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The Friendly Societies (Activities of a Subsidiary) Order 1995
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Variation of Schedule 7
2. Schedule 7 to the Friendly Societies Act 1992 (which relates to activities which may be carried on by a subsidiary of or body jointly controlled by an incorporated friendly society) is amended by inserting—
(a)at the end of paragraph 10, the words “or paragraph 11 or 12 below”; and
(b)after paragraph 10, the following paragraphs—
“11. The carrying on of a business which is a deposit-taking business within the meaning of the Banking Act 1987(1) but only to the extent that money which is received as a deposit, or money which is lent, is received from, or lent to, an individual.
12. The carrying on of insurance business which is general business within the meaning of the Insurance Companies Act 1982(2) but only to the extent that a contract of insurance which is effected or carried out is a contract which is effected with an individual.”
(1)
(2)
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