Financial Services and Markets Bill - continued        House of Lords

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SCHEDULE 18
 
  MUTUALS
  PART I
  FRIENDLY SOCIETIES
 
The Friendly Societies Act 1974 (c.46)
     1. Omit sections 4 (provision for separate registration areas) and 10 (societies registered in one registration area carrying on business in another).
 
     2. In section 7 (societies which may be registered), in subsection (2)(b), for "in the central registration area or in Scotland" substitute "in the United Kingdom, the Channel Islands or the Isle of Man".
 
     3. In section 11 (additional registration requirements for societies with branches), omit "and where any such society has branches in more than one registration area, section 10 above shall apply to that society".
 
     4. In section 99(4) (punishment of fraud etc and recovery of property misapplied), omit "in the central registration area".
 
 
The Friendly Societies Act 1992 (c.40)
     5. Omit sections 31 to 36A (authorisation of friendly societies business).
 
     6. Omit sections 37 to 43 (restrictions on business of certain authorised societies).
 
     7. Omit sections 44 to 50 (regulation of friendly societies business).
 
  PART II
  BUILDING SOCIETIES
 
The Building Societies Act 1986 (c.53)
     8. Omit section 9 (initial authorisation to raise funds and borrow money).
 
     9. Omit Part V (protection of investors).
 
     10. Omit Schedule 3 (supplementary provisions about authorisation).
 
  PART III
  INDUSTRIAL AND PROVIDENT SOCIETIES
 
The Industrial and Provident Societies Act 1965 (c.12)
     11. Omit section 8 (provision for separate registration areas for Scotland and for England, Wales and the Channel Islands).
 
     12. Omit section 70 (scale of fees to be paid in respect of transactions and inspection of documents).
 
  PART IV
  CREDIT UNIONS
 
The Credit Unions Act 1979 (c.34)
     13. In section 12, omit subsections (4) and (5).
 
     14. In section 14-
 
 
    (a) omit subsection (2); and
 
    (b) in subsection (3) omit "in accordance with subsection (2) above".
 
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