I1Part VIII Amalgamations, Transfers of Engagements and Conversion of Friendly Societies into Companies
Transfers of engagements
90 Power of F1Authorityto effect transfer of engagements.
1
Subject to the following provisions of this section the F1Authority may give a direction under this section (“a direction”) providing for the transfer of such of the engagements of a friendly society (“the society”) as are specified in the order to a person so specified (“the transferee”).
2
The F1Authoritymay give a direction if—
a
it considers that—
i
the society is unable to manage its affairs satisfactorily in relation to the engagements specified in the order; and
ii
a transfer of those engagements would be expedient to protect the interests of the members of the society; and
b
the proposed transferee has complied with paragraph 1 of Schedule 15 to this Act and has resolved to undertake to fulfil the engagements by special resolution or, if the F1Authority consents to that mode of proceeding, by resolution of the committee of management;
but the F1Authority may direct that paragraph (b) above shall be modified in relation to a particular proposed transfer (but not to permit a society to resolve to undertake to fulfil the engagements by less than a majority or more than a three-quarters majority of those voting).
3
4
F3At the same time as giving a warning notice to the society in accordance with section 58A(1) in relation to its proposal to give a direction, the Authority shallpublish notice of the proposed directioninoneormoreoftheLondonGazette,theBelfastGazetteortheEdinburghGazette,asitthinksappropriate,and,ifitthinksappropriate,inoneormorenewspapers
5
A notice published in pursuance of subsection (4)(b) above shall—
a
state that any interested party has the right to make representations to the F4Authority with respect to the proposed direction;
b
c
specify a date determined by the F4Authority as the day on which it intends to hear any oral representations.
6
After the date specified in pursuance of subsection (5)(b) above, the F4Authority shall—
a
determine the time and place at which oral representations may be made;
b
give notice of that determination to the society and the proposed transferee and to any persons who have given notice of their intention to make oral representations; and
c
send copies of the written representations received by the F4Authorityto the society concerned and the proposed transferee.
7
F5Before the Authority decides whether to give the society a decision notice in accordance with section 58A(3),the F4Authority shall allow the society and the proposed transferee an opportunity to comment on the written representations, whether at a hearing or in writing before the expiration of such period as the F4Authority specifies in a notice to it.
8
F6IftheAuthoritygivesadirectionitshallkeepacopyofthatdirectionand shall—
a
register that copy; and
b
issue a registration certificate to the transferee;
and the registration certificate shall specify a date as the transfer date for the transfer.
9
On the transfer date—
a
the property, rights and liabilities of the society shall by virtue of this subsection become, to the extent provided in the direction, the property, rights and liabilities of the transferee; and
b
if the transfer is of all the society’s engagements, the society shall be dissolved;
but the transfer shall be deemed to have been effected before any such dissolution.
10
The F7Authority shall keep a copy of a direction and of the registration certificate—
a
if the transferee is a friendly society, in the public file of that society;
b
in any other case, in the public file of the society transferring the engagements.
11
Where a friendly society is dissolved by subsection (9)(b) above, its registration under this Act or the 1974 Act shall be cancelled by the F7Authority.
Pt. VIII (ss. 85-92) wholly in force; Pt. VIII not in force at Royal Assent see s. 126(2); Pt. VIII in force at 13.9.1993 by S.I. 1993/2213, art. 2(1), Sch. 3