(1)Where the Commission is satisfied that a friendly society which is authorised to carry on insurance business—
(a)has ceased to carry on in the United Kingdom any insurance business, or insurance business of any class (or of any part of a class) specified in the society’s authorisation; or
(b)has not, since the grant of authorisation to carry on insurance business of any class (or part of a class), carried on in the United Kingdom any insurance business or insurance business of that class (or part of a class) and at least twelve months has elapsed since that grant;
the Commission may by notice direct that the society shall cease to be authorised to carry on insurance business or, as the case may be, insurance business of that class (or part of a class).
(2)Where the Commission is satisfied that a friendly society which is authorised to carry on non-insurance business—
(a)has ceased to carry on in the United Kingdom any non-insurance business or non-insurance business of a description specified in the authorisation; or
(b)has not, since the grant of authorisation to carry on non-insurance business of any description, carried on in the United Kingdom any non-insurance business or non-insurance business of that description, and at least twelve months has elapsed since that grant;
the Commission may direct that it shall cease to be authorised to carry on non-insurance business or, as the case may be, non-insurance business of that description.
(3)For the purposes of this section a friendly society shall be taken to have ceased to carry on business, or business of a particular class or description, if at no time during a financial year of the society which began and ended during the currency of the authorisation did it carry on business or, as the case may be, business of that class or description.