
- Imposition of conditions
- Imposition of conditions on appeal
- Procedure for withdrawing authorisation
- Non-receipt of notice by officer
- PART III FRIENDLY SOCIETIES PROVIDING INSURANCE IN THE UNITED KINGDOM THROUGH OVERSEAS BRANCHES IN OTHER EEA STATES
- PART IV SUPPLEMENTAL
- SCHEDULE 13D Disclosures about members of the committee of management and employees
- PART 1 Emoluments of and dealings with members of the committee
- Aggregate amount of committee members' emoluments
- Details of chairman’s and committee members' emoluments
- Emoluments waived
- Pensions of members of the committee and past members of the committee
- Compensation to members of the committee for loss of office
- Sums paid to third parties in respect of services of members of the committee
- Supplementary provisions regarding committee members' emoluments
- Interpretation of provisions regarding committee members' emoluments
- Committee members' loans and transactions
- Disclosure of auditors' remuneration
- PART 2 Information about employees
- Interpretation: general
- SCHEDULE 13E Disclosures about related undertakings
- PART 1 Societies not required to prepare consolidated group accounts
- Subsidiary undertakings
- Holdings in subsidiary undertakings
- Financial information about subsidiary undertakings
- Financial years of subsidiary undertakings
- Significant holdings in bodies corporate other than subsidiary undertakings
- Construction of references to shares held by society
- PART 2 Societies required to prepare consolidated accounts
- Subsidiary undertakings
- Holdings in subsidiary undertakings
- Financial information about subsidiary undertakings not included in the consolidation
- Jointly controlled bodies
- Other significant holdings of society or group
- Construction of references to shares held by society or group
- Interpretation: general
- SCHEDULE 13F Disclosure of auditor remuneration etc
- Disclosure required
- Types of service
- Disclosure not required of remuneration for certain services provided by distant associate
- Duty of auditor to supply information
- Meaning of “associate” and “distant associate” of auditor
- Interpretation
- Application to registered branches
- SCHEDULE 14 Auditors: Appointment, Tenure, Qualifications and Remuneration
- Appointment
- Appointments in relation to friendly societies subject to special requirements
- Eligibility for appointment
- Appointment of partnerships
- Cases in which auditor need not be a member of a recognised supervisory body
- Effect of ineligibility
- Power of appropriate authority to require second audit
- Removal of auditors
- Removal of auditor on improper grounds
- Rights of auditors who are removed or not re-appointed
- Resignation of auditors
- Rights of resigning auditors
- Statement by person ceasing to hold office
- Offences of failing to comply with paragraph 14
- Duty of auditor to notify appropriate audit authority
- Duty of friendly society or registered branch to notify appropriate audit authority
- Meaning of “appropriate audit authority”
- Remuneration of auditors
- Remuneration of auditors or their associates for non-audit work
- SCHEDULE 14A APPOINTMENT AND REMOVAL OF AUDITORS: SOCIETIES SUBJECT TO SPECIAL REQUIREMENTS
- Introductory
- Appointment of auditor for society which has an audit committee
- Appointment of auditor for society which does not have an audit committee
- Restriction on appointment of auditor who holds office for maximum engagement period
- The maximum engagement period
- Application to court to remove auditor from office
- Interpretation
- SCHEDULE 15 Amalgamations, Transfers of Engagements and Conversion: Supplementary
- Part I Provision of Information to Members
- Statements relating to amalgamations and transfers
- Statements relating to conversion of society into company
- Part II Confirmation by appropriate authority
- Applications for confirmation
- Confirmation by appropriate authority: General
- . . .
- Confirmation of transfers of engagements
- ...
- Effect of failure to comply with relevant requirements
- Interpretation
- SCHEDULE 16 Amendments of 1974 Act
- Part I Amendments of Provisions Other Than Schedule 11
- Part II Amendments of Schedule 11
- Part I Great Britain
- Industrial Assurance Act 1923
- Industrial Assurance and Friendly Societies Act 1948
- Part II Northern Ireland
- Part I General Mode of Application
- General rules as to applicable law
- Applicable law in the absence of choice
- Mandatory rules
- Supplementary provisions
- Part II Long Term Business by Societies to which Section 37(2) applies
- General rules as to applicable law
- Mandatory rules
- Supplementary provisions
- SCHEDULE 21 Amendments
- Part I Amendments of Enactments
- Loan Societies Act 1840
- National Savings Bank Act 1971
- National Debt Act 1972
- Solicitors Act 1974
- Insurance Companies Act 1982
- Companies Act 1985
- Company Directors Disqualification Act 1986
- Banking Act 1987
- Income and Corporation Taxes Act 1988
- Companies Act 1989
- Tribunals and Inquiries Act 1992
- Trade Union and Labour Relations (Consolidation) Act 1992
- Social Security Contributions and Benefits (Northern Ireland) Act 1992
- Part II Amendments of Northern Ireland Legislation
- Parliamentary Commissioner Act (Northern Ireland) 1969
- Industrial and Provident Societies Act (Northern Ireland) 1969
- Social Security Pensions (Northern Ireland) Order 1975
- Statutory Rules (Northern Ireland) Order 1979
- Housing (Northern Ireland) Order 1981
- Property (Discharge of Mortgage by Receipt)(Northern Ireland) Order 1983
- Credit Unions (Northern Ireland) Order 1985
- Companies (Northern Ireland) Order 1986
- Companies (Northern Ireland) Order 1989
- SCHEDULE 22 Repeals
- Part I General
- Part II Northern Ireland Legislation
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