Friendly Societies Act 1992

[1 The Friendly Societies Commission. U.K.

(1) For the purposes of this Act and the 1974 Act there shall be established a body of Commissioners to be called the Friendly Societies Commission (in this Act referred to as “the Commission”).

(2) The Commission shall consist of not less than 4 and not more than 10 members to be appointed by the Treasury and the Treasury shall appoint one member to be the chairman, and another member to be the deputy chairman, of the Commission.

(3) Any appointment under subsection (2) above may be on either a full-time or a part-time basis.

(4) The general functions of the Commission shall be—

(a) to promote the protection by each friendly society of its funds;

(b) to promote the financial stability of friendly societies generally;

(c) to secure that the purposes of each friendly society are in conformity with this Act and any other enactment regulating the purposes of friendly societies;

(d) to administer the system of regulation of the activities of friendly societies; and

(e) to advise and make recommendations to the Treasury and other government departments on any matter relating to friendly societies,

and the Commission shall have the other functions conferred on it by or under this Act or any other Act [F1 or any provisions of the law of an EEA State other than the United Kingdom which give effect to the general insurance or life Directives]].

[F1 (4A) There shall be conferred on the Commission by virtue of this subsection any functions required to be conferred on it by the general insurance or life Directives.]

(5) The Commission shall have power to do anything which is calculated to facilitate the discharge of its functions, or is incidental or conducive to their discharge.

(6) The functions of the Commission, and of its officers and employees, shall be performed on behalf of the Crown.

(7) The Treasury may by order transfer some or all of the functions of the Commission to such other person or body as the order may specify.

(8) Without prejudice to the generality of section 121(3) below, an order under this section may in consequence of the transfer—

(a) amend any enactment or instrument;

(b) direct that the Commission shall cease to exist on a day specified in the order.

(9) Schedule 1 to this Act shall have effect with respect to the Commission.

Textual Amendments

F1 Words in s. 1(4) inserted (1.9.1994) by S.I. 1994/1984 reg. 3(1)

S. 1(4A) added (1.9.1994) by S.I. 1994/1984 reg. 3(2)

Commencement Information

I1 Ss. 1-4 wholly in force at 8.6.1992 see s. 126(2) and S.I. 1992/1325, art. 2(a).