The Financial Services and Markets Act 2000 (Mutual Societies) Order 2001

Made: 18th July 2001

Laid before Parliament: 19th July 2001

Coming into force in accordance with article 2

The Treasury, in exercise of the powers conferred on them by sections 334(1) and (2), 335(1), (2), (3) and (4), 336(1) and (2), 337, 338(1) and (2), 339(1) and (2), 426, 427 and 428(3) of the Financial Services and Markets Act 2000[^f00001] and of all other powers enabling them in that behalf, hereby make the following Order:—

PART I — General

Citation

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Commencement

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Interpretation

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• (1) In this Order—

• “the 2000 Act” means the Financial Services and Markets Act 2000,

• “assistant registrar” means an assistant registrar of friendly societies for the central registration area,

• “the assistant registrar for Scotland” means the assistant registrar of friendly societies for Scotland,

• “the Board” means the Building Societies Investor Protection Board,

• “building society” has the same meaning as in the Building Societies Act 1986[^f00002],

• “the central office” means the central office of the registry of friendly societies,

• “the central registration area” means the area defined by section 4(1)(a) of the Friendly Societies Act 1974[^f00003] (as it had effect immediately before its repeal by the 2000 Act),

• “the Chief Registrar” means the Chief Registrar of friendly societies,

• “commencement” means the beginning of the day on which section 19 of the 2000 Act comes into force,

• “enactment” includes an enactment contained in subordinate legislation within the meaning of the Interpretation Act 1978[^f00004], and

• “the last period” means the period beginning with 1st April 2001 and ending at commencement.

• (2) In this Order, “transferred function” means any function transferred by article 4 and, in relation to any transferred function, “transferor” means the person from whom the function is transferred and “transferee” means the person to whom it is transferred.

• (3) In this Order, unless the context otherwise requires, any reference to an article by number alone is a reference to the article so numbered in this Order.

PART II — Transferred functions

Transfer of functions

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• (1) The functions—

• (a) of the Chief Registrar, the assistant registrar for Scotland, the assistant registrars and the central office listed in Part I of Schedule 1 to this Order,

• (b) of the Friendly Societies Commission listed in Part II of Schedule 1 to this Order, and

• (c) of the Building Societies Commission listed in Part III of Schedule 1 to this Order,

are transferred to the Treasury.

• (2) All other functions which, immediately before commencement were functions—

• (a) of the Chief Registrar, the assistant registrar for Scotland, the assistant registrars or the central office,

• (b) of the Friendly Societies Commission, or

• (c) of the Building Societies Commission,

are transferred to the Authority, subject to any repeal or amendment made by any provision of this Order or by any other provision of or made under the 2000 Act.

• (3) Schedule 2 makes provision about the application of the 2000 Act in relation to functions transferred (or to be transferred) to the Authority by paragraph (2) above.

• (4) For the purposes of the Transfer of Undertakings (Protection of Employment) Regulations 1981[^f00005], paragraph (2) above is to be regarded as giving rise to the transfer of an undertaking by virtue of each of sub-paragraphs (a), (b) and (c) of that paragraph, whether or not it would otherwise be so regarded.

Consequential and transitional provisions in relation to transferred functions

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Requirements to provide documents etc.

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Consequential modification of non-statutory provisions

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• (1) Where a relevant provision is predicated on the continuing exercise of any transferred function by the transferor, any reference in the provision to the transferor has effect, in relation to any time after commencement, as a reference to the transferee.

• (2) Paragraph (3) applies where—

• (a) a relevant provision contains a requirement for consent to be given by the Building Societies Commission before the repayment by a building society of any sum owed by it, and

• (b) the requirement was included in the relevant provision so as to comply with the terms of—

• (i) an order made under section 45(5) of the Building Societies Act 1986 as that section had effect before the coming into force of section 21 of the Building Societies Act 1997[^f00006],

• (ii) an order made under section 119(1) of the Building Societies Act 1986[^f00007], or

• (iii) guidance issued by the Building Societies Commission pursuant to section 45AA of that Act[^f00008].

• (3) Unless the context otherwise requires, the requirement has effect, in relation to any time after commencement, as a requirement for consent to be given by the Authority.

• (4) Paragraph (5) applies where a relevant provision prohibits the payment or crediting of interest on any sum owed by a building society if the board of directors of the society is of the opinion that—

• (a) there has been a failure on the part of the society to satisfy a criterion of prudent management, set out in section 45(3) of the Building Societies Act 1986[^f00009] as it had effect at any time before commencement, relating to the maintenance of adequate reserves and other capital resources, or

• (b) there would be such a failure if the interest was paid or credited.

• (5) Unless the context otherwise requires, any reference in that provision to that criterion has effect, in relation to any time after commencement, as a reference to the condition set out in paragraph 5D of Schedule 6 to the 2000 Act (business to be conducted in a prudent manner).

• (6) “Relevant provision” means a provision which—

• (a) is contained in the rules of a building society, friendly society or registered society, or in any other contract, deed or document other than an enactment, and

• (b) has effect before, as well as after, commencement,

but for the purposes only of paragraph (1) above also includes a provision in any document which is provided to the Authority after commencement pursuant to article 6(2).

Anticipatory exercise of powers

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PART III — Dissolutions

The Building Societies Commission

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The Friendly Societies Commission

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The Building Societies Investor Protection Board

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The Chief Registrar, assistant registrar for Scotland, and assistant registrars

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PART IV — Amendments, repeals etc.

Amendments, repeals, transitional provisions and savings

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SCHEDULE 1 — FUNCTIONS TRANSFERRED TO THE TREASURY

PART I — FUNCTIONS OF THE CHIEF REGISTRAR, ASSISTANT REGISTRAR FOR SCOTLAND, ASSISTANT REGISTRARS AND THE CENTRAL OFFICE

Act	Provision	Function
The Superannuation and other Trust Funds (Validation) Act 1927 c. 41.	Section 8[^f00012]	Making regulations prescribing the qualifications required to be held by an actuary for the purposes of the Act.
The Friendly and Industrial and Provident Societies Act 1968 c. 55.	Section 4(8)[^f00013]	Making regulations substituting any sum or number, and prescribing receipts and payments to be taken into account, for the purposes of section 4(2) of the Act (exemption from obligation to appoint auditor).
	Section 10(1)[^f00014]	Making regulations prescribing maximum rates for remuneration of auditors and reporting accountants.
	Section 13(3)	Making regulations prescribing accounts to be comprised and particulars to be contained in group accounts.
The Friendly Societies Act 1974 c. 46.	Section 31(5)[^f00015]	Making regulations substituting any sum, number or percentage, and prescribing receipts and payments to be taken into account, for the purposes of section 31(2) or (3) of the Act (exemption from obligation to appoint auditor).
	Section 40(1)[^f00016]	Making regulations under section 10 of the Friendly and Industrial and Provident Societies Act 1968 prescribing maximum rates for remuneration of auditors and reporting accountants.
	Section 42(1)	Making regulations specifying class of society or branch for whom application of section 41(1) of theAct is modified (valuation report required every 3 years rather than every 5 years).
	Section 42(2)	Making regulations specifying class of society or branch for whom application of section 41(1) of the Act is modified (valuation report required every 3 years rather than every 5 years in respect of specified class of business).
	Section 47(1)[^f00017]	Prescribing other UK Government securities for the purchase of which, on behalf of its members, a society or branch registered under the Act (and also an industrial and provident society, by virtue of section 11 of the Industrial and Provident Societies Act 1965) may set up a fund.
	Section 86(2)	Making regulations specifying requirements to be complied with in procedure for proxy voting.
The Industrial and Provident Societies Act 1975 c. 41.	Section 2	Making an order substituting sum in section 6(1) of the Industrial and Provident Societies Act 1965 (maximum shareholding of a member of an industrial and provident society) and making related provision.
The Industrial and Provident Societies Act 1978 c. 34.	Section 2	Making an order substituting sums in section 7(3) of the Industrial and Provident Societies Act 1965 (limits on taking deposits at one time or from one depositor) and making related provision.
The Credit Unions Act 1979 c. 34.	Section 5(4)[^f00018]	Making an order substituting sum in section 5(3) of the Act (maximum shareholding of a member of a credit union).
	Section 9(4) and (5)[^f00019]	Making an order substituting amount in section 9(1) of the Act (limit on taking deposits from someone too young to be a member of a credit union) and making related provision.
	Section 11(7)	Making an order specifying maximum period within which loan by credit union must be repaid (section 11(4) of the Act) and maximum rate of interest charged (section 11(5) of the Act).
	Section 13(1)	Making an order authorising manner in which surplus funds of credit union may be invested.
	Section 14(4)	Making an order specifying maximum rate of dividend payable on shares of credit union.
	Section 15(3) and (4)	Making regulations prescribing matters mentioned in section 15(2)(a) and (b) of the Act (which relate to requirement to insure against fraud or dishonesty).
The Building Societies Act 1986 c. 53.	Schedule 2A paragraph 3(1)[^f00020]	Making rules prescribing form of receipt for discharge of mortgage under paragraph 1 of the Schedule.
The Social Security Contributions and Benefits Act 1992 c. 4.	Schedule 1 paragraph 11(2)	Making regulations prescribing procedure for making amendments to rules of a registered friendly society in compliance with regulations under paragraph 11(1) of the Schedule (sickness payments).[^f00021]

PART II — FUNCTIONS OF THE FRIENDLY SOCIETIES COMMISSION

Act	Provision	Function
The Friendly Societies Act 1974 c. 46.	Section 65A(8)[^f00022]	Making regulations under section 11(7) of the Friendly Societies Act 1992 (manner of carrying on group insurance business etc.) applying to registered friendly societies.
The Friendly Societies Act 1992 c. 40.	Section 5(4)	Making an order varying Schedule 2 (activities of an incorporated friendly society).
	Section 11(7)	Making regulations specifying manner in which group insurance business may be carried on by incorporated friendly societies.
	Section 69(4) and (5)	Making regulations exempting incorporated friendly societies from preparing group accounts.
	Section 70(6)	Making regulations about contents and form of annual accounts.
	Section 71(1)(b)	Making regulations prescribing information to be contained in annual report.
	Section 71(2)(a)	Making regulations prescribing information to be contained in annual report of an incorporated friendly society which has subsidiaries or jointly controls other bodies.
	Section 91(8)	Making regulations providing for regulation of conversion of friendly societies into companies.
	Section 93(14)	Making an order prescribing the day on which the transitional period ends (period within which societies must comply with the Act).
	Section 99(3)	Making an order substituting sum in section 99(1) (maximum benefit payable on death under the age of 10).
	Section 112(4)	Making regulations in connection with records which are kept otherwise than in legible form.
	Schedule 3 paragraph 13(4)	Making an order prescribing maximum fee chargeable by incorporated friendly society for providing copies of its statutory documents.
	Schedule 5 paragraph 2(5)	Making an order substituting a sum in paragraph 2(3) or (4) of the Schedule (loan fund).
	Schedule 5 paragraph 3(1)	Prescribing other UK Government securities for the purchase of which, on behalf of its members, an incorporated friendly society may set up a fund.
	Schedule 11 paragraph 16(1)	Making an order prescribing series of monetary amounts (“prescribed bands”) for the purposes of Part II of Schedule 11 (dealings with members of committee of management).
	Schedule 12 paragraph 5(2)	Making regulations prescribing when rules of societies may exclude or limit voting rights of members according to amount of subscriptions.
	Schedule 12 paragraph 7(6)	Making regulations prescribing requirements for procedure to be adopted for proxy voting.
	Schedule 14 paragraph 5(3)	Making regulations specifying descriptions of connections which make auditors ineligible for appointment.
	Schedule 14 paragraph 7(4)	Making regulations substituting sum, number or percentage, and prescribing receipts and payments which must be taken into account, for the purposes of paragraph 7(1) and (3) of the Schedule (exemption from requirement for auditor to be a member of a recognised supervisory body).
	Schedule 14 paragraph 17(1)	Making regulations to secure the disclosure of the amount of remuneration of auditors and their associates.
	Schedule 15 paragraph 3(1)(a)	Making regulations to prescribe matters to be dealt with in a statement to members (statements relating to conversion of society into a company).

PART III — FUNCTIONS OF THE BUILDING SOCIETIES COMMISSION

Act	Provision	Function
The Building Societies Act 1986 c. 53.[^f00023]	Section 6(7) and (8)	Making an order modifying or applying section 6(2) and (3) (lending limit) in relation to assets of subsidiary or associated undertakings, and making related provision.
	Section 6A(2)(b) and (5)	Making an order prescribing description and circumstances of creation of equitable interest (for the purposes of determining when a loan is to be treated as secured on land), and making related provision.
	Section 6A(4) and (5)	Making an order providing for provisions of the Act to have effect in relation to loans secured on land outside the EEA with appropriate modifications, and making related provision.
	Section 7(7) and (8)	Making an order modifying or applying section 7(2) and (3) (funding limit) in relation to liabilities of subsidiary or associated undertakings, and making related provision.
	Section 8(12)	Making an order varying subsections (2), (9) and (10) of the section (provision about raising funds and borrowing), and making related provision.
	Section 9A(12)	Making an order substituting an amount or percentage in subsections (2), (3) or (6), or varying subsection (4)(b), of the section (restrictions on certain transactions).
	Section 42B(8)	Making regulations specifying matters of which particulars must be contained in statements under paragraphs 3 and 9 of Schedule 8A.
	Section 60(9) and (16)	Making an order substituting maximum amount which rules of a society may require as shareholding of director, and making related provision.
	Section 61(4) and (5)	Making an order substituting amount, number or percentage in subsections (1) to (3), or varying subsection (3A), of the section (rules as to election of directors), and making related provision.
	Section 64(3)	Making an order substituting any of the amounts in subsection (2) (requisite cash value of assets for the purposes of transactions with directors or persons connected with them).
	Section 65(8)	Making an order to substitute sums in the section (loans to directors or persons connected with them).
	Section 68(9)	Making an order substituting amounts in subsections (7) and (8) (exceptions from obligations imposed by the section in relation to transactions with directors or persons connected with them).
	Section 69(5)	Making an order designating relevant services for the purpose of the section (disclosure and record of income of related businesses), and making related provision.
	Section 69(12)	Making an order substituting a sum in the subsection in relation to volume of business.
	Section 72(7) and (8)	Making regulations as to documents to be comprised in annual accounts, and matters to be included in such documents, including modification of Part VIII of the Act, and making related provision.
	Section 73(6) to (8)	Making regulations as to contents and form of annual accounts of a building society.
	Section 74(3) and (4)	Making regulations prescribing contents and form of annual business statement.
	Section 75(1)(b)	Making regulations prescribing information to be contained in the directors' annual report.
	Section 76(3)	Making regulations with respect to the form and content of summary financial statement.
	Section 92A(10)	Making an order substituting percentages in subsections (4) and (5) of the section (acquisition or establishment of new business), and making related provision.
	Section 92A(11)	Making an order varying subsections (5) and (9) of the section, and making related provision.
	Section 96(2)	Making regulations authorising payments of compensation to directors or other officers on amalgamation or transfer of engagements.
	Section 96(5)	Making regulations authorising distribution of funds to members on amalgamation or transfer of engagements.
	Section 99(3)	Making regulations authorising payment of compensation to directors or other officers on transfers of business under section 97.
	Section 102(1) and (2)	Making regulations regulating transfers of business under section 97.
	Section 102D(11)	Making regulations prescribing time periods for notices under section 102B(4).
	Section 114(4)	Making regulations about records kept otherwise than in legible form.
	Section 119(1)	Making an order defining class of shares which are “deferred shares” for the purpose of the Act.
	Schedule 2 paragraphs 10A(3) and 10C(6)	Making regulations specifying words or expressions the use of which in a business name requires the Authority’s approval (and specifying bodies whose comments must be sought), and making related provision.
	Schedule 2 paragraphs 10B(5) and 10C(6)	Making regulations as to form and display of notice under paragraph 10B(3) and (4) of the Schedule (notice of registered name and address of society), and making related provision.
	Schedule 2 paragraph 12(4)	Making an order prescribing amount in paragraph 12(1)(b) of the Schedule (maximum amount which may be charged by a building society for providing copies of its statutory documents).
	Schedule 2 paragraph 20A(13)	Making an order substituting number or sum in paragraph 20A(2) or (7) of the Schedule (members' requisitions of special meetings), and making related provision.
	Schedule 2 paragraph 32(4) and (6)	Making an order varying definitions of “requisite number” or “qualified member” in paragraph 31(2) or descriptions of provisions rendered void by paragraph 31(3) of the Schedule, and making related provision.
	Schedule 2 paragraph 36(1) and (3)	Making an order specifying prescribed amount for the purposes of Part III of the Schedule, and making related provision.
	Schedule 10 paragraph 9(1) and (2)	Making an order prescribing series of numbers or monetary amounts (“prescribed bands”) for the purposes of Part II of the Schedule.
	Schedule 11 paragraph 5(1)(b)	Making an order designating bodies of accountants the members of whom are qualified for appointment as auditor of a building society.
	Schedule 15A paragraph 25	Making regulations prescribing the form of receivership accounts for the purposes of section 38 of the Insolvency Act 1986.
	Schedule 15A paragraph 47	Making regulations prescribing the form of receivership accounts for the purposes of article 48 of the Insolvency (Northern Ireland) Order 1989.
	Schedule 17 paragraph 5(1)	Specifying particulars to be given in transfer statement.
	Schedule 17 paragraph 5(2)	Specifying information to be contained in transfer summary.

SCHEDULE 2 — APPLICATION OF FINANCIAL SERVICES AND MARKETS ACT 2000 TO TRANSFERRED FUNCTIONS

Interpretation

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General

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5

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8

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Rules relating to fees

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10

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11

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Guidance

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14

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15

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16

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SCHEDULE 3 — ENACTMENTS AMENDED

PART I — FRIENDLY SOCIETIES

Amendments to the Friendly Societies Act 1974

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2

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3

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4

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5

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6

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7

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8

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9

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10

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11

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12

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13

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14

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15

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16

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17

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18

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19

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20

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21

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22

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23

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24

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25

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26

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27

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28

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29

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30

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31

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32

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33

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34

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35

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36

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37

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38

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39

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40

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41

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42

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43

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44

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45

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46

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47

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48

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49

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50

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Amendments to the Friendly Societies Act 1981

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Amendments to the Friendly Societies Act 1984

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Amendments to the Friendly Societies Act 1992

53

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54

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55

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56

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57

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58

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59

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60

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92

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93

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95

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96

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97

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98

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99

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100

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101

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102

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103

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104

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105

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106

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107

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108

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109

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110

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111

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112

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113

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114

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115

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116

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117

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118

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119

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120

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121

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122

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123

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124

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125

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126

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127

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128

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129

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130

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PART II — BUILDING SOCIETIES

Amendments to the Building Societies Act 1986

131

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132

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133

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134

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135

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136

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137

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138

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139

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140

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141

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142

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143

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144

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145

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146

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147

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148

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149

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150

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151

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152

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153

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154

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155

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156

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157

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158

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159

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160

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161

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162

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163

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164

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165

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166

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167

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168

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169

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170

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171

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172

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173

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174

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175

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176

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177

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178

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179

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180

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181

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182

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183

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184

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185

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186

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187

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188

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189

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190

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191

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192

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193

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194

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195

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196

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197

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198

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199

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200

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201

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202

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203

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204

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205

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206

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207

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208

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209

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210

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211

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212

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Amendments to the Building Societies Act 1997

213

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PART III — INDUSTRIAL AND PROVIDENT SOCIETIES

Amendments to the Industrial and Provident Societies Act 1965

214

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215

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216

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217

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218

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219

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220

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221

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222

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223

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224

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225

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226

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227

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228

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229

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230

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231

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232

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233

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234

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235

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236

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237

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238

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Amendments to the Industrial and Provident Societies Act 1967

239

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240

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241

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242

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243

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244

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245

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Amendments to the Friendly and Industrial and Provident Societies Act 1968

246

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247

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248

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249

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250

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251

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252

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253

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254

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255

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256

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257

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258

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259

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260

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261

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Amendments to the Industrial and Provident Societies Act 1975

262

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Amendments to the Industrial and Provident Societies Act 1978

263

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PART IV — CREDIT UNIONS

Amendments to the Credit Unions Act 1979

264

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265

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266

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267

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268

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269

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270

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271

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272

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273

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274

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275

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276

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277

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278

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279

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280

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281

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282

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283

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284

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285

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286

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287

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288

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289

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290

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291

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SCHEDULE 4 — REPEALS

Chapter	Short title	Extent of repeal[^f00194]
1965 c. 12.	The Industrial and Provident Societies Act 1965.	In section 16(1)(c), the words “with the approval of the Treasury—”.
		In section 17, in subsection (1) the words “with the approval of the Treasury” (the first time they appear), in subsection (1)(b) the words “with the approval of the Treasury, but”, and subsection (6).
		In section 49, in subsection (1) the words “, with the consent of the Treasury”, and subsection (7).
		In section 52, in subsection (2) the words “or bearing the signature of the assistant registrar for Scotland, as the case may require,” and in subsection (4) the words “or, under the direction of the chief registrar, by the assistant registrar for Scotland”.
		In section 55 (a)(i) the words “within the meaning of this Act”.
		Section 60(8)(c).
		In section 61(b) the words “or any assistant registrar”.
		In section 66(1) the words “, and in England and Wales only by,”.
		In section 67(1), the words “or any other registrar”.
		Section 73.
1967 c. 48.	The Industrial and Provident Societies Act 1967.	Section 6(1).
1968 c. 55.	The Friendly and Industrial and Provident Societies Act 1968.	In section 4(8), the words “Chief Registrar with the consent of the”.
		In section 7, in subsection (1) the words “Subject to the next following subsection,” and subsections (2) and (3).
		In section 10(1), the words “Chief Registrar with the consent of the”.
		Section 17.
		Section 19(3).
		In section 21(1), the definition of “collecting society”.
		In section 23(4), paragraph (a).
1974 c. 46.	The Friendly Societies Act 1974.	Sections 1, 2, 3, 5 and 6.
		In section 12(2), the words from “in the” to the end.
		In section 31(2) the words “(not being a collecting society or branch thereof)”.
		Section 36(2) and (3).
		In section 40(1), the words “Chief Registrar with the consent of the ”.
		In section 42, the words “of Chief Registrar” in the side-note, and subsection (3).
		Section 47(3) and (4).
		Section 65.
		Section 83.
		In section 93(1)(c) the words “of the Commission under”.
		Section 95(5).
		Section 95A(3).
		In section 98, in subsection (2) the words from “or to any” to the end, and subsection (8).
		In section 99(6) the words “, and in the central registration area only by,”.
		In section 109, in subsection (2) the words “9 or”, and subsection (3).
		In section 111(1) the definitions of “the central registration area”, “collecting society” and “Commission”, and in the definition of “Treasury regulations” the words “and approved”.
		In Schedule 9, paragraph 22.
1975 c. 41.	The Industrial and Provident Societies Act 1975.	In section 2(1) the words “, with the consent of the Treasury,”.
		In section 2(4) the words from “and the Statutory Instruments Act 1946” to the end.
1978 c. 34.	The Industrial and Provident Societies Act 1978.	In section 2(1) the words “, with the consent of the Treasury,”.
		In section 2(4) the words from “and the Statutory Instruments Act 1946” to the end.
1979 c. 34.	The Credit Unions Act 1979.	Section 2(6).
		In section 6(3), the words “after consultation with the chief registrar,”.
		In section 11(7), the words “chief registrar with the consent of the”.
		In section 13(1), the words “chief registrar with the consent of the”.
		In section 14(4), the words “chief registrar with the consent of the”.
		In section 15(3), the words “chief registrar with the consent of the”.
		In section 19(4) the words “with the consent of the Treasury”.
		Section 30.
		In section 31(2), the words “, meaning of “chief registrar”, etc.”.
1981 c. 50.	The Friendly Societies Act 1981.	The whole Act.
1984 c. 62.	The Friendly Societies Act 1984.	Section 2(5).
1986 c. 53.	The Building Societies Act 1986.	In section 6A(2)(b), the words “Commission with the consent of the”.
		In section 9A(13)(b) the words “or, as the case may be, the Commission”.
		Sections 24 to 31.
		Section 36(14).
		In section 36A(7), the words “made and”.
		Sections 41, 42 and 42A.
		Section 42B(6).
		In section 42C, in subsection (1) the words “shall be given by notice in writing and”, and subsections (2) and (3).
		Sections 43 to 45A.
		Section 50.
		In section 54, subsections (3) to (6).
		In section 57(8)(b) the words “and on payment of the prescribed fee”.
		In section 69(16) the words from the beginning to “and”.
		In section 71, in the cross-heading before the section and in the side-note the words “and systems of business control, etc.”, in subsection (1) paragraph (b) and the word “and” immediately preceding it, subsections (4) to (7), in subsection (10) the words from “and such” to “maintained”, and subsection (11).
		In section 75(1)(b), the words “Commission with the consent of the”.
		In section 79(1), paragraph (b).
		Section 82.
		In the heading to Part IX, the words “Complaints and”.
		Sections 83, 83A and 84.
		Section 89(4)(a).
		Section 93(7).
		In section 101(6), the definition of “the Authority”.
		In section 102, the words “and the Banking Act 1987”.
		In section 104A(1) the words “and after consultation with the Commission”
		Section 112(2).
		Section 115(1A).
		Section 118A.
		In section 119(1) the definitions of “authorisation”, “the central office”, “the Chief Registrar”, “the Commission”, “the criteria of prudent management”, “Investor Protection Board”, “non-EEA laws” (including the words up to “construed accordingly;”), and “prescribed”.
		Section 123.
		Schedule 1.
		In Schedule 2, in paragraph 3(3) the words “the Commission or”, in paragraph 15 sub-paragraph (2)(c) and the word “and” immediately preceding it, and sub-paragraphs (9) to (11), and in paragraph 30(6) the words “, after consultation with the Commission,”.
		Schedules 5 and 6.
		Schedule 7A.
		In Schedule 11, in paragraph 5(1)(b) the words “Commission made with the consent of the”.
		Schedules 12 and 13.
		In Schedule 14, paragraph 7.
		In Schedule 15, in paragraphs 12(2) and 40(2) the words from “(including” to “Act)”.
		In Schedule 15A, in paragraph 16(2) the words “or paragraph (a) of the seventh criterion in section 45(3) of this Act”, paragraph 16(4), in paragraph 38(2) the words “or paragraph (a) of the seventh criterion in section 45(3) of this Act”, and paragraph 38(4).
1992 c. 40.	The Friendly Societies Act 1992.	In section 14, the words “or (4)” wherever they appear, and subsections (4) and (11).
		Section 36A.[^f00195]
		Section 51.
		Sections 52A and 53.
		In section 54, subsection (8), and in subsection (9) the words “and the central office shall keep a copy”.
		In section 55A, subsection (1), in subsection (2) the definition of “notifiable voting rights”, and subsection (3).
		Sections 56, 57 and 57A.
		Section 62(5A).
		In section 65, subsections (1A) and (3A), and in subsections (2), (3) and (5) the words “or (1A)”.
		In section 67(8)(b) the words “and on payment of the prescribed fee”.
		Sections 67A to 67D.
		In section 68, in the cross-heading before the section the words “and systems”, in the side-note the words “and systems of business control”, in subsection (1) paragraph (b) and the word “and” immediately preceding it, subsections (4) to (7), in subsection (10) the words “and such systems of control and of inspection and report are established and maintained”, and subsection (11).
		In section 71(1)(b) and (2)(a), the words “Commission with the consent of the”.
		Section 73(2)(b).
		In section 77(1)(a) the words “or their”.
		Section 79.
		Section 90A.
		Sections 97 and 98.
		In section 99, in subsection (1) the words “or an industrial assurance company”, and subsection (4).
		Section 100.
		In section 103, in subsection (1) the words “by order” and the words “V or”, subsections (4) to (6), and in subsection (9) the words “and the central office shall keep the copy”.
		In section 114, subsections (2) and (3).
		In section 119(1), the definitions of “the central office”, “the Chief Registrar”, “collecting society”, “the Commission”, “the criteria of prudent management”, “notifiable voting rights” and “valuation regulations”.
		Section 119B.
		In section 121(1) the words “or the Commission”.
		Section 122.
		Schedule 1.
		In Schedule 3, in paragraph 1(4) the words “is satisfied that the Commission”, and in paragraph 1(5) the words “and authorised” and the words from “and in this sub-paragraph” to the end.
		Schedules 13 to 13C.
		In Schedule 14, in paragraph 7, sub-paragraph (1)(d) and the word “and” immediately preceding it, and sub-paragraph (2).
		In Schedule 15, in paragraph 3(1)(a) the words “Commission with the consent of the”, in paragraph 5(8) the words “and the central office shall keep the copy”, in paragraph 8(2)(b) the words “, by notice to the central office,”, paragraph 9(2)(c), the cross-heading before paragraph 11, paragraph 14, paragraph 15(2)(a), in paragraph 15(2)(b) the word “also”, paragraph 15A(2)(a), and paragraph 16.
		In Schedule 16, paragraphs 3, 30 and 47.
		Schedules 17 to 19.
1997 c. 32.	The Building Societies Act 1997.	Sections 16, 19 to 24, 32 to 35 and 44.
		Schedule 3.
		In Schedule 7, paragraphs 1, 3 to 15, 18 to 20, 29(2), 35, 36, 51, 55, 58, 62, 63 and 64(5).
		In Schedule 8, paragraphs 1 to 3.

SCHEDULE 5 — TRANSITIONAL PROVISIONS AND SAVINGS

Provisions about proof of documents etc.

1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2

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Friendly Societies Act 1974

3

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4

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5

Section 47(3) (amendment, for the purposes of the section, of rules of a society or branch existing on 25th April 1940) is to be treated as if it continued to have effect in relation to any rule registered in accordance with that subsection before commencement.

6

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7

Section 111(3) (which provides a definition of “registrar”) is to be treated as if it continued to have effect, for the purposes of section 15(1) (which relates to acknowledgements of registration issued by the registrar), insofar as that provision continues to be relevant for the purposes of sections 15(2) or 17[^f00201].

Friendly Societies Act 1992

8

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9

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10

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11

Section 63A (as substituted by paragraph 78 of Schedule 3 to this Order) (disclosure of information) also applies to any information which—

• (a) is information to which that section would not otherwise apply;

• (b) immediately before commencement was restricted information within the meaning of section 63 of the Friendly Societies Act 1992 as it then had effect; and

• (c) is not excluded information within the meaning of section 63A(4);

and, for the purposes of paragraph (c) above, section 63A(4) is to be read as if, in relation to any time before commencement, the reference to section 348 of the Financial Services and Markets Act 2000 were a reference to section 63 of the Friendly Societies Act 1992.

12

For the purposes of section 63A as it applies by virtue of paragraph 11 above, a person who holds the information is to be treated as a primary recipient of the information if he was a primary recipient for the purposes of section 63, and any other person who holds the information is to be treated as having obtained it directly or indirectly from a primary recipient.

13

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14

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15

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16

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Building Societies Act 1986

17

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18

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19

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20

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21

Section 53A (as substituted by paragraph 152 of Schedule 3 to this Order) (disclosure of information) also applies to any information which—

• (a) is information to which that section would not otherwise apply;

• (b) is information the disclosure of which, immediately before commencement, was prohibited by section 53 as it then had effect; and

• (c) is not excluded information within the meaning of section 53A(4);

and, for the purposes of paragraph (c) above, section 53A(4) is to be read as if, in relation to any time before commencement, the reference to section 348 of the Financial Services and Markets Act 2000 were a reference to section 53 of the Building Societies Act 1986.

22

For the purposes of section 53A as it applies by virtue of paragraph 21 above, a person who holds the information is to be treated as a primary recipient of the information if before commencement he was a person who was prohibited from disclosing the information by section 53 as it then had effect, and any other person who holds the information is to be treated as having obtained it directly or indirectly from a primary recipient.

23

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24

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25

In section 119(1) (interpretation)—

• (a) the definition of “the central office” is to be treated as if it continued to have effect for the purposes of section 5(4) (which relates to societies registered with the central office immediately before the commencement of that section) and paragraph 5 of Schedule 20 (registration before commencement of section 5), and

• (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

26

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27

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28

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29

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Signed

Anne McGuire — Tony McNulty — Two of the Lords Commissioners of Her Majesty’s Treasury — 18th July 2001

Explanatory note

(This note is not part of the Order)

Part XXI of the Financial Services and Markets Act 2000 (c. 8) (“the 2000 Act”) provides for the transfer, to the Financial Services Authority (“the Authority”) or to the Treasury, of functions of the Friendly Societies Commission, the Building Societies Commission, and the Registry of Friendly Societies (specifically the Chief Registrar of Friendly Societies, the central office of the registry of friendly societies, the assistant registrar of friendly societies for Scotland, and the other assistant registrars). The functions of the Registry extend not only to friendly societies but also to other kinds of registered society registered under the Friendly Societies Act 1974, as well as building societies, industrial and provident societies and credit unions.

Article 4 of this Order effects the transfer of these functions. Those listed in Schedule 1 (mostly powers to make legislative provision through regulations or orders) are transferred to the Treasury, whilst all other functions are transferred to the Authority subject to any contrary provision made by or under the 2000 Act. Schedule 2 makes provision as to the way in which provisions in the 2000 Act (in particular provisions referring to functions of the Authority) will apply to the Authority when exercising the functions transferred to it.

The transfer of functions takes effect when the Order comes fully into force (“commencement”), at the same time as the general prohibition in section 19 of the 2000 Act. However Schedule 2 and article 8 of the Order come into force earlier on the 17th August 2001. Article 8 permits the Treasury and the Authority to make rules, regulations and orders and give directions in advance, in order to come into force at commencement.

Article 5 contains general consequential and transitional provisions in relation to transferred functions. Article 6 contains deals specifically with the situation where, at commencement, a person has not yet complied with a requirement imposed on him, or exercised an entitlement which he has, to provide a document or other information. For example this would cover the situation where a society’s annual return or accounts have not been provided before commencement. In such situations the document or information is to be provided to the Authority, along with any related fee. Article 7 updates non-statutory provisions, such as the rules of mutual societies, which relate to transferred functions.

Articles 9 to 12 provide for the dissolution of the bodies and office-holders whose functions are transferred, and of the Building Societies Investor Protection Board set up under the Building Societies Act 1986 (c. 53).

Article 13 gives effect to the amendments and repeals contained in Schedules 3 and 4, subject to the transitional provisions and savings contained in Schedule 5 and to any other such provisions made under the 2000 Act. Further amendments and repeals to the legislation relating to mutual societies are contained in Schedules 18, 20 and 22 to the 2000 Act itself.

Footnotes

[^f00001]: 2000 c. 8.

[^f00002]: 1986 c. 53; see the definition in section 119(1).

[^f00003]: 1974 c. 46. Section 4(1) was amended by the Friendly Societies Act 1992 (c. 40), Schedule 16, paragraph 2(1).

[^f00004]: 1978 c. 30; see the definition in section 21(1).

[^f00005]: S.I. 1981/1794 as amended by section 33 of the Trade Union Reform and Employment Rights Act 1993 (c. 19) and by S.I. 1987/442, 1995/2587 and 1999/1925.

[^f00006]: 1997 c. 32.

[^f00007]: 1986. c. 53; the definition of “deferred shares”.

[^f00008]: Inserted by the Building Societies Act 1997 (c. 32), section 22.

[^f00009]: Amended by S.I. 1992/3218, and subsequently substituted by section 21 of the Building Societies Act 1997 (c. 32).

[^f00201]: The substitution of section 15A for section 15, and the repeal of section 17, by the Friendly Societies Act 1992 (c. 40), Schedule 16 paragraphs 1 and 6 and Schedule 22 Part I, did not affect the operation of those provisions in relation to an acknowledgement of registration issued by the registrar under section 15(1).

Editorial notes

[^key-df75b148a7b154960128ab2332751d2a]: Art. 3 in force at 17.8.2001 for specified purposes and 1.12.2001 in so far as not already in force, see art. 2

[^key-0ee92b3c2a44b47edc858288238982b8]: Art. 4 in force at 17.8.2001 for specified purposes and 1.12.2001 in so far as not already in force, see art. 2

[^key-add10b3f970c28328f96d7312dafbf3b]: Art. 7 in force at 17.8.2001 for specified purposes and 1.12.2001 in so far as not already in force, see art. 2

[^key-425929d3686eb5b0259cb3d00371c30c]: Sch. 5 para. 5 in force at 17.8.2001 for specified purposes and 1.12.2001 in so far as not already in force, see art. 2

[^key-197127d3ba38f550bb42c21dde52e78a]: Sch. 5 para. 7 in force at 17.8.2001 for specified purposes and 1.12.2001 in so far as not already in force, see art. 2

[^key-cdc2ff6835cb4a39a76df476a09c0a31]: Sch. 5 para. 11 in force at 17.8.2001 for specified purposes and 1.12.2001 in so far as not already in force, see art. 2

[^key-c6c53c61cbccd480f829222839cb2a2e]: Sch. 5 para. 12 in force at 17.8.2001 for specified purposes and 1.12.2001 in so far as not already in force, see art. 2

[^key-8b798ff3a1636160cf6fbfe486db42ee]: Sch. 5 para. 21 in force at 17.8.2001 for specified purposes and 1.12.2001 in so far as not already in force, see art. 2

[^key-63d1e05f3aec34cf30a288ad4e8c0ac8]: Sch. 5 para. 22 in force at 17.8.2001 for specified purposes and 1.12.2001 in so far as not already in force, see art. 2

[^key-5367836f747a537c921ba72b8a0360de]: Sch. 5 para. 25 in force at 17.8.2001 for specified purposes and 1.12.2001 in so far as not already in force, see art. 2

[^key-15cf88c2f7d5176011301b65244775a8]: Word in art. 7(5) substituted (1.9.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) (No. 3) Order 2013 (S.I. 2013/1765), arts. 1, 4(2)(c)(i)

[^key-8f9de315bf882683c518d709266a6d42]: Words in art. 7(5) substituted (1.9.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) (No. 3) Order 2013 (S.I. 2013/1765), arts. 1, 4(2)(c)(ii)

[^key-f421c06f7712552ced459997b9cc9078]: Words in art. 7(6) substituted (1.8.2014) by The Co-operative and Community Benefit Societies and Credit Unions Act 2010 (Consequential Amendments) Regulations 2014 (S.I. 2014/1815), reg. 1(2), Sch. para. 11

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