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Friendly Societies Act 1974
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Changes over time for: Section 87
Version Superseded: 28/04/1993
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- 01/02/1991- Amendment
- 01/02/1991
Point in time - 28/04/1993- Amendment
- 17/08/2001- Amendment
- 01/04/2013- Amendment
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87 Power of Chief Registrar to inspect and apply for winding up of registered friendly societies and branches. E+W+S
(1)If it appears to the Chief Registrar to be expedient to do so in the interests of the members of a registered friendly society or of the public he may appoint an inspector to examine into and report on the affairs of the society, and for that purpose the inspector may require the production of all or any of the books and documents of the society and may examine on oath its officers, members, agents and servants in relation to its business, and may administer oaths accordingly.
(2)If on receiving the report of an inspector appointed by him under this section, it appears to the Chief Registrar that it is in the interests of the members of the society or of the public that the society should be wound up, then, unless the society is already being wound up by the court, the Chief Registrar may present a petition to the High Court or, in Scotland, to the Court of Session for the society to be wound up by the court in accordance with the [F1Insolvency Act 1986]if the court thinks it just and equitable that this should be done.
(3)The Chief Registrar may, if he considers it just, direct that all or any of the expenses of and incidental or preliminary to an inspection under this section shall be defrayed out of the funds of the society, or by the members or officers, or former members or officers, of the society in such proportions as he may direct.
(4)The provisions of this section apply in relation to a registered branch of a registered friendly society as they apply in relation to such a society.
Textual Amendments
F1Words substituted by virtue of Companies Consolidation (Consequential Provisions) Act 1985 (c. 9, SIF 27), s. 30(2), Sch. 2, and Insolvency Act 1986 (c. 45, SIF 66), s. 439(2), Sch. 14
Modifications etc. (not altering text)
C1Ss. 87,91 applied by Financial Services Act 1986 (c. 60, SIF 69), ss. 140, 211(1), Sch. 11 para. 26(2)(3)
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