The Friendly Societies (Modification of the Corporation Tax Acts) (Amendment) Regulations 1993

Amendments to the principal Regulations

6.—(1) Regulation 5 shall be amended as follows.

(2) In paragraph (2)—

(a) for the definition of “directive society” there shall be substituted—

““directive society” means a friendly society to which section 37(2) of the Friendly Societies Act 1992 applies;”;

(b) the following definition shall be inserted after the definition of “directive society”—

““incorporated friendly society” has the meaning given by section 116 of the Friendly Societies Act 1992;”;

(c) in the definition of “non-directive society” the word “registered” shall be omitted;

(d) the following definition shall be inserted after the definition of “non-directive society”—

““registered friendly society” has the meaning given by section 116 of the Friendly Societies Act 1992;”;

(e) for the definition “of valuation report” there shall be substituted—

““valuation report”—

(a) in the case of a directive society or an incorporated society means the abstract of the actuary’s report referred to in section 46(3) of the Friendly Societies Act 1992;

(b) in the case of a friendly society which is neither a directive society nor an incorporated society means the abstract of the actuary’s report referred to in section 47(2) of the Friendly Societies Act 1992.”.

(3) In paragraph (3)—

(a) in paragraph (a) of the definition of “liabilities”—

(i) there shall be inserted after the words “directive society” the words “or an incorporated society”;

(ii) in sub-paragraph (ii), for the words “the society” in the first place where they appear there shall be substituted the words “the society, being a registered friendly society,”;

(b) in paragraph (b) of the definition of “liabilities”—

(i) for the words “non-directive society” there shall be substituted the words “friendly society which is neither a directive society nor an incorporated society”;

(ii) for the word “registrar” there shall be substituted the words “Friendly Societies Commission”.

(4) In paragraph (4), for the definition of “long term business” substituted by the principal Regulations there shall be substituted—

• ““long term business” shall be construed in accordance with section 117 of the Friendly Societies Act 1992;”.

(5) In paragraph (5), for paragraph (b) of the definition of “periodical return” there shall be substituted—

“(b) in the case of a non-directive society, means the annual accounts, the report of the committee of management, and the auditors' report mentioned in section 78(1) of the Friendly Societies Act 1992;”.

(6) In paragraph (6)—

(a) in paragraph (a) of the definition of “value” there shall be inserted after the words “directive society” the words “or an incorporated society”;

(b) in paragraph (b) of the definition of “value”—

(i) for the words “non-directive society” there shall be substituted the words “friendly society which is neither a directive society nor an incorporated society”;

(ii) for the word “registrar” there shall be substituted the words “Friendly Societies Commission”.