Section 86 Meaning and registration of special resolutions.

United Kingdom

(1)

F1Subject to subsection (2A) below For the purposes of this Act a special resolution, in relation to a registered society or branch, is a resolution passed—

(a)

at a general meeting of which notice, specifying the intention to propose that resolution, has been duly given in accordance with the society’s rules, and

(b)

by not less than three-quarters of those members of the society for the time being entitled under the society’s rules to vote who vote either in person or by proxy at the meeting or, in the case of a meeting of delegates appointed by members, by not less than three-quarters of the delegates who vote at the meeting.

C1(2)

Notwithstanding anything to the contrary in the rules of a registered society, at any such general meeting as is referred to in subsection (1)(a) above, other than a meeting of delegates, proxy voting shall be permitted on any resolution which, if passed as mentioned in subsection (1)(b) above, would be a special resolution, and the procedure adopted by a registered society for proxy voting on any such resolution shall comply with any requirements imposed by the F2Treasury by regulations made under this section.

F3(2A)

For the purposes of this Act “ special resolution ”, in relation to a registered friendly society, shall be construed in accordance with paragraph 7 of Schedule 12 to the 1992 Act.

(3)

A copy of every special resolution for any of the purposes mentioned in this Act, signed by the chairman of the meeting and countersigned by the secretary, shall be sent to the F4FCA and, subject to subsection (4) below, shall be F5registered by it; and until that copy is so registered the special resolution shall not take effect.

(4)

Where, in accordance with subsection (3) above, there is sent to the FCA a copy of a special resolution passed at a meeting of a registered friendly society for the purpose referred to in subsection (1), subsection (2) or subsection (3) of section 82 above, the resolution shall not be registered (and accordingly shall not take effect) before the expiry of the period of six weeks beginning with the date on which it is received F6by the FCA.

Annotations

Textual amendments

F1: Words in s. 86(1) inserted (13.9.1993) by Friendly Societies Act 1992 (c. 40), s. 95, Sch. 16 para. 33(a) (with ss. 7(5) and 93(4)); S.I. 1993/2213, art. 2(1), Sch. 3 (with art. 5).
F2: Word in s. 86(2) substituted (17.8.2001 for certain purposes, otherwise 1.12.2001) by S.I. 2001/2617, arts. 2, 8, 13(1), Sch. 3 Pt. I para. 32(a) (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2(1)
F3: S. 86(2A) inserted (13.9.1993) by Friendly Societies Act 1992 (c. 40), s. 95, Sch. 16 para. 33(b) (with ss. 7(5) and 93(4)); S.I. 1993/2213, art. 2(1), Sch. 3 (with art. 5).
F4: Words in s. 86(3)(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. 2(1)(a)(2)(o) (with Sch. 12)
F5: Words in s. 86(3) substituted (17.8.2001 for certain purposes, otherwise 1.12.2001) by S.I. 2001/2617, arts. 2, 8, 13(1), Sch. 3 Pt. I para. 32(b)(ii) (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2(1)
F6: Words in s. 86(3)(4) substituted (17.8.2001 for certain purposes, otherwise 1.12.2001) by S.I. 2001/2617, arts. 2, 8, 13(1), Sch. 3 Pt. I para. 32(b)(i)(c)(i)(ii) (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2(1)

Modifications

C1: S. 86(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)