Friendly Societies Act 1992

Consequences of transferU.K.

11U.K.No transfer effected by section 6 above shall give rise to any liability to stamp duty.

12(1)The action mentioned in the following provisions of this paragraph shall be taken not later than the end of the period of 90 days beginning with the day on which the registered society is incorporated.U.K.

(2)The persons who were the trustees and treasurer of the registered society immediately before its incorporation shall deliver to the incorporated society—

(a)any property of the society held by them; and

(b)any documents relating to the property, rights and liabilities of the registered society or its financial affairs.

(3)The persons who were the trustees and treasurer of any branch of the registered society immediately before its incorporation shall deliver to the incorporated society—

(a)any property (formerly property of the branch) which is transferred to the society by section 6(4) above; and

(b)any documents relating to such of the property, rights or liabilities of the branch as are so transferred.

(4)The Public Trustee shall, if he held property on trust for the registered society immediately before its incorporation, deliver to the incorporated society any property so held by him and any documents relating to it.

[F1(4A)A person required by this paragraph to deliver a document does not satisfy the requirement by sending the document in an electronic form except in so far as the document is held by that person in that electronic form.]

(5)Nothing in this Act shall have effect to relieve the former trustees or treasurer of a registered friendly society or branch or the Public Trustee from any liability arising from acts or omissions before the incorporation of the society.

Textual Amendments