Regulation 2 InterpretationI1

In these Regulations:

• “the Act” means the Friendly Societies Act 1992;

• “associated body”, in relation to a society, means a body in which the society holds shares or corresponding membership rights;

• “general business” has the same meaning as in the Act;

• “group accounts society” means a society the committee of management of which is obliged by F1section 69E of the Act (duty to prepare accounts) to prepare group accounts;

• “long term business” has the same meaning as in the Act;

• “long term fund” means the fund or funds maintained by a society in respect of its long term business in accordance with the provisions of the Act;

• “member” has the same meaning as in the Act;

• “non-directive society” means a friendly society to which section 37(2) or (3) of the Act does not apply, which is a registered society and which does not carry on reinsurance business;

• “particular account” means an income and expenditure account or a balance sheet;

• “policy holder”, in relation to a subsidiary or a jointly controlled body of a friendly society, has the same meaning as in F2any order made under section 424(2) of the Financial Services and Markets Act 2000 and for the time being in force;

• “single accounts society” means a society which is not a group accounts society;

• “society” means a friendly society—

  1. (a)

     to which section 37(2) or (3) of the Act applies,

  2. (b)

     which is an incorporated friendly society, or

  3. (c)

     which carries on reinsurance business; and

• “subsidiary” means a subsidiary of a group accounts society with which the group accounts of the society are required by section 69E of the Act to deal;

Where a society or a non-directive society (in this paragraph referred to as a central office) has registered branches, a requirement in these Regulations in respect of a society or a non-directive society is, except where it is expressly otherwise provided, a requirement which the central office and the registered branch must each comply with as if each of them is a society or a non-directive society.

Nothing in these Regulations is to be taken to imply that the carrying on by a society of any activity provision for the recording of which is contained in these Regulations is, by virtue of that provision, within the powers of that society.