[F129(1)[F2The Commission] shall not make a transfer order transferring any legislative functions to a transferee body unless—
(a)the body has furnished [F3the Commission] and the Secretary of State with a copy of the instruments [F4the body] proposes to issue or make in the exercise of those functions, and
(b)[F4the Commission and the Secretary of State] are both satisfied that those instruments will—
(i)afford investors an adequate level of protection,
(ii)in the case of provisions corresponding to those mentioned in Schedule 8 to this Act, comply with the principles set out in that Schedule, and
(iii)take proper account of the supervision of friendly societies by [F2the Commission] under the enactments relating to friendly societies.
(2)In this paragraph “legislative functions” means the functions of issuing or making statements of principle, rules, regulations or codes of practice.]
Textual Amendments
F1Sch. 11 para. 29 substituted by Companies Act 1989 (c. 40, SIF 27), s. 206(1), Sch. 23 para. 37
F2Words in Sch. 11 substituted (1.2.1993 for specified purposes and 1.1.1994 for all remaining purposes) by Friendly Societies Act 1992 (c. 40), s. 98, Sch. 18 Pt. II para. 10(1) (with ss. 7(5), 93(4)); S.I. 1993/16, art. 2, Sch.4; S.I. 1993/2213, art. 2(1), Sch.5.
F3Words in Sch. 11 substituted (1.2.1993 for specified purposes and 1.1.1994 for all remaining purposes) by Friendly Societies Act 1992 (c. 40), s. 98, Sch. 18 Pt. II para. 10(2)(3) (with ss. 7(5), 93(4)); S.I. 1993/16, art. 2, Sch.4; S.I. 1993/2213, art. 2(1), Sch.5.
F4Words in Sch. 11 para. 29(1)(a)(b) substituted (1.2.1993 for specified purposes and 1.1.1994 for all remaining purposes) by Friendly Societies Act 1992 (c. 40), s. 98, Sch. 18 Pt. II para.18 (with ss. 7(5), 93(4)); S.I. 1993/16, art. 2, Sch.4; S.I. 1993/2213, art. 2(1), Sch.5.