Friendly Societies Act 1974

42 Regulations and directions [F1 of Chief Registrar] relating to valuations. U.K.

(1) The [F2 Treasury] may by regulations provide that in relation to any registered society or branch of a class specified in the regulations, section 41 above shall have effect as if for the period of five years specified in subsection (1) of that section there were substituted a period of three years.

(2) The [F2 Treasury]may by regulations provide that in relation to any registered society or branch of a class specified in the regulations, section 41 above shall have effect as if it required the society or branch—

(a) to cause its assets and liabilities in respect of any business of a class so specified to be valued under that section and to send to the [F3 Authority] a report of those assets and liabilities at least once in every three years; and

(b) to cause its assets and liabilities in respect of any other business (other than business to which a partial exemption under subsection (6) of section 41 above relates) to be so valued and to send to the [F3 Authority] a report on those assets and liabilities at least once in every five years.

[F4 (3) The Chief Registrar may by regulations provide that every society or branch of a class specified in the regulations which is or was first registered under this Act or under the M1 Friendly Societies Act 1896 after 25th July 1968 shall cause its assets and liabilities to be valued for the first time under section 41 above as at a date so specified.]

(4) Without prejudice to the preceding provisions of this section, if in the opinion of the [F5 Authority] it is expedient in the interests of the members of any particular registered society or branch to do so, [F5 the Authority] may direct that, in relation to that society or branch, section 41 above shall have effect—

(a) as if for the period of five years specified in subsection (1) of that section there were specified a period of three years; or

(b) as if it required that society or branch—

(i) to cause its assets and liabilities in respect of any particular business specified in the direction to be valued under that section and to send to the [F5 Authority] a report on those assets and liabilities at least once in every three years; and

(ii) to cause its assets and liabilities in respect of any other business (other than business to which a partial exemption under subsection (6) of that section relates) to be so valued and to send to the [F5 Authority] a report on those assets and liabilities at least once in every five years.

(5) The [F6 Authority]may at any time revoke a direction given by [F7 it] under subsection (4) above.

(6) Any power to make regulations under this section may be exercised so as to make different provision in relation to different cases or different circumstances to which the power is applicable.

Textual Amendments

F1 Words in s. 42 side-note omitted (17.8.2001 for certain purposes and otherwiseprosp.) by virtue of S.I. 2001/2617, arts. 2, 13(1), Sch. 3 Pt. I para. 19(a) (with art. 13(3), Sch. 5)

F2 Words in s. 42(1)(2) substituted (17.8.2001 for certain purposes and otherwiseprosp.) by S.I. 2001/2617, arts. 2, 13(1), Sch. 3 Pt. I para. 19(b) (with art. 13(3), Sch. 5)

F3 Words in s. 42(2)(a)(b) substituted (17.8.2001 for certain purposes and otherwiseprosp.) by S.I. 2001/2617, arts. 2, 13(1), Sch. 3 Pt. I para. 19(c) (with art. 13(3), Sch. 5)

F4 S. 42(3) omitted (17.8.2001 for certain purposes and otherwiseprosp.) by virtue of S.I. 2001/2617, arts. 2, 13(1), Sch. 3 Pt. I para. 19(d) (with art. 13(3), Sch. 5)

F5 Words in s. 42(4) substituted (17.8.2001 for certain purposes and otherwiseprosp.) by S.I. 2001/2617, arts. 2, 13(1), Sch. 3 Pt. I para. 19(e) (with art. 13(3), Sch. 5)

F6 Words in s. 42(5) substituted (17.8.2001 for certain purposes and otherwiseprosp.) by S.I. 2001/2617, arts. 2, 13(1), Sch. 3 Pt. I para. 19(f)(i) (with art. 13(3), Sch. 5)

F7 Words in s. 42(5) substituted (17.8.2001 for certain purposes and otherwiseprosp.) by S.I. 2001/2617, arts. 2, 13(1), Sch. 3 Pt. I para. 19(f)(ii) (with art. 13(3), Sch. 5)

Modifications etc. (not altering text)

C1 By Friendly Societies Act 1992 (c. 40), s. 95, Sch. 16 para. 12 (with ss. 7(5) and 93(4)); S.I. 1993/2213, art. 2, Sch. 6 (1.1.1994) it is provided that ss. 29-45 shall cease to have effect in relation to registered friendly societies and registered branches of such societies.

S.I. 1995/710 arts. 1(2) (in force 1.4.1995) for the year ending 31.12.1993 it is provided that s. 42 shall continue to have effect (temp.) for the purposes mentioned.

Marginal Citations

M1 1896 c. 25.