Section 3A Authorised and other friendly societies.F1
United Kingdom
The functions of the Board under this Act shall be exercisable in relation to persons such as are mentioned in section 1(2)(aa) above only in cases where the friendly societies in question are qualifying friendly societies.
Friendly societies are qualifying friendly societies if—
they are authorised friendly societies;
the Board is satisfied that they fall within subsection (3) or (4) below; or
the Board has at any time been so satisfied.
A society falls within this subsection if—
it is required by section 48 of the Friendly Societies Act 1992 to maintain a margin of solvency; and
it possesses the margin of solvency which it is required to maintain.
A society falls within this subsection if—
it is not required by section 48 of the Friendly Societies Act 1992 to maintain a margin of solvency; but
the value of its assets exceeds its liabilities.
It shall be the duty of the Commission to send the Board any abstract or other information required by the Board to enable it to perform the functions conferred on it by this section.
Annotations
Textual amendments
- F1
S. 3A inserted (prosp.) by Friendly Societies Act 1992 (c. 40), ss. 97, 126(2), Sch. 17 para.2 (with ss. 7(5), 93(4))
Notes on the whole Act
Textual amendments
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Act repealed (1.12.2001) by S.I. 2001/3649, arts. 1, 3(1)(a)
Act continued for certain purposes (subject to modifications) (1.12.2001) by S.I. 2001/2967, arts. 1(2), 9, 11, Sch. 1 Pt. I; S.I. 2001/3538, art. 1(2)