OpenLegislation

Section 42 Regulations and directions . . . relating to valuations.F9C1

United Kingdom

C2(1)

The F1Treasury may by regulations provide that in relation to any registered society or branch of a class specified in the regulations, section 41 above shall have effect as if for the period of five years specified in subsection (1) of that section there were substituted a period of three years.

(2)

The Treasury may by regulations provide that in relation to any registered society or branch of a class specified in the regulations, section 41 above shall have effect as if it required the society or branch—

(a)

to cause its assets and liabilities in respect of any business of a class so specified to be valued under that section and to send to F2the FCA and, if the registered society or branch is a PRA-authorised person, the PRA a report of those assets and liabilities at least once in every three years; and

(b)

to cause its assets and liabilities in respect of any other business (other than business to which a partial exemption under subsection (6) of section 41 above relates) to be so valued and to send to the FCA and, if the registered society or branch is a PRA-authorised person, the PRA a report on those assets and liabilities at least once in every five years.

F3(3)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4)

Without prejudice to the preceding provisions of this section, if in the opinion of the F4appropriate authority it is expedient in the interests of the members of any particular registered society or branch to do so, F5the appropriate authority may direct that, in relation to that society or branch, section 41 above shall have effect—

(a)

as if for the period of five years specified in subsection (1) of that section there were specified a period of three years; or

(b)

as if it required that society or branch—

(i)

to cause its assets and liabilities in respect of any particular business specified in the direction to be valued under that section and to send to the F6FCA and, if the registered society or branch is a PRA-authorised person, the PRA a report on those assets and liabilities at least once in every three years; and

(ii)

to cause its assets and liabilities in respect of any other business (other than business to which a partial exemption under subsection (6) of that section relates) to be so valued and to send to the FCA and, if the registered society or branch is a PRA-authorised person, the PRA a report on those assets and liabilities at least once in every five years.

(5)

The F7appropriate authority may at any time revoke a direction given by F8itunder subsection (4) above.

(6)

Any power to make regulations under this section may be exercised so as to make different provision in relation to different cases or different circumstances to which the power is applicable.

Annotations

Textual amendments

F1

Words in s. 42(1)(2) substituted (17.8.2001 for certain purposes, otherwise 1.12.2001) by S.I. 2001/2617, arts. 2(b), 8, 13(1), Sch. 3 Pt. I para. 19(b) (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2(1)

F2

Words in s. 42(2) substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 5 para. 8(2) (with Sch. 12)

F3

S. 42(3) repealed (17.8.2001 for certain purposes, otherwise 1.12.2001) by S.I. 2001/2617, arts. 2(b), 8, 13(1)(2), Sch. 3 Pt. I para. 19(d), Sch. 4 (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2(1)

F4

Words in s. 42(4) substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 5 para. 8(3)(a) (with Sch. 12)

F5

Words in s. 42(4)(5) substituted (17.8.2001 for certain purposes, otherwise 1.12.2001) by S.I. 2001/2617, arts. 2(b), 8, 13(1), Sch. 3 Pt. I para. 19(e)(i)-(iii)(f)(i) (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2(1)

F6

Words in s. 42(4)(b) substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 5 para. 8(3)(b) (with Sch. 12)

F7

Words in s. 42(5) substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 5 para. 8(4) (with Sch. 12)

F8

Word in s. 42(5) substituted (17.8.2001 for certain purposes, otherwise 1.12.2001) by S.I. 2001/2617, arts. 2(b), 8, 13(1), Sch. 3 Pt. I para. 19(f)(ii) (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2(1)

F9

Words in s. 42 side-note repealed (17.8.2001 for certain purposes, otherwise 1.12.2001) by S.I. 2001/2617, arts. 2(b), 8, 13(1)(2), Sch. 3 Pt. I para. 19(a), Sch. 4 (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2(1)

Modifications

C1

By Friendly Societies Act 1992 (c. 40), s. 95, Sch. 16 para. 12 (with ss. 7(5) and 93(4)); S.I. 1993/2213, art. 2, Sch. 6 (1.1.1994) it is provided that ss. 29-45 shall cease to have effect in relation to registered friendly societies and registered branches of such societies.

S.I. 1995/710 arts. 1(2) (in force 1.4.1995) for the year ending 31.12.1993 it is provided that s. 42 shall continue to have effect (temp.) for the purposes mentioned.

C2

S. 42(1)(2): functions transferred to the Treasury (1.12.2001) by S.I. 2001/2617, arts. 2(b), 4(1), Sch. 1 Pt. I (with art. 5); S.I. 2001/3538, art. 2(1)