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Friendly Societies Act 1992
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- UK Public General Acts
- 1992 c. 40
- SCHEDULE 17
- Paragraph 7
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7After section 8 there shall be inserted the following section—
“8AGeneral contracts made by friendly societies
Subject to sections 13 and 14 below, where the Board’s functions are exercisable in relation to a closing society, it shall be the duty of the Board to secure that a sum equal to ninety per cent of the amount of any liability of the society to a private policyholder (within the meaning of section 6(7) above) under the terms of a contract the effecting of which constituted the carrying on of general business of any class and which was a United Kingdom policy at the beginning of the liquidation is paid to the member as soon as reasonably practicable after the beginning of the liquidation.”
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