SCHEDULES
SCHEDULE 10 Application of Companies Winding Up Legislation to Incorporated Friendly Societies
Part II Modified Application of Insolvency Act 1986 Parts IV and XII
Winding up by the court
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1
Section 130 of the Act (consequences of winding-up order) shall have effect with the following modifications.
2
Subsections (1) and (3) shall be omitted.
3
4
If an incorporated friendly society fails to comply with sub-paragraph (3) above, it shall be guilty of an offence and liable on summary conviction to a fine not exceeding level 3 on the standard scale.