# Finance Act 1956, Section 26


(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2) If, in the event of a dissolution of any . . . registered trade union, any approved annuity as defined in section 620(9) of the Income and Corporation Taxes Act 1988 ceases to be paid, or any contract for the payment of such an annuity fails in whole or in part, no payment shall be made in respect thereof out of the funds of the . . . union to the annuitant or other person entitled to the benefit of the contract, but any sum which, but for this provision, would have been paid to him shall be applied in purchasing for the benefit of the annuitant an annuity (for the like term, and subject to the like conditions against surrender, commutation or assignment) from a person lawfully carrying on in the United Kingdom a business of granting annuities on human life.
3)—(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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Source: https://www.legislation.gov.uk/ukpga/Eliz2/4-5/54/section/26 (the official version)
Page: https://openlegislation.uk/finance-act-1956/section-26
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.