Textual Amendments
F1Schs. 17-19 shall cease to have effect (17.8.2001 for specified purposes and otherwiseprosp.) by virtue of S.I. 2001/2617, arts. 2(a), 8(1), 13(1), Sch. 3 para. 130 (with art. 13(3), Sch. 5) and are repealed (prosp.) by S.I. 2001/2617, arts. 2(b), 13(2), Sch. 4 (with art. 13(3), Sch. 5)
19After paragraph 31 there shall be inserted the following paragraph—
“31A(1)Where any functions under this Act are for the time being exercisable by a transferee body the Commission shall, before issuing an authorisation under section 32 of the Friendly Societies Act 1992 to a friendly society which is carrying on or proposes to carry on in the United Kingdom insurance business or non-insurance business which is investment business—
(a)seek the advice of the transferee body with respect to any matters which are relevant to those functions of the body and relate to the society, its proposed business or persons who are or will be, within the meaning of the Friendly Societies Act 1992, members of the committee of management or other officers of the society; and
(b)take into account any advice on those matters given to the Commission by the transferee body before the application is decided.
(2)In sub-paragraph (1) above—
(a)“insurance business” has the meaning given by section 117(1) of the Friendly Societies Act 1992; and
(b)“non-insurance business” has the meaning given by section 119(1) of that Act.
(3)The Commission may for the purpose of obtaining the advice of a transferee body under sub-paragraph (1) above furnish it with any information obtained by the Commission in connection with the application.”
Commencement Information
I1Sch. 18 para. 19 wholly in force; Sch. 18 para. 19 not in force at Royal Assent see s. 126(2); Sch. 18 para. 19 in force for certain purposes at 1.2.1993 by S.I. 1993/16, art. 2, Sch. 4; Sch. 18 para. 19 in force for all remaining purposes at 1.1.1994 by S.I. 1993/2213, art. 2(1), Sch. 5