# The Financial Services and Markets Act 2000 (Transitional Provisions) (Partly Completed Procedures) Order 2001, Article 123: Test to be applied by friendly society tribunal

Extent: E+W+S+N.I.

(1) Where in any transitional friendly society appeal the issues arising for consideration included the society’s actual or anticipated failure to satisfy one or more of the criteria of prudent management in section 50(3) of the original Friendly Societies Act, the friendly society tribunal must consider instead whether that society is failing or is likely to fail to satisfy the threshold conditions (within the meaning of section 41).
(2) Where in any transitional friendly society appeal the issues arising for consideration included the question whether a person was a fit and proper person to hold the particular position that he held, the friendly society tribunal must consider instead whether that person is a fit and proper person to perform the controlled functions in relation to the regulated activities which correspond to the functions which he was performing before commencement.

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Source: https://www.legislation.gov.uk/uksi/2001/3592/article/123 (the official version)
Page: https://openlegislation.uk/financial-services-and-markets-act-2000-transitional-provisions-partly-completed-procedures-order-2001/article-123
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.