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Friendly Societies Act 1974

1974 c. 46 · Enacted 31 July 1974 · Extends to United Kingdom

Up to date with all changes known to legislation.gov.uk, revised to 31 October 2016.

An Act to consolidate the Friendly Societies Acts 1896 to 1971 and certain other enactments relating to the societies to which those Acts apply with amendments to give effect to recommendations of the Law Commission and the Scottish Law Commission.

[31st July 1974] I1C1C2C3C4C5C6C7C8C9C10

Annotations to the whole text

Modifications

C1

Act modified by Finance Act 1984 (c. 43, SIF 63:1), s. 73(7)–(9)

C2

Act excluded by S.I. 1987/2132, reg. 65

C3

Act excluded by S.I. 1983/408, reg. 4

C4

Act restricted (1.2.1993) by Friendly Societies Act 1992 (c. 40), s. 93(1) (with ss. 7(5) and 93(4)); S.I. 1993/16, art. 2, Sch. 3.

C5

Act extended to N.I. (1.1.1994) by Friendly Societies Act 1992 (c. 40), s. 96(1) (with ss. 7(5) and 93(4)); S.I. 1993/3226, art. 2, Sch. 2.

C6

Act modified (1.1.1994) by Friendly Societies Act 1992 (c. 40), s. 124(2), (with ss. 7(5) and 93(4)); S.I. 1993/3226, art. 2, Sch. 2.

C7

Act restricted (16.10.1992) by Trade Union and Labour Relations (Consolidation) Act 1992 (c. 52), ss. 10(3)(b), 302.

C8

Act applied (16.10.1992) by Trade Union and Labour Relations (Consolidation) Act 1992 (c. 52), ss. 19(2), 302.

C9

Act: power to amend conferred (7.2.1994) by 1993 c. 48 s. 162 (with s. 6(8)); S.I. 1994/86 art. 2 (with ss. 6(8), 164)

Act: power to amend conferred (N.I.) (7.2.1994) by 1993 c. 49 s. 158(3); S.R. 1994/17 art. 2 (with Sch. 8 para. 7(2)

C10

Act power to amend conferred (24.1.2013) by Financial Services Act 2012 (c. 21), ss. 50(2)(e), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(a), Sch. Pt. 1

Commencement

I1

Act partly in force at Royal Assent see s. 117(2); Act wholly in force at 1.4.1975.

Contents

  1. The Registry of Friendly Societies
  2. 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  3. 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  4. 3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  5. 4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  6. 5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  7. 6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  8. Registration of societies and branches
  9. 7Societies which may be registered.
  10. 8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  11. 9Special provisions as to dividing societies and societies assuring annuities.
  12. 10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  13. 11Additional requirements for registration of societies with branches.
  14. 12Establishment of new branches.
  15. 13Registration of branches as societies.
  16. 14Name of seceding or expelled branch.
  17. 15AAcknowledgement of registration and rules of new branch.
  18. 16Appeals from refusal to register.
  19. Provisions as to rules
  20. 17. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  21. 18Registration of amendments of rules of society or branch.
  22. 19Acknowledgment of registration of amendments of rules.
  23. 20Appeals from refusal to register amendment of rule.
  24. 21Duty to supply copies of rules.
  25. 22Rules of certain registered societies to bind members at law.
  26. 23Special provisions which may be included in rules.
  27. Trustees and Officers
  28. 24Trustees of registered societies and branches.
  29. 25Minors not to hold office.
  30. 26Proof of appointment of officers and trustees.
  31. 27. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  32. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  33. Accounts, audit and auditors
  34. 29Books of account, etc.
  35. 30General provisions as to accounts and balance sheets.
  36. 30APublication of accounts and balance sheets.
  37. 31Obligation to appoint auditors.
  38. 32Audit of exempt societies and branches.
  39. 32APower of societies to disapply section 31.
  40. 33Re-appointment and removal of auditors.
  41. 34Notice of resolutions relating to appointment and removal of auditors.
  42. 35Proceedings subsequent to receipt of notice under s. 34.
  43. 36Qualified auditors.
  44. 37Restrictions on appointment of auditors.
  45. 38Auditors’ report.
  46. 39Auditors’ right of access to books and to attend and be heard at meetings.
  47. 39ADuty to obtain accountant’s report where section 31 disapplied.
  48. 39BRights of person appointed under section 39A(2).
  49. 39CPower of appropriate authority to require accounts of past years to be audited.
  50. 40Remuneration of qualified auditors.
  51. Valuations and annual returns
  52. 41Valuations.
  53. 42Regulations and directions . . . relating to valuations.
  54. 43Annual return.
  55. 44Copies of annual return to be supplied on demand.
  56. 45Copies of balance sheet and valuation to be displayed.
  57. Investment, funds and property
  58. 46Investment of funds.
  59. 47Power to set up funds for purchase of Government securities on behalf of members.
  60. 48Loans to assured members.
  61. 49Loans out of separate loan fund.
  62. 50Loans of surplus funds to registered society or branch of different description.
  63. 51Power of friendly society to invest in housing association.
  64. 52Charitable subscriptions and contributions to other registered societies.
  65. 53Holding of land.
  66. 54Vesting of property in trustees.
  67. 55Power of the Public Trustee to hold securities of certain friendly societies and branches.
  68. 56Legal proceedings concerning property.
  69. 57Discharge of certain mortgages.
  70. 57ADischarge of certain mortgages in Northern Ireland.
  71. 58Devolution of property on death, resignation or removal of trustee.
  72. 59Priority on death, bankruptcy, etc., of officer.
  73. Membership and rights of members
  74. 60Membership of minors.
  75. 61Members’ subscriptions not generally recoverable at law.
  76. 62Inspection of books by members.
  77. 63Accumulation of member’s surplus contributions.
  78. 63ARegister of members of registered friendly societies.
  79. Benefits: limitations and payment
  80. 64. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  81. 65. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  82. 65AGroup insurance business.
  83. 65BTerms on which benefits are provided by friendly societies.
  84. 66Power of member to nominate person to receive sums payable on his death.
  85. 67Payment on death of a nominator.
  86. 68Devolution of sums due where no nomination.
  87. 69Validity of payments.
  88. 70. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  89. 71. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  90. 72. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  91. 73. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  92. 74. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  93. 75. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  94. Disputes
  95. 76Decision of disputes generally.
  96. 77. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  97. 78Statement of case and discovery, etc., of documents.
  98. 79Reference of disputes to court otherwise than under rules.
  99. 80Disputes arising out of loans of surplus funds to societies of different description.
  100. Change of name, amalgamation and transfer of engagements and conversion of societies
  101. 81Power to change name.
  102. 82Amalgamation and transfer of engagements.
  103. 83. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  104. 84Conversion of registered societies into companies.
  105. 84AConversion of registered societies into industrial and provident societies.
  106. 85Conversion of society into branch.
  107. 86Meaning and registration of special resolutions.
  108. Winding-up, suspension of business and inspection
  109. 87Power of FCA and of PRA to apply for winding-up of registered friendly societies and branches.
  110. 88. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  111. 89. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  112. 90Appointment of inspectors and calling of special meetings.
  113. Cancellation and suspension of registration and dissolution
  114. 91Cancellation and suspension of registration.
  115. 92Appeals against cancellation and suspension of registration.
  116. 93Dissolution of societies and branches.
  117. 94Instrument of dissolution.
  118. 95Dissolution by award.
  119. 95ADissolution of registered friendly societies and branches by award.
  120. 96Finality of awards for dissolution or distribution of funds.
  121. 97Notice of proceedings or order to set aside dissolution.
  122. Offences, penalties and legal proceedings
  123. 98Offences.
  124. 99Punishment of fraud, etc. and recovery of property misapplied.
  125. 100Falsification of balance sheets, etc.
  126. 101Prosecution of offences, recovery of costs or expenses.
  127. 102Jurisdiction of magistrates' courts in Northern Ireland Repealed
  128. 103Legal proceedings concerning registered societies, etc.
  129. Miscellaneous
  130. 104Fees.
  131. 104AFees for inspection or copying of documents.
  132. 105Exemptions from stamp duty.
  133. 105AExemption from stamp duty land tax
  134. 106. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  135. 107Provision as to information supplied for purposes of national insurance and social security.
  136. 108Protection for members of registered societies joining the forces.
  137. 109Regulations.
  138. 110Evidence and deposit of documents.
  139. General provisions
  140. 111Interpretation.
  141. 112Isle of Man.
  142. 113Channel Islands.
  143. 114Payments to legal representative in Channel Islands and Isle of Man.
  144. 115. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  145. 116Amendments, transitory provisions and repeals.
  146. 117Short title, commencement and extent.
  147. Schedule 1
  148. Paragraph
  149. Schedule 2: Matters to be provided for by the Rules of Societies registered under this Act
  150. Part I: Provisions Applicable to all Societies
  151. 1Paragraph 1
  152. 2Paragraph 2
  153. 3Paragraph 3
  154. 4Paragraph 4
  155. 5Paragraph 5
  156. 6Paragraph 6
  157. 7Paragraph 7
  158. 8Paragraph 8
  159. 9Paragraph 9
  160. 10Paragraph 10
  161. 11Paragraph 11
  162. Part II: Provisions Applicable to Friendly Societies and Cattle Insurance Societies
  163. 12Paragraph 12
  164. 13Paragraph 13
  165. 14Paragraph 14
  166. 15Paragraph 15
  167. Schedule [SCHEDULE 3
  168. . . .
  169. . . .
  170. Schedule 4Form of Receipt to be Endorsed on Mortgage or Further Charge
  171. Schedule [SCHEDULE 5]
  172. 1Paragraph 1 Repealed
  173. 2Paragraph 2 Repealed
  174. 3Paragraph 3 Repealed
  175. 4Paragraph 4 Repealed
  176. 5Paragraph 5 Repealed
  177. 6Paragraph 6 Repealed
  178. 7Paragraph 7 Repealed
  179. 8Paragraph 8 Repealed
  180. 9Paragraph 9 Repealed
  181. 10Paragraph 10 Repealed
  182. Schedule 6: Provisions Applicable Where Person Assured is Resident Outside the United Kingdom and Isle of Man
  183. 1Paragraph 1 Repealed
  184. 2Paragraph 2 Repealed
  185. 3Paragraph 3 Repealed
  186. 4Paragraph 4 Repealed
  187. 5Paragraph 5 Repealed
  188. 6Paragraph 6 Repealed
  189. 7Paragraph 7 Repealed
  190. 8Paragraph 8 Repealed
  191. 9Paragraph 9 Repealed
  192. Schedule 6A: CONVERSION OF REGISTERED SOCIETIES INTO INDUSTRIAL AND PROVIDENT SOCIETIES: SUPPLEMENTARY
  193. 1Paragraph 1
  194. 2Paragraph 2
  195. 3Paragraph 3 Not yet in force
  196. 4Paragraph 4
  197. Schedule 7: Provisions of Section 107 of this Act to have effect until Coming Into Force of Certain Provisions of the Social Security Act 1973
  198. 107Paragraph 107
  199. Schedule 8
  200. Paragraph Repealed
  201. Schedule 9: AMENDMENTS OF OTHER ENACTMENTS
  202. The Friendly Societies Act 1896 (c. 25)
  203. 1Paragraph 1 Repealed
  204. The Industrial Assurance Act 1923 (c. 8)
  205. 2Paragraph 2 Repealed
  206. 3Paragraph 3
  207. 4Paragraph 4
  208. 5Paragraph 5 Repealed
  209. The Industrial Assurance and Friendly Societies Act 1948 (c. 39)
  210. 6Paragraph 6 Repealed
  211. 7Paragraph 7
  212. 8Paragraph 8 Repealed
  213. 9Paragraph 9
  214. 10Paragraph 10
  215. 11Paragraph 11
  216. 12Paragraph 12 Repealed
  217. 13Paragraph 13
  218. 14Paragraph 14
  219. 15Paragraph 15
  220. The Friendly Societies Act 1955 (4 & 5 Eliz. 2. c. 19)
  221. 16Paragraph 16
  222. 17Paragraph 17 Repealed
  223. The Industrial and Provident Societies Act 1965 (c. 12)
  224. 18Paragraph 18 Repealed
  225. The Administration of Estates (Small Payments) Act 1965 (c. 32)
  226. 19Paragraph 19
  227. 20Paragraph 20
  228. The Public Expenditure and Receipts Act 1968 (c. 14)
  229. 21Paragraph 21 Repealed
  230. The Friendly and Industrial and Provident Societies Act 1968 (c. 55)
  231. 22Paragraph 22 Repealed
  232. 23Paragraph 23 Repealed
  233. Schedule 10: Transitory Provisions and Savings
  234. 1Paragraph 1
  235. 2Paragraph 2
  236. 3Paragraph 3
  237. 4Paragraph 4
  238. 5Paragraph 5
  239. 6Paragraph 6
  240. 7Paragraph 7
  241. 8Paragraph 8
  242. 9Paragraph 9 Repealed
  243. 10Paragraph 10
  244. 11Paragraph 11
  245. 12Paragraph 12
  246. 13Paragraph 13
  247. 14Paragraph 14
  248. Schedule 11ENACTMENTS REPEALED