| Guvnor

Status: In Force
Penalty ceiling: Imprisonment 2 of 54 obligations carry a fine up to £1,000. 4 carry different penalties and 48 have no criminal penalty — flagged in the list below.

Does it bind you?

Business-side roles with duties under this instrument.

Trader27 Any Person14 Financial Services Firm7 Director or Officer2 Trustee1

Plus 3 duties on the regulator, Crown ministers and public bodies — folded into the section list below.

Other Acts binding the same actors

If a role above is yours, these are the other instruments that most often bind it.

Trader — also bound by 825 other Acts

Value Added Tax Regulations 1995 416 duties

Companies Act 2006 243 duties

The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 133 duties

Companies Act 1985 85 duties

Insolvency (England and Wales) Rules 2016 62 duties

Any Person — also bound by 2340 other Acts

Human Medicines Regulations 2012 184 duties

Merchant Shipping Act 1995 144 duties

Insolvency (England and Wales) Rules 2016 104 duties

Communications Act 2003 92 duties

Road Traffic Act 1988 92 duties

Financial Services Firm — also bound by 167 other Acts

Commission Delegated Regulation (EU) No 231/2013 of 19 December 2012 supplementing Directive 2011/61/EU of the European Parliament and of the Council with regard to exemptions, general operating conditions, depositaries, leverage, transparency and supervision (Text with EEA relevance) 63 duties

Friendly Societies Act 1992 52 duties

Commission Delegated Regulation (EU) No 153/2013 of 19 December 2012 supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council with regard to regulatory technical standards on requirements for central counterparties (Text with EEA relevance) 52 duties

The Financial Services and Markets Act 2000 (Recognition Requirements for Investment Exchanges , Clearing Houses and Central Securities Depositories ) Regulations 2001 50 duties

The Credit Unions (Northern Ireland) Order 1985 43 duties

Director or Officer — also bound by 429 other Acts

Insolvency (England and Wales) Rules 2016 162 duties

Companies Act 2006 126 duties

Insolvency Act 1986 77 duties

The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 68 duties

Building Societies Act 1986 32 duties

Trustee — also bound by 104 other Acts

The Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013 79 duties

The Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations 2022 40 duties

Charities Act 2011 27 duties

Charities Act (Northern Ireland) 2008 22 duties

Insolvency (England and Wales) Rules 2016 21 duties

What it requires

Sections creating concrete business duties or carrying penalties, grouped as the instrument is structured. Titles link to the source text — blue means you’re leaving for legislation.gov.uk.

s.012 Establishment of new branches. Regulated

Notify FCA of new branches and send branch rulesTrader

s.014 Name of seceding or expelled branch. Regulated

Stop using former society's name after secession or expulsionAny Person

s.015 Acknowledgement of registration and rules of new branch. Regulated

Other duties (1) — Crown / regulator

FCA must issue acknowledgment of registration for new friendly society branchStatutory regulator

s.019 Acknowledgment of registration of amendments of rules. Regulated

Other duties (1) — Crown / regulator

FCA must issue registration acknowledgment for rule amendmentsStatutory regulator

s.021 Duty to supply copies of rules. Regulated

Provide a copy of your rules to anyone who asks (for a reasonable fee)Trader

s.024 Trustees of registered societies and branches. Regulated

Appoint trustees and notify the FCA of new appointmentsTrader

s.025 Minors not to hold office. Regulated

Minors cannot hold officer positions in your societyTrader

s.029 Books of account, Regulated

Keep proper books of account and maintain control systemTrader

s.030 General provisions as to accounts and balance sheets. Prosecution

Fail to ensure accounts and balance sheets give true and fair viewAny Person

Unlimited fine

s.030 Publication of accounts and balance sheets. Regulated

Get accounts and balance sheets signed and audited before publishingTrader

s.031 Obligation to appoint auditors. Regulated

Appoint a qualified auditor to audit accounts and balance sheetTrader

s.032 Audit of exempt societies and branches. Regulated

Appoint an auditor for exempt society or branch accountsTrader

s.034 Notice of resolutions relating to appointment and removal of auditors. Regulated

Notify your members of resolutions to appoint or remove auditorsTrader

s.035 Proceedings subsequent to receipt of notice under s. 34. Regulated

Forward auditor-removal notices to retiring auditor and inform members of representationsTrader

s.036 Qualified auditors. Regulated

Be eligible as a statutory auditor before auditing a friendly societyFinancial Services Firm

s.038 Auditors’ report. Regulated

Auditors must report on your society's accounts and internal controlsTrader

s.039 Auditors’ right of access to books and to attend and be heard at meetings. Regulated

Allow auditors access to books, documents, and meetingsTrader

s.039 Duty to obtain accountant’s report where section 31 disapplied. Regulated

Appoint an accountant to report on accounts when audit rules are disappliedTrader

s.039 Rights of person appointed under section 39A(2). Regulated

Grant appointed accountant access to books, records, and explanationsAny Person

s.041 Valuations. Regulated

Get a qualified actuary to value assets and liabilities every 5 years and report to FCA/PRATrader

s.043 Annual return. Regulated

Submit annual return to the FCA by 31st July each yearTrader

s.044 Copies of annual return to be supplied on demand. Regulated

Supply free copies of annual return and auditor's report on demandTrader

s.045 Copies of balance sheet and valuation to be displayed. Regulated

Display balance sheet and valuation report at your registered officeTrader

s.049 Loans out of separate loan fund. Regulated

Manage loans from separate loan fund within statutory limitsTrader

s.052 Charitable subscriptions and contributions to other registered societies. Regulated

Give three months' notice before withdrawing from a medical societyTrader

s.053 Holding of land. Regulated

Your friendly society can buy and sell land through trustees if your rules allow itTrader

s.054 Vesting of property in trustees. Regulated

Trustees hold all society property for members' benefitTrustee

s.057 Discharge of certain mortgages in Northern Ireland. Regulated

Use a valid receipt form to discharge a mortgage held by your societyTrader

s.059 Priority on death, bankruptcy, etc., of officer. Regulated

Pay society funds to trustees on officer's death or bankruptcyDirector or Officer

s.062 Inspection of books by members. Regulated

Allow members to inspect books and protect loan account confidentialityTrader

s.063 Register of members of registered friendly societies. Prosecution

Fail to keep a register of members (friendly society)Any Person

Fine up to £2,500

s.065 Group insurance business. Regulated

Friendly societies cannot bar group scheme participants from private membershipFinancial Services Firm

s.065 Terms on which benefits are provided by friendly societies. Prosecution

Fail to provide benefit terms to members on requestAny Person

Fine up to £1,000

s.066 Power of member to nominate person to receive sums payable on his death. Regulated

Members can nominate someone to receive death benefits from the societyTrader

s.067 Payment on death of a nominator. Regulated

Pay nominee upon proof of nominator's deathAny Person

s.085 Conversion of society into branch. Regulated

s.086 Meaning and registration of special resolutions. Regulated

Send special resolutions to the FCA for registrationTrader

s.093 Dissolution of societies and branches. Regulated

Get central body consent before dissolving a society with branchesAny Person

s.094 Instrument of dissolution. Regulated

Prepare a detailed dissolution instrument when dissolving your friendly societyTrader

s.095 Dissolution by award. Regulated

Other duties (1) — Crown / regulator

Appropriate authority must advertise dissolution award within 21 daysStatutory regulator

s.097 Notice of proceedings or order to set aside dissolution. Regulated

Notify FCA/PRA if a dissolution is challenged or set asideAny Person

s.098 Offences. Prosecution

Fail to comply with Friendly Societies Act dutiesDirector or Officer

Fine up to £1,000

s.099 Punishment of fraud, etc. and recovery of property misapplied. Imprisonment

Fraud or misrepresentation relating to friendly societiesAny Person

s.100 Falsification of balance sheets, etc. Prosecution

Falsify friendly society balance sheets or required documentsAny Person

Unlimited fine

s.105 Exemption from stamp duty land tax Regulated

Claim stamp duty land tax relief for society amalgamations and transfersAny Person

s.108 Protection for members of registered societies joining the forces. Regulated

You cannot exclude or fine members for military serviceTrader

s.114 Payments to legal representative in Channel Islands and Isle of Man. Regulated

Pay death sums to legal representative in Channel Islands or Isle of ManFinancial Services Firm

88 other provisions — procedural and definitional

s.001 The Registry Office.

s.002 Terms of office, qualifications and status of Chief and assistant registrars.

s.003 Salaries and expenses.

s.004 Registration areas and functions of assistant registrars in those areas.

s.005 Particular functions of assistant registrar for Scotland.

s.006 Report of the Chief Registrar and publication of information relating to friendly societies.

s.007 Societies which may be registered.

s.008 Registration of societies.

s.009 Special provisions as to dividing societies and societies assuring annuities.

s.010 Societies registered in one registration area carrying on business in another.

s.011 Additional requirements for registration of societies with branches.

s.013 Registration of branches as societies.

s.016 Appeals from refusal to register.

s.017 Acknowledgment of registration of rules.

s.018 Registration of amendments of rules of society or branch.

s.020 Appeals from refusal to register amendment of rule.

s.022 Rules of certain registered societies to bind members at law.

s.023 Special provisions which may be included in rules.

s.026 Proof of appointment of officers and trustees.

s.027 Certain officers to give security.

s.028 Duty of officers of registered societies and branches to account.

s.032 Power of societies to disapply section 31.

s.033 Re-appointment and removal of auditors.

s.037 Restrictions on appointment of auditors.

s.039 Power of appropriate authority to require accounts of past years to be audited.

s.040 Remuneration of qualified auditors.

s.042 Regulations and directions . . . relating to valuations.

s.046 Investment of funds.

s.047 Power to set up funds for purchase of Government securities on behalf of members.

s.048 Loans to assured members.

s.050 Loans of surplus funds to registered society or branch of different description.

s.051 Power of friendly society to invest in housing association.

s.055 Power of the Public Trustee to hold securities of certain friendly societies and branches.

s.056 Legal proceedings concerning property.

s.057 Discharge of certain mortgages.

s.058 Devolution of property on death, resignation or removal of trustee.

s.060 Membership of minors.

s.061 Members’ subscriptions not generally recoverable at law.

s.063 Accumulation of member’s surplus contributions.

s.064 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

s.065 Modification of s. 64 in relation to group insurance business.

s.068 Devolution of sums due where no nomination.

s.069 Validity of payments.

s.070 Certificates of death.

s.071 Prohibition of insuring money to be paid on death of a child under ten.

s.072 Limitations on insurance of life of parent or grandparent.

s.073 Supplementary provisions as to insurances referred to in s. 72.

s.074 Provisions with respect to certain insurances where person assured is resident outside United Kingdom and Isle of Man.

s.075 Rights of owners of certain endowment policies.

s.076 Decision of disputes generally.

s.077 Reference by consent, of disputes to Chief or assistant registrar.

s.078 Statement of case and discovery, etc., of documents.

s.079 Reference of disputes to court otherwise than under rules.

s.080 Disputes arising out of loans of surplus funds to societies of different description.

s.081 Power to change name.

s.082 Amalgamation and transfer of engagements.

s.083 Objections to amalgamations and transfers of engagements of friendly societies.

s.084 Conversion of registered societies into companies.

s.084 Conversion of registered societies into industrial and provident societies.

s.087 Power of

s.088 Power of Chief Registrar to suspend business of registered friendly societies and branches.

s.089 Power of Chief Registrar to require production of documents.

s.090 Appointment of inspectors and calling of special meetings.

s.091 Cancellation and suspension of registration.

s.092 Appeals against cancellation and suspension of registration.

s.095 Dissolution of registered friendly societies and branches by award.

s.096 Finality of awards for dissolution or distribution of funds.

s.101 Prosecution of offences, recovery of costs or expenses.

s.102 Jurisdiction of magistrates' courts in Northern Ireland

s.103 Legal proceedings concerning registered societies, etc.

s.104 Fees.

s.104 Fees for inspection or copying of documents.

s.105 Exemptions from stamp duty.

s.106 Certificates of births and deaths for purposes of Act.

s.107 Provision as to information supplied for purposes of national insurance and social security.

s.109 Regulations.

s.110 Evidence and deposit of documents.

s.111 Interpretation.

s.112 Isle of Man.

s.113 Channel Islands.

s.115 Reciprocal application of legislation relating to societies registered in Northern Ireland and in other parts of the British Islands.

s.116 Amendments, transitory provisions and repeals.

s.117 Short title, commencement and extent.

s.para.149 The trustees of the .........................................Society [or the .............. branch of...

s.para.150 Signed [Signatures of Trustees]

s.para.151 Trustees

s.para.152 Countersigned [Signature of Secretary]

s.para.153 Secretary

Schedules

7 of 78 shown

s.sch002 In the case of dividing societies, a provision for meeting... Regulated

Ensure all claims are paid before dividing society assetsAny Person

s.sch002 The keeping of proper accounts in accordance with section 29... Regulated

Keep proper accounts and a separate expense accountFinancial Services Firm

s.sch002 (1) Subject to sub-paragraphs (2) and (3) below, the whole... Regulated

Include objects, membership terms, and forfeiture rules in your society's constitutionFinancial Services Firm

s.sch002 The mode of holding meetings and right of voting, and... Regulated

Include meeting, voting and rule-change procedures in your society's rulesFinancial Services Firm

s.sch002 The investment of the funds, the keeping of the accounts... Regulated

Invest funds prudently, keep accounts and have them audited annuallyFinancial Services Firm

s.sch002 The inspection of the books of the society by every... Regulated

Allow inspection of books by persons interested in the society's fundsAny Person

s.sch010 Until such time as a form for the purposes is... Regulated

Use prescribed form for acknowledgements until new regulations issuedAny Person

71 other schedules

s.sch001 (1) . . . . . . . . ....

s.sch002 The name of the society.

s.sch002 (1) For the avoidance of doubt it is hereby declared...

s.sch002 Except with respect to cattle insurance societies, such periodic valuation...

s.sch002 The voluntary dissolution of the society . . ..

s.sch002 The right of one-fifth of the total number of members,...

s.sch002 The place which is to be the registered office of...

s.sch002 The appointment and removal of a committee of management (by...

s.sch002 Annual returns to the FCA relating to the affairs and...

s.sch002 The manner in which disputes shall be settled.

s.sch005 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

s.sch006 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

s.sch006a This Schedule has effect in relation to any registered society...

s.sch006a (1) On the registration of the society any appointment as...

s.sch006a Any agreement made, transaction effected or other thing done by,...

s.sch006a (1) Any agreement made by the society or any branch...

s.sch007 (1) Subject to any exceptions or conditions prescribed by regulations...

s.sch008 . . . . . . . . . ....

s.sch009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

s.sch009 (1) In section 11(1) of the said Act—

s.sch009 In section 12(2) of the said Act, the words “A...

s.sch009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

s.sch009 In section 23(1)(a) of the said Act, for the words...

s.sch009 In Schedule I to the said Act—

s.sch009 In Schedule 3 to the said Act—

s.sch009 In section 9 of the Friendly Societies Act 1955, in...

s.sch009 . . . . . . . . . ....

s.sch009 In section II of the Industrial and Provident Societies Act...

s.sch009 In section 5(1) of the Administration of Estates (Small Payments)...

s.sch009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

s.sch009 In section 6 of the said Act of 1965—

s.sch009 In Schedule 3 to the Public Expenditure and Receipts Act...

s.sch009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

s.sch009 . . . . . . . . . ....

s.sch009 In section 8 of the said Act—

s.sch009 In section 20(1)(b) of the said Act, after the word...

s.sch009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

s.sch009 In section 2(5) of the said Act, after the words...

s.sch009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

s.sch009 In section 10 of the said Act, in subsection (1)...

s.sch010 In so far as any regulation, order, application, nomination or...

s.sch010 The repeal by this Act of sections 103 and 104...

s.sch010 Nothing in section 66 or section 67 of this Act...

s.sch010 Nothing in this Act shall prejudice any insurance effected before...

s.sch010 Nothing in this Act shall affect the continued operation, in...

s.sch010 Without prejudice to section 116(1) of, and Schedule 9 to,...

s.sch010 Where a period of time specified in an enactment repealed...

s.sch010 A conviction of an offence under an enactment repealed by...

s.sch010 If the rules of a registered society in force at...

s.sch010 (1) Any endowment policy issued before 1st January 1924 which...

s.sch010 If, immediately before the passing of this Act—

s.sch010 The repeal by this Act of section 2(1) of the...

s.sch010 . . . . . . . . . ....

Duty extraction and severity labels are Guvnor’s analysis of the instrument, not the instrument itself. Always verify against the linked source text.

Friendly Societies Act 1974

Does it bind you?

Other Acts binding the same actors

What it requires

Schedules