Policyholders Protection Act 1975 (repealed)

Prospective

[F2 5A Application of sections 8A, 10 and 11. U.K.

(1) The functions of the Board under sections 8A, 10 and 11 below are exercisable in the case of a registered friendly society if—

(a) an order has been made for the winding up of the society on a petition under section 87 of the M1 Friendly Societies Act 1974;

(b) it has terminated under paragraph (a) of subsection (1) of section 93 of that Act upon the happening of an event;

(c) it has been dissolved in accordance with paragraph (b) of that subsection; or

(d) an award has been made under section 95 or section 95A of that Act.

(2) The functions of the Board under sections 8, 10 and 11 below are exercisable in the case of an incorporated friendly society if—

(a) an instrument of dissolution has been approved under section 20 of the Friendly Societies Act 1992;

(b) a special resolution that it be wound up voluntarily has been passed under section 21 of that Act; or

(c) an order has been made for the winding up of the society on a petition under section 22 or 52 of that Act.

(3) In this Act “closing society” means a friendly society in the case of which the Board’s functions are exercisable under subsection (1) or (2) above.

(4) References in this Act to the beginning of the liquidation of a closing society are references—

(a) in a case falling within paragraph (a) of subsection (1) above, to the date of the order;

(b) in a case falling within paragraph (b) of that subsection, to the date of the happening of the event;

(c) in a case falling within paragraph (c) of that subsection, to the date of signature of the instrument of dissolution;

(d) in a case falling within paragraph (d) of that subsection, to the date of the award;

(e) in a case falling within paragraph (a) of subsection (2) above, to the date of signature of the instrument of dissolution;

(f) in a case falling within paragraph (b) of that subsection, to the date of the passing of the special resolution; and

(g) in a case falling within paragraph (c) of that subsection, to the date of the order.]

Textual Amendments

F2 S. 5A inserted (prosp.) by Friendly Societies Act 1992 (c. 40), ss. 97, 126(2), Sch. 17 para. 5 (with ss. 7(5), 93(4))

Marginal Citations

M1 1974 c. 46.