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

Voluntary winding up

10

1

Section 84 of the Act does not apply.

2

In the enactments as applied to an incorporated friendly society, the expression “resolution for voluntary winding up” means a resolution passed under section 21(1) above.

11

Section 88 shall have effect with the omission of the words from the beginning to “and".

12

1

Subsection (1) of section 89 shall have effect as if for the words from the beginning to “meeting" there were substituted the words—

1

Where it is proposed to wind up an incorporated friendly society voluntarily, the committee of management (or, in the case of an incorporated friendly society whose committee of management has more than two members, the majority of them) may at a meeting of the committee

2

The reference to the directors in subsection (2) shall be construed as a reference to members of the committee of management.

13

Section 90 shall have effect as if for the words “directors’ statutory declaration under section 89" there were substituted the words “ statutory declaration made under section 89 by members of the committee of management ”.

14

Sections 95(1) and 96 shall have effect as if the word “directors"' were omitted from each of them.

15

In subsection (1) of section 101 (appointment of liquidation committee) of the Act, the reference to functions conferred on a liquidation committee by or under that Act shall have effect as a reference to its functions by or under that Act as applied to incorporated friendly societies.

16

1

Section 107 (distribution of property) of the Act does not apply; and the following applies in its place.

2

Subject to the provisions of Part IV relating to preferential payments, an incorporated friendly society’s property in a voluntary winding up shall be applied in satisfaction of the society’s liabilities to creditors pari passu and, subject to that application, in accordance with the rules of the society.

17

Sections 110 and 111 (liquidator accepting shares, etc. as consideration for sale of company property) of the Act do not apply.