I1 Part VIII Amalgamations, Transfers of Engagements and Conversion of Friendly Societies into Companies

Annotations:
Commencement Information
I1

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

Supplementary

92 Compensation for loss of office.

1

Subject to subsection (3) below, the terms of—

a

an amalgamation under section 85 above,

b

a transfer of engagements of a friendly society under section 86 above, or

c

a conversion under section 91 above,

may include provision for compensation for loss of office or diminution of emoluments attributable to the amalgamation, transfer or conversion to be paid by a participating friendly society to or in respect of any of the persons mentioned in subsection (2) below.

2

Those persons are—

a

the officers of the society which is to pay the compensation;

b

in the case of an amalgamation or transfer, the officers of any other participating society;

c

in the case of a transfer, the officers of any other person participating in the transfer; and

d

the appointed actuary (if any) of any society participating in the amalgamation or transfer.

3

Any such provision as is mentioned in subsection (1) above must be approved by the society which is to pay the compensation by a special resolution separate from any resolution approving the other terms of the amalgamation, transfer or conversion.

4

If compensation which has not been authorised in accordance with subsection (3) above is received by an officer, it shall be repaid.

5

In this section—

  • “compensation” includes the provision of benefits in kind;

  • “loss of office” includes, in relation to an officer of an incorporated friendly society holding office by virtue of his position in the society in a subsidiary of the society or body jointly controlled by the society, the loss of that office; and

  • “participating society”, in relation to an amalgamation or transfer, means a friendly society participating in the amalgamation or transfer and, in relation to the conversion of a friendly society, that society.