37 Restriction of combinations of business
Friendly Societies Act 1992 (1992 c 40) | Legislation

Restrictions on business of certain authorised societies

37  Restriction of combinations of business

(1)     . . .

[(1A)     . . .]

(2)     This subsection applies to a friendly society which carries on long term business—

(a)     if its rules do not contain provision for calling up additional contributions, for reducing benefits or for claiming assistance from other persons who have undertaken to provide it; or

(b)     if its annual contribution income from long term business exceeded 500,000 ECU for 3 consecutive years and it is not the subject of a direction under subsection (5) below;

and, for the purposes of paragraph (b) above, years ending

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