Article 186 Power of societies to disapply obligation to appoint auditorsI1

Section 32A of the Friendly Societies Act 1974^f1 (power of societies to disapply section 31) is amended as follows.

In subsection (3) the words “within the meaning of the Banking Act 1987” are repealed.

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.”.