Cancellation, suspension or refusal of registration of society or rules
C216C1 Cancellation of registration of society.
1
F1Subject to the provisions of this section and sections 18(1)(c) and 59 of this Act, and without prejudice to section 52(4) thereof, the F6FCA may, . . ., in writing, cancel the registration of any registered society—
a
if at any time it is proved to the F7FCA’ssatisfaction—
C3i
that the number of members of the society has been reduced, in the case of a society for the time being consisting solely of registered societies, to less than two or, in any other case, to less than F2three; or
ii
that an acknowledgment of registration has been obtained by fraud or mistake; or
C6iii
that the society has ceased to exist;
b
c
F3. . .
C4i
C4ii
if at any time it appears to the F6FCA that neither of the conditions specified in section 1(2) of this Act is fulfilled in the case of that society; or
iii
in the case of a society whose registered rules contain such a provision as is authorised by section 12 of this Act, if it appears to the F6FCA that the society no longer consists mainly of such members as are mentioned in that section or that the activities carried on by it do not mainly consist in making advances to its members for such purposes as are so mentioned.
2
Subsection (1)(c)(ii) of this section shall not authorise the cancellation of the registration of any society to which section 4 of this Act applies which was registered or deemed to be registered under the Act of 1893 before 26th July 1938 if no invitation to subscribe for or to acquire or offer to acquire securities, or to lend or deposit money, has been made on or after that date by or on behalf of the society.
F82A
The FCA must consult the PRA before cancelling the registration of a registered society which is a PRA -authorised person.
3
Not less than two months previous notice in writing specifying briefly the ground of the proposed cancellation shall be given by the F6FCA to a society before its registration is cancelled otherwise than—
a
at its own request; or
b
by virtue of section 52(4) of this Act; or
c
after the lodging with the F6FCA of such a certificate as is referred to in section 59 of this Act;
and if before the expiration of the period of that notice the society duly lodges an appeal under section 18(1)(c) of this Act, then, without prejudice to section 17(2) of this Act, the society’s registration shall not be cancelled before the date of the determination or abandonment of the appeal.
4
Where the ground specified in any notice under subsection (3) of this section is that referred to in subsection (1)(c)(ii) thereof—
a
b
if it appears to the F6FCA at any time after the expiration of one month from the date of the giving of the notice that there have not been taken the steps which by that time could reasonably have been taken for the purpose—
i
of converting the society into, or amalgamating it with, or transferring its engagements to, a company in accordance with section 52 of this Act; or
ii
of dissolving the society under section 55 of this Act,
F94A
The FCA must consult the PRA before issuing directions under subsection (4) to a registered society which is a PRA -authorised person.
5
6
Notice of every cancellation under this section of a society’s registration shall, as soon as practicable after it takes place, be published in the Gazette and in some local newspaper circulating in or about the locality in which the society’s registered office is situated.
C57
As from the date of the publication in the Gazette under subsection (6) of this section of notice of the cancellation of a society’s registration, the society shall absolutely cease to be entitled to any of the privileges of this Act as a registered society, but without prejudice to any liability actually incurred by the society which may be enforced against it as if the cancellation had not taken place.