Co-operatives, Mutuals and Friendly Societies Act 2023 Power to restrict use of assets of relevant mutual entities 1 1 The Treasury may by regulations made by statutory instrument make provision for enabling a relevant mutual entity to ensure that— a assets of the entity of a prescribed kind, b assets of the entity specified by it in accordance with the regulations, or c all of the entity's assets, cannot be used or dealt with except in a case mentioned in subsection (2) . 2 The cases are— a where the use or dealing is, directly or indirectly, for a purpose for which the activities of the mutual entity are carried on and is of a prescribed kind, or b where the circumstances are such as may be prescribed. 3 A mutual entity is “relevant” if it is of a prescribed description. 4 In this section “ dedicated assets ” means assets in respect of which regulations under this section have been made. 5 Regulations under this section may, in particular— a provide for the procedure by which a relevant mutual entity may impose, or otherwise secure, a restriction on how dedicated assets are used or dealt with; b provide for such of a relevant mutual entity's rules as are of a prescribed kind to be unalterable, or for them to be alterable only in prescribed circumstances or in circumstances specified in rules of a prescribed kind; c provide for the case mentioned in subsection (2)(a) to be subject to such exceptions as may be prescribed; d provide that, in any circumstances prescribed under subsection (2) (b) , dedicated assets must be dealt with in a prescribed way; e make provision for ensuring that a person to whom dedicated assets are transferred in prescribed circumstances cannot use or deal with those assets except in a case mentioned in subsection (2) ; f provide for members of a mutual entity who lose property rights as a result of regulations under this section to be compensated for that loss (whether by payment of a prescribed amount or of an amount determined in a prescribed way or otherwise), subject to such exceptions as may be prescribed; g provide for the enforcement of restrictions imposed as a result of regulations under this section; h make provision for the carrying out of investigations by persons appointed by a prescribed person; i confer power on a prescribed person to require persons of a prescribed description to provide the prescribed person with information in order to enable or assist that person to perform any of the person's functions under the regulations; j provide for restrictions on the use and disclosure of information obtained by any person in the performance of any function under the regulations. 6 Regulations under this section may— a impose criminal liability; b confer functions on a prescribed person; c confer jurisdiction on any court; d authorise a prescribed person to make rules, binding on persons of a prescribed description, for the purpose of enabling or assisting the prescribed person to perform any of the person's functions under the regulations; e make provision as to the making, publication and enforcement of such rules; f provide for a prescribed person to charge fees sufficient to meet the costs of performing any of the person's functions under the regulations; g modify, exclude or apply (with or without modifications) any provision made by or under an enactment or any rule of law; h contain such incidental, consequential and supplementary provision as the Treasury consider appropriate; i make different provision for different cases. 7 Regulations under this section may not create any new criminal offence punishable with imprisonment for more than 7 years. 8 A statutory instrument containing regulations under this section may not be made unless a draft of the instrument has been laid before and approved by a resolution of each House of Parliament. 9 In this section — “ mutual entity ” means— a co-operative society, a friendly society with the meaning of the Friendly Societies Act 1992 (see section 116 of that Act), or a body corporate that carries on a business of mutual insurance; “ co-operative society ” means— a society registered as a co-operative society under the Co-operative and Community Benefit Societies Act 2014, or a pre-commencement society (within the meaning of that Act) that meets the condition in section 2(2)(a)(i) of that Act; “ enactment ” includes an enactment comprised in an Act of the Scottish Parliament; “ prescribed ” means prescribed by regulations under this section . Short title 2 This Act may be cited as the Co-operatives, Mutuals and Friendly Societies Act 2023.