Friendly Societies Act 1992

Approval of acquisition of notifiable voting rights U.K.

2 (1) No person who is a controller of a friendly society to which section 37(2) or (3) above applies shall acquire notifiable voting rights in the society unless–

(a) he has served on the Commission a notice stating–

(i) that he intends to acquire such voting rights; and

(ii) the details of the voting rights which he proposes to acquire; and

(b) either the Commission has, before the expiration of the period of three months beginning with the date of service of that notice, notified him that there is no objection to his proposed acquisition of the voting rights, or that period has elapsed without the Commission having served on him a notice of objection.

(2) The Commission may serve a notice of objection under sub–paragraph (1) above on the ground–

(a) that it appears to the Commission that the person concerned is not a fit and proper person to acquire such voting rights; or

(b) that it appears to it that, if that person were to acquire such voting rights, the criteria of prudent management would not or might not continue to be fulfilled in respect of the society.

(3) Sub–paragraphs (3) to (5) of paragraph 1 above shall, with the necessary modifications, apply for the purposes of this paragraph as they apply for the purposes of that paragraph.

Modifications etc. (not altering text)

C1 Sch. 13A para. 2(1)(a) modified (1.12.2001) by S.I. 2001/2637, arts. 1, 3(2)(d); S.I. 2001/3538, art. 2(1)