Paragraph 7

(1)

Section 74 (liability of members) of the Act is modified as follows.

(2)

In subsection (1), the reference to any past member shall be omitted.

(3)

Paragraphs (a) to (d) of subsection (2) shall be omitted; and so shall subsection (3).

(4)

The extent of the liability of a member of an incorporated friendly society in a winding up shall not exceed the extent of his liability under paragraph 8 of Schedule 3 to this Act.

Notes on Part II

Textual amendments

F1: Words in Sch. 10 Pt. II heading substituted (7.4.2017) by The Deregulation Act 2015, the Small Business, Enterprise and Employment Act 2015 and the Insolvency (Amendment) Act (Northern Ireland) 2016 (Consequential Amendments and Transitional Provisions) Regulations 2017 (S.I. 2017/400), regs. 1(2), 3(a)
F2: Words in Sch. 10 Pt. II heading inserted (13.3.2018) by The Small Business, Enterprise and Employment Act 2015 (Consequential Amendments, Savings and Transitional Provisions) Regulations 2018 (S.I. 2018/208), regs. 1(3), 3(a)