Friendly Societies Act 1992

8 (1) Where an application is duly made for confirmation by the [F1 appropriate authority] of an amalgamation, transfer of engagements or conversion, the [F1 appropriate authority] shall confirm the amalgamation, transfer or conversion unless it is precluded from doing so by any of the following provisions of this Schedule. U.K.

(2) If it appears to the [F1 appropriate authority], in relation to any amalgamation or transfer of engagements, that there is a substantial risk that the successor society or the person taking the transfer will not be able lawfully to carry out the engagements to be transferred to it under section 85(4) or 86(5) above, the [F1 appropriate authority]—

(a) shall not confirm the amalgamation or transfer; and

(b) where it has confirmed the amalgamation or transfer, shall F2 . . . withdraw its confirmation;

but it may not withdraw its confirmation on or after the transfer date for the amalgamation or transfer.

(3) For the purposes of sub-paragraph (2) above, the [F1 appropriate authority] may have regard to any requirements of the law of a country or territory outside the United Kingdom which appear to the [F1 appropriate authority] to be relevant.

Textual Amendments

F1 Words in Sch. 15 paras. 8-10 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(9) (with Sch. 12)

F2 Words in Sch. 15 para. 8(2)(b) repealed (1.12.2001) by S.I. 2001/2617, arts. 2, 13(2), Sch. 4 (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2(1)