SCHEDULES

SCHEDULE 10Application of Companies Winding Up Legislation to Incorporated Friendly Societies

Part IIModified Application of Insolvency Act 1986 Parts IV and XII

Members of a friendly society as contributories in winding up

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1

Section 74 (liability of members) of the Act is modified as follows.

2

In subsection (1), the reference to any past member shall be omitted.

3

Paragraphs (a) to (d) of subsection (2) shall be omitted; and so shall subsection (3).

4

The extent of the liability of a member of an incorporated friendly society in a winding up shall not exceed the extent of his liability under paragraph 8 of Schedule 3 to this Act.