PART XII SPECIAL CLASSES OF COMPANIES AND BUSINESSES
CHAPTER II FRIENDLY SOCIETIES, TRADE UNIONS AND EMPLOYERS’ ASSOCIATIONS
Registered friendly societies
465 Old societies.
1
M1In this section “old society” means a friendly society which is not a new society.
2
This section applies if, on or after 19th March 1985, an old society—
a
begins to carry on tax exempt life or endowment business; or
b
in the opinion of the Board begins to carry on such business on an enlarged scale or of a new character.
3
If it appears to the Board, having regard to the restrictions placed on qualifying policies issued by new societies by paragraphs 3(1)(b) F1 . . . and 4(3)(b) of Schedule 15, that for the protection of the revenue it is expedient to do so, the Board may give a direction to the old society under subsection (4) below.
4
A direction under this subsection is that (and has the effect that) the old society to which it is given is to be treated for the purposes of this Act as a new society with respect to business carried on after the date of the direction.
5
An old society to which a direction is given may, within 30 days of the date on which it is given, appeal against the direction to the Special Commissioners on the ground that—
a
it has not begun to carry on business as mentioned in subsection (2) above; or
b
that the direction is not necessary for the protection of the revenue.