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Companies Act 1989

Status:

This is the original version (as it was originally enacted).

36After paragraph 22 (and after the paragraph inserted by section 193(3)) insert—

22B(1)The Registrar may in rules and regulations under—

(a)paragraph 14 (conduct of business rules),

(b)paragraph 19 (clients' money regulations), or

(c)paragraph 20 (regulations as to unsolicited calls),

designate provisions which apply, to such extent as may be specified, to a member society in respect of investment business in the carrying on of which it is subject to the rules of a recognised self-regulating organisation for friendly societies.

(2)It may be provided that the designated rules or regulations have effect, generally or to such extent as may be specified, subject to the rules of the organisation.

(3)A member society which contravenes a rule or regulation applying to it by virtue of this paragraph shall be treated as having contravened the rules of the relevant recognised self-regulating organisation for friendly societies.

(4)It may be provided that, to such extent as may be specified, the designated rules or regulations may not be modified or waived (under paragraph 22C below or section 50) in relation to a member society.

Where such provision is made any modification or waiver previously granted shall cease to have effect, subject to any transitional provision or saving contained in the rules or regulations.

(5)Except as mentioned in sub-paragraph (1), the rules and regulations referred to in that sub-paragraph do not apply to a member society in respect of investment business in the carrying on of which it is subject to the rules of a recognised self-regulating organisation for friendly societies.

22C(1)A recognised self-regulating organisation for friendly societies may on the application of a society which is a member of the organisation—

(a)modify a rule or regulation designated under paragraph 22B so as to adapt it to the circumstances of the society or to any particular kind of business carried on by it, or

(b)dispense the society from compliance with any such rule or regulation, generally or in relation to any particular kind of business carried on by it.

(2)The powers conferred by this paragraph shall not be exercised unless it appears to the organisation—

(a)that compliance with the rule or regulation in question would be unduly burdensome for the applicant having regard to the benefit which compliance would confer on investors, and

(b)that the exercise of those powers will not result in any undue risk to investors.

(3)The powers conferred by this paragraph may be exercised unconditionally or subject to conditions; and paragraph 22B(3) applies in the case of a contravention of a condition as in the case of contravention of a designated rule or regulation.

(4)The reference in paragraph 4(1) of Schedule 2 as applied by paragraph 4 above (requirements for recognition of self-regulating organisation for friendly societies) to monitoring and enforcement of compliance with rules and regulations includes monitoring and enforcement of compliance with conditions imposed by the organisation under this paragraph.

22D(1)The Registrar may issue codes of practice with respect to any matters dealt with by statements of principle issued under paragraph 13A or by rules or regulations made under any provision of this Schedule.

(2)In determining whether a society has failed to comply with a statement of principle—

(a)a failure by it to comply with any relevant provision of a code of practice may be relied on as tending to establish failure to comply with the statement of principle, and

(b)compliance by it with the relevant provisions of a code of practice may be relied on as tending to negative any such failure.

(3)A contravention of a code of practice with respect to a matter dealt with by rules or regulations shall not of itself give rise to any liability or invalidate any transaction; but in determining whether a society’s conduct amounts to contravention of a rule or regulation—

(a)contravention by it of any relevant provision of a code of practice may be relied on as tending to establish liability, and

(b)compliance by it with the relevant provisions of a code of practice may be relied on as tending to negative liability.

(4)Where by virtue of paragraph 22B (application of designated rules and regulations to member societies) rules or regulations—

(a)do not apply, to any extent, to a member society of a recognised self-regulating organisation for friendly societies, or

(b)apply, to any extent, subject to the rules of the organisation,

a code of practice with respect to a matter dealt with by the rules or regulations may contain provision limiting its application to a corresponding extent..

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