Part II Friendly Societies: Subsidiaries and Controlled Bodies
Financial Services and Markets Act 2000 (2000 c 8) | Legislation

Part II Friendly Societies: Subsidiaries and Controlled Bodies

Interpretation

9

In this Part of this Schedule—

“the 1992 Act” means the Friendly Societies Act 1992; and

“section 13” means section 13 of that Act.

Qualifying bodies

10

(1)     Subsections (2) to (5) of section 13 (incorporated friendly societies allowed to form or acquire control or joint control only of qualifying bodies) cease to have effect.

(2)     As a result, omit—

(a)     subsections (8) and (11) of that section, and

(b)     Schedule 7 to the 1992 Act (activities which may be carried on by a subsidiary of, or body jointly controlled by, an incorporated friendly society).

Bodies controlled by societies

11

In section 13(9) (defined terms), after paragraph (a) insert—

“(aa)     an incorporated friendly society also has control of a body corporate if the body corporate is itself a body controlled in one of the ways mentioned in paragraph

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