The Financial Services and Markets Act 2000 (Transitional Provisions) (Authorised Persons etc.) Order 2001 No. 2636

Valid from 01/12/2001

PART III U.K. EFFECT OF RESTRICTIONS AND PROHIBITIONS IMPOSED UNDER OLD LAW

Conditions and directions under the Friendly Societies Act U.K.

Direction under section 40 of the Friendly Societies Act U.K.

46.—(1) This article applies where—

(a) immediately before commencement a friendly society was subject to a direction given under section 40 of the Friendly Societies Act; and

(b) on commencement, that friendly society has a Part IV permission.

(2) The direction has effect after commencement as if it were a requirement imposed under section 43 that the society refrain from carrying on any activity which immediately before commencement it was prevented by the direction from carrying on (having regard to any subsequent grant of authorisation as mentioned in section 40(5) of the Friendly Societies Act).

(3) A direction having effect under paragraph (2) may be varied or revoked in accordance with section 44, notwithstanding section 40(5)(b) of the Friendly Societies Act.

Commencement Information

I1 Art. 46 in force at 20.7.2001 for specified purposes, see art. 1(2)(b)