Friendly Societies Act 1992

Eligibility for appointmentU.K.

4(1)Subject to paragraph 7 below, a person is eligible for appointment as the auditor of a friendly society or registered branch only if he—U.K.

(a)is a member of a recognised supervisory body; and

(b)is not ineligible for the appointment under the rules of that body.

(2)An individual or a firm may be appointed as auditor of a friendly society or registered branch.

(3)In this Schedule—

  • F1...

  • “recognised supervisory body” means a body which is a recognised supervisory body for the purposes of [F2Part 42 of the Companies Act 2006].

Textual Amendments

F1Words in Sch. 14 para. 4(3) omitted (29.6.2008 with effect in accordance with art. 1(3) of the amending S.I.) by virtue of The Friendly Societies Act 1992 (Accounts, Audit and EEA State Amendments) Order 2008 (S.I. 2008/1140), arts. 1(2), 7(2)

Commencement Information

I1Sch. 14 para. 4 wholly in force; Sch. 14 para. 4 not in force at Royal Assent see s. 126(2); Sch. 14 para. 4 in force for certain purposes at 13.1.1993 by S.I. 1993/16, art. 2, Sch. 1; Sch. 14 para. 4 in force to the extent not already in force at 1.1.1994 by S.I. 1993/2213, art. 2(1), Sch. 5

5(1)A person is ineligible for appointment as an auditor of a friendly society or a registered branch of the society under this Schedule if he is—U.K.

(a)an officer or employee of the friendly society or any registered branch of the society;

(b)a partner or employee of such a person or a partnership of which such a person is a partner,

or, in the case of an incorporated friendly society, if he is [F3prohibited by section 1214(2) of the Companies Act 2006 (independence requirement) from acting as statutory auditor] of a subsidiary of the society or of a body jointly controlled by the society and some other person.

(2)For this purpose an auditor of a friendly society or branch shall not be regarded as an officer or employee of the society or branch.

(3)A person is also ineligible for appointment as auditor of a friendly society or branch if there exists between him or any associate of his and the society or branch or, if it is an incorporated friendly society, any of its subsidiaries, a connection of any such description as may be specified by regulations made by the [F4Treasury].

(4)In this paragraph “associate” has the meaning given by [F5section 1260 of the Companies Act 2006].

Textual Amendments

F4Word in Sch. 14 para. 5(3) substituted (17.8.2001 for specified purposes and otherwise 1.12.2001) by S.I. 2001/2617, arts. 2, 8(1), 13(1), Sch. 3 para. 127(b) (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2(1)

Modifications etc. (not altering text)

C1Sch. 14 para. 5(3): Functions of the Friendly Societies Commission transferred (1.12.2001) by the Treasury by S.I. 2001/2617, arts. 2(b), 4(1), Sch. 1 Pt. II (with art. 5); S.I. 2001/3538, art. 2(1)

Commencement Information

I2Sch. 14 para. 5 wholly in force; Sch. 14 para. 5 not in force at Royal Assent see s. 126(2); Sch. 14 para. 5 in force for certain purposes at 13.1.1993 by S.I. 1993/16, art. 2, Sch. 1; Sch. 14 para. 5 in force to the extent not already in force at 1.1.1994 by S.I. 1993/2213, art. 2(1), Sch. 5