Part V Regulation of Friendly Societies’ Business
Powers of Commission
I153 Residual power to impose requirements for protection of members.
1
If the Commission considers it expedient to do so in order to protect the interests of members of a friendly society which does not require authorisation under section 32 above, it may direct the society to take such action as appears to the Commission to be appropriate, having regard to any risk—
a
that the society may be unable to meet its liabilities; or
b
that it will not be managed in the interests of its members.
2
The power conferred by this section shall not be exercised in such a way as to restrict the society’s freedom to dispose of its assets except where the ground for intervention arises out of the submission by the society to the Commission of an account or statement specifying, as the amount of any liabilities of the society, an amount appearing to the Commission to have been determined otherwise than in accordance with—
a
valuation regulations; or
b
where no such regulations are applicable, generally accepted accounting concepts, bases and policies or other generally accepted methods appropriate for friendly societies.