Textual Amendments
F1Pt. III (ss. 22–28), excluding s. 26(2), repealed by Income and Corporation Taxes Act 1970 (c. 10), s. 539(1), Sch. 16
(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F2
(2)[F3If, in the event of a dissolution of any . . . F4 registered trade union, any approved annuity as defined in section [F5620(9) of the Income and Corporation Taxes Act 1988] ceases to be paid,] or any contract for the payment of such an annuity fails in whole or in part, no payment shall be made in respect thereof out of the funds of the . . . F4 union to the annuitant or other person entitled to the benefit of the contract, but any sum which, but for this provision, would have been paid to him shall be applied in purchasing for the benefit of the annuitant an annuity (for the like term, and subject to the like conditions against surrender, commutation or assignment) from a person lawfully carrying on in the United Kingdom a business of granting annuities on human life.
(3)—(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F2
Textual Amendments
F2Pt. III (ss. 22–28), excluding s. 26(2), repealed by Income and Corporation Taxes Act 1970 (c. 10), s. 539(1), Sch. 16
F3Words substituted by Income and Corporation Taxes Act 1970 (c. 10), s. 537(2), Sch. 15 para. 3(1); (by Taxation of Chargeable Gains Act 1992 (c. 12), s. 290, Sch. 11 para. 24(1)(a) it is provided that the repeal by that 1992 Act of the Income and Corporation Taxes Act 1970 (c. 10) does not affect the amendment made by Sch. 15 para. 3 of that 1970 Act to s. 26 of the Finance Act 1956 (c. 54))
F4Words repealed by Friendly Societies Act 1974 (c. 46), Sch. 11
F5Words substituted by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844, Sch. 29 para. 32
Textual Amendments
F6Pt. III (ss. 22–28), excluding s. 26(2), repealed by Income and Corporation Taxes Act 1970 (c. 10), s. 539(1), Sch. 16