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
7
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.