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Friendly Societies Act 1992
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Changes over time for: Section 52A
Version Superseded: 01/01/1998
Alternative versions:
- 01/09/1994- Amendment
- 01/04/1996
Point in time - 01/01/1998- Amendment
- 01/12/2001- Amendment
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Point in time view as at 01/04/1996. This version of this provision has been superseded.
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[52AF1 Prohibition on disposal of assets.U.K.
(1)Where the Commission has reason to believe that any of the conditions mentioned in subsection (2) below is satisfied in relation to a friendly society to which section 37(2) or (3) applies, it may apply to the court for an injunction restraining, or in Scotland an interdict prohibiting, the society from disposing of or otherwise dealing with any of its assets to the value of its EC liabilities.
(2)The conditions referred to in subsection (1) above are–
(a)that the Commission has given (and not revoked) a direction in respect of the society under section 40 above; or
(b)that the society has failed to satisfy an obligation to which it is or was subject by virtue of section 48, 49, 49A above or Part III of the Friendly Societies (Insurance Business) Regulations 1994 M1; or
(c)that a submission by the society to the Commission of an account or statement specifies, as the amount of any liabilities of the society, an amount appearing to the Commission to have been determined otherwise than in accordance with–
(i)valuation regulations; or
(ii)where no such regulations are applicable, generally accepted accounting concepts, bases and policies or other generally accepted methods appropriate for friendly societies,
and a court shall not make an order under this section unless it is satisfied that one or more of those conditions are satisfied.
(3)Where a court makes an order under this section, it may by subsequent orders make provision for such incidental, consequential and supplementary matters as are necessary to enable the Commission to perform its functions under this Act.
(4)The jurisdiction conferred by this section shall be exercisable by the High Court and the Court of Session.
(5)In this section any reference to an EC liability is a reference to a liability of the business carried on by the society in the European Community.]
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