Prospective
[F18A General contracts made by friendly societiesU.K.
(1) Subject to sections 13 and 14 and subsection (2) below, where the Board’s functions are exercisable in relation to a closing society, it shall be the duty of the Board to secure that a sum equal to ninety per cent of the amount of any liability of the society to a private policyholder (within the meaning of section 6(7) above) under the terms of a contract the effecting of which constituted the carrying on of general business of any class and which is a qualifying policy is paid to the member as soon as reasonably practicable after the beginning of the liquidation.
(2)The duty of the Board under subsection (1) above shall only apply if the liability is in respect of a protected risk]
Textual Amendments
F1S. 8A inserted (prosp.) by Friendly Societies Act 1992 (c. 40), ss. 97, 126(2), Sch. 17 para. 7 (as amended (19.3.1997) by 1997 c. 18, ss. 20(1), 23(2), Sch. 4 para. 4) (with ss. 7(5), 93(4))
[F28A General contracts made by friendly societiesU.K.
Subject to sections 13 and 14 below, where the Board’s functions are exercisable in relation to a closing society, it shall be the duty of the Board to secure that a sum equal to ninety per cent of the amount of any liability of the society to a private policyholder (within the meaning of section 6(7) above) under the terms of a contract the effecting of which constituted the carrying on of general business of any class and which was a United Kingdom policy at the beginning of the liquidation is paid to the member as soon as reasonably practicable after the beginning of the liquidation.]
Textual Amendments
F2S. 8A inserted (prosp.) by Friendly Societies Act 1992 (c. 40), ss. 97, 126(2), Sch. 17 para. 7 (with ss. 7(5), 93(4))