Friendly Societies Act 1992

Changes over time for: Section 78A

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[F178AInterpretation of Part 6U.K.

(1)In this Part—

“annual accounts”, in relation to a friendly society or registered branch, means—
(a)
the individual accounts required by section 69A, and
(b)
any group accounts required by section 69E,
together with the notes to those accounts;
F2...
[F3“firm” means any entity, whether or not a legal person, that is not an individual and includes a body corporate, a corporation sole, and a partnership or other unincorporated association;]
“IAS accounts” means IAS individual accounts or IAS group accounts;
F4...
“income and expenditure account”, in relation to a friendly society or registered branch which prepares IAS accounts, includes an income statement or other equivalent financial statement required to be prepared by [F5UK-adopted international accounting standards];
F6...
“non-directive friendly society” means a registered friendly society —
(a)
to which subsections (2) and (3) of section 37 (restriction of combinations of business do not apply; and
(b)
which does not carry on reinsurance business;
“parent undertaking” and “subsidiary undertaking” shall be construed in accordance with the provisions of [F7section 1162 of the Companies Act 2006, read in conjunction with section 1161(1) of and Schedule 7 to that Act].
[F3“senior statutory auditor” has meaning given by section 74A(1) above;]
[F8“UK-adopted international accounting standards” has the meaning given by section 474(1) of the Companies Act 2006;]

(2)References in this Part to accounts giving a “true and fair view” are references—

(a)in the case of Friendly Societies Act individual accounts, to the requirement under section 69B that such accounts give a true and fair view;

(b)in the case of Friendly Societies Act group accounts, to the requirement under section 69F that such accounts give a true and fair view; and

(c)in the case of IAS accounts, to the requirement under [F9UK-adopted international accounting standards] that such accounts achieve a fair presentation.

[F10(3)References in this Part to a friendly society [F11subject to special requirements] are to a friendly society that F12... —

(a)[F13would be] an insurance undertaking within the meaning given by Article 2.1 of Council Directive 1991/674/EEC on the annual accounts and consolidated accounts of insurance undertakings [F13were the United Kingdom a member State], or

(b)[F14is] an issuer whose transferable securities are admitted to trading on a regulated market.

(4)In subsection (3)—

(a)“issuer” and “regulated market” have the same meaning as in Part 6 of the Financial Services and Markets Act 2000; and

(b)“transferable securities” means anything which is a transferable security for the purposes of Directive 2004/39/EC of the European Parliament and of the Council on markets in financial instruments.]]

Textual Amendments

F1S. 78A inserted (with effect in accordance with art. 1(2) of the amending S.I.) by The Friendly Societies Act 1992 (International Accounting Standards and Other Accounting Amendments) Order 2005 (S.I. 2005/2211), art. 1(2), Sch. para. 3

F2Words in s. 78A(1) omitted (31.12.2020) by virtue of The Friendly Societies (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1039), regs. 1, 7(a); 2020 c. 1, Sch. 5 para. 1(1)

F3Words in s. 78A(1) inserted (29.6.2008 with effect in accordance with art. 1(3) of the amending S.I.) by The Friendly Societies Act 1992 (Accounts, Audit and EEA State Amendments) Order 2008 (S.I. 2008/1140), arts. 1(2), 7(1)

F4Words in s. 78A(1) omitted (31.12.2020) by virtue of The International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/685), reg. 1(2), Sch. 1 para. 45(a)(i) (with reg. 1(3)(4), Sch. 1 para. 67) (as amended by S.I. 2020/523, regs. 1(2), 22, 25(e)); 2020 c. 1, Sch. 5 para. 1(1)