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

9

1

Section 79 (meaning of “contributory”) of the Act does not apply.

2

In the enactments as applied to an incorporated friendly society, “contributory”—

a

means every person liable to contribute to the assets of the society in the event of its being wound up; and

b

for the purposes of all proceedings for determining, and all proceedings prior to the determination of, the persons who are to be deemed contributories, includes any person alleged to be a contributory; and

c

includes persons who are liable to pay or contribute to the payment of—

i

any debt or liability of the incorporated friendly society being wound up; or

ii

any sum for the adjustment of rights of members among themselves; or

iii

the expenses of the winding up;

but does not include persons liable to contribute by virtue of a declaration by the court under section 213 (imputed responsibility for fraudulent trading) or section 214 (wrongful trading) of the Act.