Financial Services and Markets Act 2000 (c. 8)

SCHEDULES

SCHEDULE 18 Mutuals

Part II Friendly Societies: Subsidiaries and Controlled Bodies

Consequential amendments

15 (1) Section 52 of the 1992 Act is amended as follows.

(2) In subsection (2), omit paragraph (d).

(3) In subsection (3), for “(4) below” substitute “(2)”.

(4) For subsection (4) substitute—

“(4) A court may not make an order under subsection (5) unless it is satisfied that one or more of the conditions mentioned in subsection (2) are satisfied.

(5) In subsection (5), omit the words from “or, where” to the end.

References in other enactments

16 References in any provision of, or made under, any enactment to subsidiaries of, or bodies jointly controlled by, an incorporated friendly society are to be read as including references to bodies which are such subsidiaries or bodies as a result of any provision of this Part of this Schedule.

Part III Building Societies

The Building Societies Act 1986 (c. 53)

17 Omit section 9 (initial authorisation to raise funds and borrow money).

18 Omit Schedule 3 (supplementary provisions about authorisation).

Part IV Industrial and Provident Societies

The Industrial and Provident Societies Act 1965 (c. 12)

19 Omit section 8 (provision for separate registration areas for Scotland and for England, Wales and the Channel Islands).

20 Omit section 70 (scale of fees to be paid in respect of transactions and inspection of documents).

Part V Credit Unions

The Credit Unions Act 1979 (c. 34)

21 In section 6 (minimum and maximum number of members), omit subsections (2) to (6).

22 In section 11 (loans), omit subsections (2) and (6).

23 Omit sections 11B (loans approved by credit unions), 11C (grant of certificates of approval) and 11D (withdrawal of certificates of approval).

24 In section 12, omit subsections (4) and (5).

25 In section 14, omit subsections (2), (3), (5) and (6).

26 In section 28 (offences), omit subsection (2).”