Change 1 Article Choose an article Title and introductory text 1 Functions of the Financial Conduct Authority and the Prudential Regulation Authority in relation to friendly societies 2 Financial provision for Commission. 3 Accounts of Commission and audit. 4 Annual and other reports. 5 Establishment of incorporated friendly societies. 6 Incorporation of registered friendly societies. 7 Purposes and powers of an incorporated friendly society. 8 Effect of the memorandum of an incorporated society. 9 Effect of the rules of an incorporated society. 10 Social and benevolent activities. 11 Group insurance. 12 Reinsurance. 13 Control of subsidiaries and other bodies corporate. 14 Investment of funds. 15 Holding of land for purposes other than investment. 16 Assistance to subsidiaries and jointly controlled bodies. 17 Loans to assured members. 18 Terms on which benefits are available. 19 Modes of dissolution and winding up. 20 Dissolution by consent. 21 Voluntary winding up. 22 Winding up by court: grounds and petitioners. 23 Application of winding up legislation to incorporated friendly societies. 24 Continuation of long term business. 25 Power of court to declare dissolution void. 26 Cancellation of registration. 27 Committee of management. 28 Chief executive and secretary. 29 Notification of officers to FCA. 30 Meetings and resolutions. 31 Restriction on carrying on unauthorised insurance or non-insurance business. 32 Grant of authorisation by Commission: general. 33 Applications from certain existing friendly societies. 34 Grant of unconditional or conditional authorisation. 35 Extension of current authorisation. 36 Imposition of conditions on current authorisation. 36A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37 Restriction on combinations of business. 38 Restriction on commercial business. 39 Power to direct application for fresh authorisation. 40 Withdrawal of authorisation in respect of new business. 41 Withdrawal of authorisation to carry on insurance business. 42 Contracts effected in contravention of section 31(1). 43 Interpretation of Part IV. 44 Appointment of actuary by societies with long term business. 45 Valuation of assets and liabilities. 46 Annual investigation into condition of certain societies. 47 Triennial investigations into condition of certain societies. 48 Margins of solvency in relation to insurance business of certain societies. 49 Failure to maintain prescribed margin of solvency. 49A Adequacy of assets. 49B Adequacy of premiums in respect of long term insurance. 50 The criteria of prudent management. 51 Power to forbid acceptance of new members. 52 Applications to court. 52A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54 Supervision of activities of subsidiaries etc. 55 Supervision of group insurance business. 55A Supervision of controllers. 56 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58 Rights of appeal. 58A Notices, hearings and appeals. 59 Determination of appeals. 60 Costs, procedure and evidence. 61 Further appeals on points of law. 62 Powers to obtain information and documents etc. 62A Entry of premises under warrant under section 176 of the Financial Services and Markets Act 2000. 63 Confidentiality of certain information. 63A Disclosure of information. 63 Confidentiality of certain information. 64 Exceptions from restrictions on disclosure. 65 Investigations on behalf of FCA or PRA. 65A Protection of supplies 66 Inspections and special meetings: general. 67 Inspections: supplementary provision. 67A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67C . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67D . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68 Accounting records ... 69 Duty to prepare accounts. 69A Duty to prepare individual accounts 69B Friendly Societies Act individual accounts 69C Form and contents of Friendly Societies Act individual accounts 69D IAS individual accounts 69E Duty to prepare group accounts 69F Friendly Societies Act group accounts 69G Form and content of Friendly Societies Act group accounts 69H IAS group accounts 69I Consistency of accounts 69J Disclosures relating to members of the committee of management and employees of the society 69K Disclosures about related undertakings 69L Disclosures relating to off-balance-sheet arrangements 69M Disclosure of auditor remuneration 70 Contents and form of annual accounts. 71 Report on a friendly society’s affairs by the committee of management. 71A Business review 72 Auditors’ appointment, tenure, qualifications, etc. 73 Auditor’s report. 74 Signature of auditor’s report 74A Senior statutory auditor 74B Names to be stated in copies of auditor’s report filed or published 74C Circumstances in which names may be omitted 75 Auditor’s rights to information and to attend meetings. 76 Approval and signing of accounts. 77 Information on appointed actuary to be annexed to balance sheet. 78 Laying and furnishing of accounts and reports. 78A Interpretation of Part 6 79 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80 Determination of certain disputes by arbitration. 81 Complaints by members of friendly societies. 82 Disputes arising out of loans of surplus funds to societies of different description. 83 Disputes relating to industrial and provident societies. 84 Disputes under the National Savings Bank Act 1971 and National Debt Act 1972. 85 Amalgamation of friendly societies. 86 Transfer of engagements by or to friendly society. 87 Actuary’s report as to margin of solvency. 88 Actuary’s report on transfer of long term business. 89 Power of appropriate authority to alter requirements for transfer by friendly society. 90 Power of appropriate authority to effect transfer of engagements. 90A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91 Conversion of friendly society into company. 92 Compensation for loss of office. 93 Registration of societies under 1974 Act. 94 Registered friendly societies and branches: validation and ratification by members. 95 Amendments of 1974 Act. 96 Extension of 1974 Act to Northern Ireland. 97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99 Insurance of lives of children under 10. 100 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102 Power to amend, etc. to assimilate to company law or law relating to persons carrying on insurance business. 103 Power to modify Part VI in relation to particular friendly societies. 104 Public file of a friendly society. 105 Exemptions from stamp duty. 105A Stamp duty land tax 106 Officers and auditors not to be exempted from liability. 107 Time limit for commencing proceedings. 108 Offences by bodies corporate, partnerships and unincorporated associations. 109 Defence of due diligence. 110 Jurisdiction of magistrates' courts in Northern Ireland. 111 Evidence. 112 Records of friendly societies. 113 Service of notices. 114 Form of documents. 115 Provision as to information supplied for purposes of social security. 116 Friendly societies etc. 117 Insurance business etc. 118 Financial year of friendly societies. 119 General interpretation. 119A Meaning of “associate". 119AA Meaning of electronic form, electronic means etc. 119AB Communications by means of a website 119B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120 Amendments and repeals. 121 Orders and regulations. 122 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123 Power to make transitional, consequential etc. provisions. 124 Northern Ireland. 125 Channel Islands and Isle of Man. 126 Short title and commencement. SCHEDULE 1 SCHEDULE 2 The Activities of a Friendly Society SCHEDULE 3 Establishment, Incorporation and Constitution of Incorporated Friendly Societies SCHEDULE 4 Incorporation of Registered Friendly Societies: Supplementary SCHEDULE 5 Additional Activities of Incorporated Societies SCHEDULE 6 Making of Contracts and Execution of Documents by Incorporated Friendly Societies SCHEDULE 7 SCHEDULE 8 Provisions supplementary to Section 13 SCHEDULE 9 Nominations by Members of Incorporated Friendly Societies and Related Matters SCHEDULE 10 Application of Companies Winding Up Legislation to Incorporated Friendly Societies SCHEDULE 11 Committee of Management: Supplementary SCHEDULE 12 Meetings and Resolutions SCHEDULE 13 SCHEDULE 13A TO 1992 ACT SCHEDULE 13B TO 1992 ACT SCHEDULE 13C TO 1992 ACT SCHEDULE 13D Disclosures about members of the committee of management and employees SCHEDULE 13E Disclosures about related undertakings SCHEDULE 13F Disclosure of auditor remuneration etc SCHEDULE 14 Auditors: Appointment, Tenure, Qualifications and Remuneration SCHEDULE 14A APPOINTMENT AND REMOVAL OF AUDITORS: SOCIETIES SUBJECT TO SPECIAL REQUIREMENTS SCHEDULE 15 Amalgamations, Transfers of Engagements and Conversion: Supplementary SCHEDULE 16 Amendments of 1974 Act SCHEDULE 17 SCHEDULE 18 SCHEDULE 19 SCHEDULE 20 SCHEDULE 21 Amendments SCHEDULE 22 Repeals
What to do with it
As published
21 Voluntary winding up.
(1) An incorporated friendly society may be wound up voluntarily under the applicable winding up legislation if it resolves by special resolution that it be wound up voluntarily.
(2) A copy of any special resolution passed for the voluntary winding up of an incorporated friendly society shall be sent by the society to the FCA and, if the society is a PRA-authorised person, the PRA within 15 days after it is passed; and the FCA shall keep the copy in the public file of the society.
(3) A copy of any such resolution shall be annexed to every copy of the memorandum or of the rules issued after the passing of the resolution.
(4) If an incorporated friendly society fails to comply with subsection (2) or (3) above, the society shall be guilty of an offence and liable on summary conviction to a fine not exceeding level 3 on the standard scale.
(5) For the purposes of this section, a liquidator of the society shall be treated as an officer of it.
Your wording
Your change, as a redline
21 Voluntary winding up.
(1) An incorporated friendly society may be wound up voluntarily under the applicable winding up legislation if it resolves by special resolution that it be wound up voluntarily.
(2) A copy of any special resolution passed for the voluntary winding up of an incorporated friendly society shall be sent by the society to the FCA and, if the society is a PRA-authorised person, the PRA within 15 days after it is passed; and the FCA shall keep the copy in the public file of the society.
(3) A copy of any such resolution shall be annexed to every copy of the memorandum or of the rules issued after the passing of the resolution.
(4) If an incorporated friendly society fails to comply with subsection (2) or (3) above, the society shall be guilty of an offence and liable on summary conviction to a fine not exceeding level 3 on the standard scale.
(5) For the purposes of this section, a liquidator of the society shall be treated as an officer of it.
A proposal here is not law. Support on Solon is evidence that people want the change; the official route says what it takes to make it law.