SCHEDULE 1Modified application of Parts 1 and 2 of the Insolvency Act 1986 to relevant societies

PART 4Modified application of Schedule 1 to the Insolvency Act 1986 to relevant societies (further modifications)

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Paragraph 16 has effect in relation to a relevant society other than a credit union as if—

a

the reference to subsidiaries were a reference to subsidiaries within the meaning given in section 15 of the Friendly and Industrial and Provident Societies Act 196863; and

b

it provided that power to transfer to subsidiaries of the society the whole or any part of the business or property of the society is only exercisable in accordance with a special resolution under section 51 or 52 of the 1965 Act (as modified in relation to a relevant society by articles 14 and 15).