Financial Services and Markets Bill - continued        House of Lords

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  PART XXI
  MUTUAL SOCIETIES
 
Friendly societies
The Friendly Societies Commission.     324. - (1) The Treasury may by order provide-
 
 
    (a) for any functions of the Friendly Societies Commission to be transferred to the Authority;
 
    (b) for any functions of the Friendly Societies Commission which have not been, or are not being, transferred to the Authority to be transferred to the Treasury.
      (2) If the Treasury consider it appropriate to do so, they may by order provide for the Friendly Societies Commission to cease to exist on a day specified in the order.
 
      (3) The enactments relating to friendly societies which are mentioned in Part I of Schedule 17 are amended as set out in that Part.
 
The Registry of Friendly Societies.     325. - (1) The Treasury may by order provide-
 
 
    (a) for any functions of the Chief Registrar of Friendly Societies to be transferred to the Authority;
 
    (b) for any functions of the Registrar which have not been, or are not being, transferred to the Authority to be transferred to the Treasury.
      (2) The Treasury may by order provide-
 
 
    (a) for any functions of the central office of the registry of friendly societies to be transferred to the Authority;
 
    (b) for any functions of that office which have not been, or are not being, transferred to the Authority to be transferred to the Treasury.
      (3) The Treasury may by order provide-
 
 
    (a) for any functions of the assistant registrar of friendly societies for Scotland to be transferred to the Authority;
 
    (b) for any functions of the assistant registrar which have not been, or are not being, transferred to the Authority to be transferred to the Treasury.
      (4) If the Treasury consider it appropriate to do so, they may by order provide for-
 
 
    (a) the office of Chief Registrar of Friendly Societies,
 
    (b) the central office, or
 
    (c) the office of assistant registrar of friendly societies for Scotland,
  to cease to exist on a day specified in the order.
 
 
Building societies
The Building Societies Commission.     326. - (1) The Treasury may by order provide-
 
 
    (a) for any functions of the Building Societies Commission to be transferred to the Authority;
 
    (b) any functions of the Building Societies Commission which have not been, or are not being, transferred to the Authority to be transferred to the Treasury.
      (2) If the Treasury consider it appropriate to do so, they may by order provide for the Building Societies Commission to cease to exist on a day specified in the order.
 
      (3) The enactments relating to building societies which are mentioned in Part II of Schedule 17 are amended as set out in that Part.
 
The Building Societies Investor Protection Board.     327. The Treasury may by order provide for the Building Societies Investor Protection Board to cease to exist on a day specified in the order.
 
 
Industrial and provident societies and credit unions
Industrial and provident societies and credit unions.     328. - (1) The Treasury may by order provide for the transfer to the Authority of any functions conferred by-
 
 
    (a) the Industrial and Provident Societies Act 1965;
 
    (b) the Industrial and Provident Societies Act 1967;
 
    (c) the Friendly and Industrial and Provident Societies Act 1968;
 
    (d) the Industrial and Provident Societies Act 1975;
 
    (e) the Industrial and Provident Societies Act 1978;
 
    (f) the Credit Unions Act 1979.
      (2) The Treasury may by order provide for the transfer to the Treasury of any functions under those enactments which have not been, or are not being, transferred to the Authority.
 
      (3) The enactments relating to industrial and provident societies which are mentioned in Part III of Schedule 17 are amended as set out in that Part.
 
      (4) The enactments relating to credit unions which are mentioned in Part IV of Schedule 17 are amended as set out in that Part.
 
 
Supplemental
Supplemental provisions.     329. - (1) The additional powers conferred by section 403 on a person making an order under this Act include power for the Treasury, when making an order under section 324, 325, 326 or 328 which transfers functions, to include provision-
 
 
    (a) for the transfer of any property, rights or liabilities held, enjoyed or incurred by any person in connection with transferred functions;
 
    (b) for the carrying on and completion by or under the authority of the person to whom functions are transferred of any proceedings, investigations or other matters commenced, before the order takes effect, by or under the authority of the person from whom the functions are transferred;
 
    (c) amending any enactment relating to transferred functions in connection with their exercise by, or under the authority of, the person to whom they are transferred;
 
    (d) for the substitution of the person to whom functions are transferred for the person from whom they are transferred, in any instrument, contract or legal proceedings made or begun before the order takes effect.
      (2) The additional powers conferred by section 403 on a person making an order under this Act include power for the Treasury, when making an order under section 324(2), 325(4), 326(2) or 327, to include provision-
 
 
    (a) for the transfer of any property, rights or liabilities held, enjoyed or incurred by any person in connection with the office or body which ceases to have effect as a result of the order;
 
    (b) amending any enactment which makes provision with respect to that office or body;
 
    (c) for the substitution of the Authority or the substitution of the Treasury in any instrument, contract or legal proceedings made or begun before the order takes effect.
      (3) A certificate issued by the Treasury that property vested in a person immediately before an order under this Part takes effect has been transferred as a result of the order is conclusive evidence of the transfer.
 
      (4) Subsections (1) and (2) are not to be read as affecting in any way the powers conferred by section 403.
 
 
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Prepared 11 February 2000