Paragraph 5

United Kingdom

(1)

An application by a friendly society for confirmation by the F1appropriate authority—

(a)

of an amalgamation under section 85 above,

(b)

of a transfer of engagements of a friendly society under section 86 above, or

(c)

of the conversion of a friendly society into a company under section 91 above,

shall be made in such manner as F2the appropriate authority may direct.

(2)

An application for confirmation of an amalgamation shall be made jointly by the friendly societies concerned.

F3(3)

The F4appropriate authority may, on the application or with the consent of a friendly society, direct in relation to any provision of regulations made for the purposes of sub-paragraph (1) above that the provisions shall not apply to the society, or shall apply to it with such modifications as may be specified in the direction.

(4)

A direction under sub-paragraph (3) above may be subject to conditions.

(5)

A direction under sub-paragraph (3) above may be revoked by the F5appropriate authority at any time; and the appropriate authority may at any time vary any such direction on the application or with the consent of the society to which it applies.

(F65A)

The PRA must send the FCA a copy of any direction, variation or revocation it makes under this paragraph.

(6)

Where the F7appropriate authority—

(a)

makes a direction under subsection (3) above, or

(b)

revokes or varies such a direction,

F8the FCA must cause the direction, variation or revocation to be entered on a register kept by it for the purposes of this subsection.

(7)

The register kept for the purposes of subsection (6) above shall be available for inspection on reasonable notice by members of the public.

(8)

The F9F10FCA shall keep a copy of—

(a)

any direction made F11... under subsection (3) above, and

(b)

any revocation or variation of any such direction,

F12. . . in the public file of the society to which it relates.

Annotations

Textual amendments

F1: Words in Sch. 15 para. 5(1) substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 9 para. 56(6)(a) (with Sch. 12)
F2: Words in Sch. 15 para. 5(1) substituted (17.8.2001 for specified purposes and otherwise 1.12.2001) by S.I. 2001/2617, arts. 2, 8(1), 13(1), Sch. 3 para. 128(e)(ii) (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2(1)
F3: Sch. 15 para. 5(3)-(8) inserted (1.8.1996) by S.I. 1996/1188, art. 8
F4: Words in Sch. 15 para. 5(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. 56(6)(a) (with Sch. 12)
F5: Words in Sch. 15 para. 5(5) substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 9 para. 56(6)(a) (with Sch. 12)
F6: Sch. 15 para. 5(5A) inserted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 9 para. 56(6)(b) (with Sch. 12)
F7: Words in Sch. 15 para. 5(6) substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 9 para. 56(6)(c)(i) (with Sch. 12)
F8: Words in Sch. 15 para. 5(6) substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 9 para. 56(6)(c)(ii) (with Sch. 12)
F9: Words in Sch. 15 para. 5(8) substituted (17.8.2001 for specified purposes and otherwise 1.12.2001) by S.I. 2001/2617, arts. 2, 8(1), 13(1), Sch. 3 para. 128(g)(i) (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2(1)
F10: Word in Sch. 15 para. 5(8) substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 9 para. 56(6)(d)(i) (with Sch. 12)
F11: Words in Sch. 15 para. 5(8) omitted (1.4.2013) by virtue of The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 9 para. 56(6)(d)(ii) (with Sch. 12)
F12: Words in Sch. 15 para. 5(8) repealed (1.12.2001) by S.I. 2001/2617, arts. 2, 13(2), Sch. 4 (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2(1)

Notes on Schedule 15

Modifications

C1: Sch. 15: power to modify conferred (16.1.2009) by Building Societies (Funding) and Mutual Societies (Transfers) Act 2007 (c. 26), ss. 3, 6(2); S.I. 2009/36, art. 2

Notes on Part II

Textual amendments

F1: Words in Sch. 15 Pt. 2 heading substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 9 para. 56(5) (with Sch. 12)