Paragraph 54

United Kingdom

(1)

Article 110 of the Order (consequences of winding-up order) shall have effect with the following modifications.

(2)

Paragraphs (1) and (3) shall be omitted.

(3)

An incorporated friendly society shall, within 15 days of a winding-up order being made in respect of it, give notice of the order to the F1FCA and, if the society is a PRA-authorised person, the PRA; and the F2FCA shall keep the notice in the public file of the society.

(4)

If an incorporated friendly society fails to comply with sub-paragraph (3) above, it shall be guilty of an offence and liable on summary conviction to a fine not exceeding level 3 on the standard scale.

Annotations

Textual amendments

F1: Words in Sch. 10 para. 54(3) substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 9 para. 53(6)(a) (with Sch. 12)
F2: Word in Sch. 10 para. 54(3) substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 9 para. 53(6)(b) (with Sch. 12)