SCHEDULES

SCHEDULE 15 Amalgamations, Transfers of Engagements and Conversion: Supplementary

Part II Confirmation by Commission

Confirmation by Commission: General

9

1

Subject to sub-paragraph (3) below, the Commission shall not confirm an amalgamation or transfer if it considers that—

a

some information material to the members’ decision (including any decision on an affected members’ resolution under section 86 above) about the amalgamation or transfer was not made available to all the members eligible to vote;

b

the vote on any resolution approving the amalgamation or transfer does not represent the views of the members eligible to vote; or

c

some relevant requirement of this Act or the rules of any friendly society participating in the amalgamation or transfer was not fulfilled or not fulfilled as regards that society.

2

Subject to sub-paragraph (3) below, the Commission shall not confirm the conversion of a society if it considers that—

a

some information material to the members’ decision about the conversion was not made available to all the members eligible to vote;

b

the vote on any resolution approving the conversion does not represent the views of the members eligible to vote;

c

there is a substantial risk, in the case of conversion into a company which will require to be authorised under Part I of the M1Insurance Companies Act 1982, that the company will not be so authorised; or

d

some relevant requirement of this Act or the rules of the society was not fulfilled.

3

The Commission shall not be precluded from confirming an amalgamation, transfer or conversion by virtue only of the non-fulfilment of some relevant requirement of this Act or the rules of a friendly society if it appears to the Commission that it could not have been material to the members’ decision about the amalgamation, transfer or conversion and the Commission gives a direction that the failure is to be disregarded for the purposes of this paragraph.