SCHEDULES
C1SCHEDULE 11 Friendly Societies
Part III Registrar’s Powers in Relation to Regulated Friendly Societies
Conduct of investment business
F2C2C313A
1
F3The Commission may issue statements of principle with respect to the conduct expected of regulated friendly societies.
2
The conduct expected may include compliance with a code or standard issued by another person, as for the time being in force, and may allow for the exercise of discretion by any person pursuant to any such code or standard.
3
Failure to comply with a statement of principle under this paragraph is a ground for the taking of disciplinary action or the exercise of powers of intervention, but it does not give rise to any right of action by investors or other persons affected or affect the validity of any transaction.
4
The disciplinary action which may be taken by virtue of sub-paragraph (3) is–
a
the making of a public statement under paragraph 21, or
b
the application by F3the Commission for an injunction, interdict or other order under paragraph 22(1), or
c
any action under paragraph 26 or 27 of this Schedule;
and the reference in that sub-paragraph to powers of intervention is to the powers conferred by Chapter VI of Part I of this Act.
5
Where a statement of principle relates to compliance with a code or standard issued by another person, the statement of principle may provide—
a
that failure to comply with the code or standard shall be a ground for the taking of disciplinary action, or the exercise of powers of intervention, only in such cases and to such extent as may be specified; and
b
that no such action shall be taken, or any such power exercised, except at the request of the person by whom the code or standard in question was issued.
Sch. 11 amended (1.2.1993 for specified purposes and 1.1.1994 for all remaining purposes) by Friendly Societies Act 1992 (c. 40) s. 98, Sch. 18 Pt. II para. 10; S.I. 1993/16, art. 2, Sch.4; S.I. 1993/2213, art. 2(1), Sch.5.