# Friendly Societies Act 1992, Paragraph 16


(1) Section 107 (distribution of property) of the Act does not apply; and the following applies in its place.
(2) Subject to the provisions of Part IV relating to preferential payments, an incorporated friendly society’s property in a voluntary winding up shall be applied in satisfaction of the society’s liabilities to creditors pari passu and, subject to that application, in accordance with the rules of the society.

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Source: https://www.legislation.gov.uk/ukpga/1992/40/schedule/10/paragraph/16 (the official version)
Page: https://openlegislation.uk/friendly-societies-act-1992/schedule-10/paragraph-16
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.