# The Friendly Societies (Insurance Business) Regulations 1994, Paragraph 11


Units, by whatever name called, in a real or notional fund (not being a scheme or undertaking of a kind mentioned in paragraph 5 above) which is limited to the descriptions of property mentioned above and which under the contract is to be managed either—
(a) wholly by the society; or
(b) wholly or to any extent by another person being a person for whose acts and omissions in managing the fund the society assumes responsibility towards the policyholder as if they were the acts or omissions of the society, and otherwise (if at all) by the society.

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Source: https://www.legislation.gov.uk/uksi/1994/1981/schedule/6/paragraph/11 (the official version)
Page: https://openlegislation.uk/friendly-societies-insurance-business-regulations-1994/schedule-6/paragraph-11
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.