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29The Registrar shall not make a transfer order transferring any function of making rules or regulations to a transferee body unless—
(a)the body has furnished him and the Secretary of State with a copy of the rules or regulations which it proposes to make in the exercise of those functions ; and
(b)they are both satisfied that those rules or regulations will—
(i)afford investors an adequate level of protection,
(ii)in the case of rules and regulations corresponding to those mentioned in Schedule 8 to this Act, comply with the principles set out in that Schedule, and
(iii)take proper account of the supervision of the friendly societies by the Registrar under the enactments relating to friendly societies.
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