Part V Regulation of Friendly Societies’ Business

Powers of F5FCA and PRA

Annotations:
Amendments (Textual)

55AF1 Supervision of controllers.

F21

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2

In this Act–

“controller”, in relation to a friendly society to which section 37(2) or (3) of this Act applies, means a person who, either alone or with any associate or associates–

a

is entitled to exercise or control the exercise of 10 per cent. or more of the voting power at any general meeting of the society; or

b

is able to exercise a significant influence over the management of the society by virtue of an entitlement to exercise, or to control the exercise of, the voting power at any general meeting of the society;

F3. . ..

F43

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