Dissolution of society
56 Power of F1FCA and PRA to petition for winding up.
F21
In the case of a society to which section 4 of this Act applies which was registered or deemed to be registered under the Act of 1893 before 26th July 1938, a petition for the winding up of the society may be presented to the court by the F3FCA or PRA if it appears to the F4FCA or PRA (as the case may be)—
a
that neither of the conditions specified in section 1(2) of this Act is fulfilled in the case of that society; and
b
that it would be in the interests of persons who have invested or deposited money with the society or of any other person that the society should be wound up.
F52
The FCA must consult the PRA before presenting a petition under subsection (1) in respect of a PRA -authorised person.
3
The PRA must consult the FCA before presenting a petition under subsection (1).