Part II

Incorporated Friendly Societies

Dissolution and winding up

Voluntary winding up.
21
1
An incorporated friendly society may be wound up voluntarily under the applicable winding up legislation if it resolves by special resolution that it be wound up voluntarily.
2
A copy of any special resolution passed for the voluntary winding up of an incorporated friendly society shall be sent by the society to the FCA and, if the society is a PRA-authorised person, the PRA within 15 days after it is passed; and the FCA shall keep the copy in the public file of the society.
3
A copy of any such resolution shall be annexed to every copy of the memorandum or of the rules issued after the passing of the resolution.
4
If an incorporated friendly society fails to comply with subsection (2) or (3) above, the society shall be guilty of an offence and liable on summary conviction to a fine not exceeding level 3 on the standard scale.
5
For the purposes of this section, a liquidator of the society shall be treated as an officer of it.
Words in s. 21(2) substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 9 para. 9(a) (with Sch. 12)
Word in s. 21(2) substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 9 para. 9(b) (with Sch. 12)