Friendly Societies Act 1992

9 (1) The following provisions of the M1 Building Societies Act 1986— U.K.

(a) section 62 (prohibition of tax-free payments to directors);

(b) section 63 (disclosure of interests in contracts and other transactions);

(c) section 64 (substantial property transactions);

(d) section 65 (restriction on loans etc);

(e) section 66 (sanctions);

(f) section 68 (records of loans etc) with Schedule 9;

(g) section 69 (disclosure and record of related businesses); and

(h) section 70 (interpretation),

shall have effect as if any reference to a director of a building society included a reference to a member of the committee of management of a friendly society or registered branch.

(2) The provisions mentioned in sub-paragraph (1) above shall have effect in their application to such members with the substitution—

(a) of a reference to a friendly society or registered branch for every reference to a building society; and

(b) of a reference to the committee of management for every reference to the directors or board of directors.

(3) Section 65 shall in addition have effect in its application to them—

(a) with the omission of subsection (1)(c); and

(b) with the substitution in subsection (1)(d) of the words “ loan or disposal of property ” for the words “loan, disposal of property or payment".

(4) Section 69 shall in addition have effect with the substitution—

(a) of the following subsection for subsection (3)—

“(3) The following are relevant services—

(a) legal services;

(b) accountancy services;

(c) services of a broker in respect of the society’s insurance business;

(d) reinsurance of the society’s insurance business;

(e) any other services designated as relevant services.”; and

(b) of a reference to Part II of this Schedule for every reference in subsection (7) to Schedule 10 to the Building Societies Act.

(6) The requisite particulars of the business of a business associate of a friendly society or registered branch are accordingly those set out in paragraphs 10 to 12 or 13 to 15 below.

Commencement Information

I1 Sch. 11 para. 9 wholly in force; Sch. 11 para. 9 not in force at Royal Assent see s. 126(2); Sch. 11 para. 9 in force for certain purposes at 13.1.1993 by S.I. 1993/16, art. 2, Sch. 1; Sch. 11 para. 9 in force to the extent not already in force at 1.1.1994 by S.I. 1993/2213, art. 2(1), Sch. 5

Marginal Citations

M1 1986 c. 53.