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Friendly Societies Act 1992

Changes over time for: Section 14

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Version Superseded: 17/08/2001

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14 Investment of funds.U.K.

(1)An incorporated friendly society may invest its funds—

(a)in the purchase of land, or in the erection of offices or other buildings thereon;

(b)upon any other security expressly directed by the rules of the society, other than personal security (but without prejudice to any provision of this Act relating to loans); or

(c)in any other investment of a kind which trustees are for the time being by law authorised to make.

(2)An incorporated friendly society which falls within subsection (3) or (4) below may also invest the funds of the society in any other manner authorised by its constitution.

(3)An incorporated friendly society falls within this subsection if—

(a)it is a society to which section 48 below applies; and

(b)it maintains the margin of solvency which it is required to maintain by virtue of that section.

(4)An incorporated friendly society falls within this subsection if—

(a)it carries on insurance business in the United Kingdom;

(b)section 48 below does not apply to it; and

(c)it maintains a margin of solvency of such amount as may be prescribed by or determined in accordance with regulations made for the purposes of this section.

(5)Once a society falls within subsection (3) or (4) above, it shall be treated as continuing to do so for the purposes of subsection (2) above unless the Commission serves a notice under subsection (6) below on it.

(6)Where it appears to the Commission that an incorporated friendly society has ceased to fall within subsection (3) or (4) above, it shall serve on the society a notice stating that fact.

(7)The powers of investment of a society on which a notice is served under subsection (6) above shall accordingly, until the notice is revoked under subsection (10) below, be limited to investment falling within subsection (1) above.

(8)A notice under subsection (6) above may direct a society to dispose of an investment which it could not have acquired except under subsection (2) above.

(9)Subject to subsection (8) above, a society may retain any investment which it could only have acquired under subsection (2) above.

(10)The Commission may, by a subsequent notice to the society, revoke a notice under this section at any time when it appears to it that the society again falls within subsection (3) or (4) above.

(11)On serving a notice under subsection (6) or (10) above on a society the Commission shall send a copy of it to the central office.

(12)The central office shall keep a copy of such a notice in the public file of the society.

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