Paragraph 1 I1

United Kingdom

(1)

Any 7 or more persons may establish a society under this Act by taking the following steps—

(a)

agreeing upon the purposes of the society and upon the extent of its powers in a memorandum the provisions of which comply with the requirements of this Schedule;

(b)

agreeing upon rules for the regulation of the society which comply with the requirements of this Schedule; and

(c)

sending to the F1FCA 3 copies of the memorandum and the rules, each copy signed by at least 7 of those persons (or, if there are only 7, by all of them) and (unless the secretary is to be elected) by the intended secretary.

(2)

Where two or more friendly societies propose to amalgamate under section 85 above, they shall establish their successor society by—

(a)

agreeing upon the purposes of their successor and upon the extent of its powers in a memorandum the provisions of which comply with the requirements of this Schedule;

(b)

agreeing upon rules for the regulation of their successor which comply with the requirements of this Schedule;

(c)

each approving the memorandum and the rules by special resolution; and

(d)

sending to the FCA 3 copies of the rules and of the memorandum, each copy signed by the secretary of each of the societies participating in the amalgamation.

(3)

Where copies of the memorandum and the rules are sent to the FCA in accordance with sub-paragraph (1)(c) or (2)(d) above, the FCA, if satisfied that—

(a)

the memorandum and the rules are in conformity with this Act; and

(b)

the intended name of the society is not, in its opinion, undesirable,

shall register the society and issue it with a certificate of incorporation.

(4)

The FCA shall not register a society as the successor society to any friendly societies proposing to amalgamate unless F2the appropriate authority F3. . . has confirmed the proposed amalgamation under section 85 above.

F4(5)

The FCA shall not register a society which, if it were registered F5. . ., would be a society to which section 37(2) or (3) above applies if the FCA is satisfied that the principal place of business of the society is to be situated outside the United Kingdom; . . ..

Annotations

Textual amendments

F1: Word in Sch. 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. 51(2) (with Sch. 12)
F2: Words in Sch. 3 para. 1(4) substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 9 para. 51(3) (with Sch. 12)
F3: Words in Sch. 3 para. 1(4) repealed (1.12.2001) by S.I. 2001/2617, art. 2(b), 13(2), Sch. 4 (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2(1)
F4: Sch. 3 para. 1(5) inserted (18.7.1996) by S.I. 1996/1669, reg. 14(2)
F5: Words in Sch. 3 para. 1(5) repealed (1.12.2001) by S.I. 2001/2617, art. 2(b), 13(2), Sch. 4 (with art. 13(2), Sch. 5); S.I. 2001/3538, art. 2(1)

Commencement

I1: Sch. 3 para. 1 wholly in force; Sch. 3 para. 1 not in force at Royal Assent see s. 126(2); Sch. 3 para. 1 in force at 1.2.1993 by S.I. 1993/16, art. 2, Sch. 3