SCHEDULES

SCHEDULE 18 Mutuals

Part II Friendly Societies: Subsidiaries and Controlled Bodies

Joint control by societies

12

In section 13(9), after paragraph (c) insert—

cc

an incorporated friendly society also has joint control of a body corporate if—

i

a subsidiary of the society has joint control of the body corporate in a way mentioned in paragraph (c)(i), (ii) or (iii);

ii

a body corporate of which the society has joint control has joint control of the body corporate in such a way; or

iii

the body corporate is controlled in a way mentioned in paragraph (a)(i), (ii) or (iii) by a body corporate of which the society has joint control;