Source: http://www.legislation.gov.uk/ukpga/1974/46/crossheading/investment-funds-and-property
Timestamp: 2020-01-28 00:14:57
Document Index: 682702848

Matched Legal Cases: ['art. 13', 'art. 2', 'art. 13', 'art. 2', 'art. 5', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 13', 'art. 2', 'art. 1', 'art. 2', 'art. 2']

Changes over time for: Cross Heading: Investment, funds and property
There are currently no known outstanding effects for the Friendly Societies Act 1974, Cross Heading: Investment, funds and property.
Investment, funds and propertyU.K.
(1)A registered society or branch may in accordance with its rules set up and administer a fund for the purchase, on behalf of members contributing thereto, of Defence Bonds or National Savings Certificates or such other securities of Her Majesty’s Government in the United Kingdom as the [F4Treasury] may prescribe.
F4Word in s. 47(1) substituted (17.8.2001 for certain purposes, otherwise 1.12.2001) by S.I. 2001/2617, arts. 2(b), 8, 13(1), Sch. 3 Pt. I para. 21(a) (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2(1)
F5S. 47(3)(4) repealed (17.8.2001 for certain purposes, otherwise 1.12.2001) by S.I. 2001/2617, arts. 2(b), 8, 13(1)(2), Sch. 3 Pt. I para. 21(b), Sch. 4 (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2(1)
C2S. 47(1): functions transferred to the Treasury (1.12.2001) by S.I. 2001/2617, arts. 2(b), 4(1), Sch. 1 Pt. I (with art. 5); S.I. 2001/3538, art. 2(1)
48 Loans to assured members.U.K.
(b)a member shall not be capable of holding any interest in the loan fund exceeding [F6£800];
(c)the society shall not make any loan to a member on personal security beyond the amount fixed by the rules, or make any loan which, together with any money owing by a member to the society, exceeds [F6£200]; and
F6Figures in s. 49(b)(c) substituted (1.2.1993) by Friendly Societies Act 1992 (c. 40), s. 95, Sch. 16 para. 16(a)(b) (with ss. 7(5) and 93(4)); S.I. 1993/16, art. 2, Sch. 3.
50 Loans of surplus funds to registered society or branch of different description.U.K.
[F7(2A)Subsection (2) above does not apply to advances made by a registered friendly society or a branch of such a society.]
F7S. 50(2A) inserted (1.1.1994) by Friendly Societies Act 1992 (c. 40), s. 95, Sch. 16 para.17 (with ss. 7(5) and 93(4)); S.I. 1993/2213, art. 2, Sch. 6.
(2)The power to make investments conferred by this section is subject to the same restrictions as are imposed by section 50(2) above on the power to make advances conferred by that section [F8but those restrictions shall not apply to investments made by the trustees of a registered friendly society or of a branch of such a society];
(4)For the purposes of this section, “housing association”[F9has the same meaning as in the Housing Associations Act 1985 [F8or Part II of the Housing (Northern Ireland) Order 1981.]].
F8Words in s. 51(2)(4) inserted (1.1.1994) by Friendly Societies Act 1992 (c. 40), s. 95, Sch. 16 para. 18(1)(a)(b) (with ss. 7(5) and 93(4)); S.I. 1993/2213, art. 2, Sch. 6; S.I. 1993/3226, art. 2, Sch. 2.
F9Words substituted by Housing (Consequential Provisions) Act 1985 (c. 71, SIF 61), s. 4, Sch. 2 para. 26
C3S. 52 applied (E.W.S.)(16.10.1992) by Trade Union and Labour Relations (Consolidation) Act 1992 (c. 52), ss. 19(3), 302.
53 Holding of land.U.K.
[F10(1)A registered society or branch may, if its rules so provide, acquire and hold land for the purpose of carrying on any of its activities in the names of its trustees and may dispose of, or otherwise deal with, any land so held; and—
F10S. 53(1) substituted (1.2.1993) by Friendly Societies Act 1992 (c. 40), s. 95, Sch. 16 para.19 (with ss. 7(5) and 93(4)); S.I. 1993/16, art. 2, Sch. 3.
F11S. 53(3) omitted (1.2.1993) by virtue of Friendly Societies Act 1992 (c. 40), s. 95, Sch. 16 para. 19(2) (with ss. 7(5) and 93(4)); S.I. 1993/16, art. 2, Sch. 3, and repealed (1.1.1994) by Friendly Societies Act 1992 (c. 40), s. 120(2), Sch. 22 Pt.I (with ss. 7(5) and 93(4)); S.I. 1993/2213, art. 2, Sch. 6 appendix.
54 Vesting of property in trustees.U.K.
(1)Notwithstanding anything in section 54 above any part of the funds of a friendly society [F12which is registered by the [F13FCA] and the registered office of which is situated in England and Wales,] or of any branch of such a society, and any stocks, shares or securities held by or on behalf of such a society or branch, may be transferred to the Public Trustee if, and only if,—
(4)This section does not extend to Scotland [F14or Northern Ireland].
F12Words in s. 55(1) substituted (17.8.2001 for certain purposes and otherwise 1.12.2001) by S.I. 2001/2617, arts. 2, 13(1), Sch. 3 Pt. I para. 22 (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2(1)
F13Words in s. 55(1) substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 5 para. 2(1)(a)(2)(i) (with Sch. 12)
F14Words in s. 55(4) inserted (1.1.1994) by Friendly Societies Act 1992 (c. 40), s. 95, Sch. 16 para. 20 (with ss. 7(5) and 93(4)); S.I. 1993/3226, art. 2, Sch. 2.
[F1557A Discharge of certain mortgages in Northern Ireland.N.I.
F15S. 57A inserted (1.1.1994) by Friendly Societies Act 1992 (c. 40), s. 95, Sch. 16 para.21 (with ss. 7(5) and 93(4)); S.I. 1993/3226, art. 2, Sch. 2.
(a)on the death [F16or bankruptcy] of any officer of a registered society or branch who has in his possession, by virtue of his office, any money or property belonging to the society or branch; and
(2)Where this section applies, then, upon demand in writing of the trustees of the society or branch, or of any two of them, or of any person authorised by the society or branch or by the committee thereof to make the demand, the executors or administrators [F16or trustee in bankruptcy]or the sheriff or other person executing the process shall pay the money and deliver over the property to the trustees of the society or branch in preference to any other debt or claim against the estate of the officer.
[F17(3)In subsection (1) above “bankruptcy” includes liquidation of a debtor’s affairs by arrangement.]
[F17(4)In the application of this section to Scotland, for the reference in subsection (1) above to the bankruptcy of any officer there shall be substituted a reference to an award of sequestration being made on any officer’s estate or his executing a trust deed for his creditors or his entering into a composition contract, and in subsection (2) above the expression “trustee in bankruptcy” includes a judicial factor.]
F16Words repealed (S.) by Bankruptcy (Scotland) Act 1985 (c. 66, SIF 66), s. 75(2), Sch. 8
F17S. 59(3)(4) repealed (S.) by Bankruptcy (Scotland) Act 1985 (c. 66, SIF 66), s. 75(2), Sch. 8