Friendly Societies Act 1992

[F1 Compensation to members of the committee for loss of office U.K.

Textual Amendments

F1 Sch. 13D inserted (with effect in accordance with art. 1(2) of the amending S.I.) by The Friendly Societies Act 1992 (International Accounting Standards and Other Accounting Amendments) Order 2005 (S.I. 2005/2211), art. 1(2), Sch. para. 6

5. (1) There must be shown the aggregate amount of any compensation to members of the committee and past members of the committee in respect of loss of office. U.K.

(2) This amount includes compensation received or receivable by members of the committee or past members of the committee for —

(a) loss of office as a member of the committee; or

(b) loss, while a member of the committee or in connection with his ceasing to be a member of the committee, of—

(i) any other office in connection with the management of the society’s affairs; or

(ii) any office as director or otherwise in connection with the management of the affairs of any associated body of the society,

and must distinguish between compensation in respect of the office of member of the committee or a director of any of its associated bodies, and compensation in respect of other offices.

(3) References to compensation in this paragraph include benefits otherwise than in cash, and in relation to such compensation—

(a) references to its amount are to the estimated money value of the benefit; and

(b) the nature of the compensation must be disclosed.

(4) References to compensation for loss of office include compensation in consideration for, or in connection with, a person’s retirement from office.]