The Financial Services and Markets Act 2000 (Transitional Provisions) (Partly Completed Procedures) Order 2001 No. 3592

PART III U.K. MUTUAL SOCIETIES

CHAPTER I U.K. PROCEDURES TAKING EFFECT AFTER COMMENCEMENT AS PROCEDURES UNDER THE ACT

Notice of intention to give a direction under section 51 of Friendly Societies Act U.K.

31.—(1) Where—

(a) before commencement a notice has been served on a friendly society under section 51(2) of the Friendly Societies Act;

(b) no direction has been given under section 51(6) as a result of that notice and the society has not been notified of a decision not to give a direction; and

(c) at commencement, the friendly society has a Part IV permission,

the notice has effect after commencement as if it were a notice given by the Authority under section 53(4).

(2) Paragraphs (3) to (5) of article 29 apply to a notice having effect under paragraph (1) with the following modifications—

(a) the references in those paragraphs to a notice having effect under article 29(1) or (2) are read as references to a notice having effect under paragraph (1) of this article;

(b) the references in those paragraphs to relevant recipients are omitted;

(c) the requirement referred to in article 29(3)(a) is a requirement that the society refrain from accepting any new members.

Commencement Information

I1 Art. 31 in force at 1.12.2001, see art. 1(2)