20. –
(1) The Friendly and Industrial and Provident Societies Act 1968 shall be amended as follows.
(2) In section 7 (qualified auditors), in subsection (1) for the words from “he is either a member” to the end substitute “he is eligible for appointment as a company auditor under section 25 of the Companies Act 1989.”.
(3) In section 8 (restrictions on appointment of auditors)–
(a)paragraph (c) of subsection (1) and subsection (3) shall be deleted; and
(b)in subsection (2) for paragraph (b) substitute–
“(b)he is by virtue of section 27 of the Companies Act 1989 ineligible for appointment as auditor of a company which is a subsidiary of that society.”.
1968 c. 55. Section 7 of the Friendly and Industrial and Provident Societies Act 1968 has been amended by section 116(4) of and Schedule 11 to the Friendly Societies Act 1974 (c. 46) and by section 30 of and Schedule 2 to the Companies Consolidation (Consequential Provisions) Act 1985. The latter amendment is superseded by these Regulations.