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FRIENDLY SOCIETIES ACT (NORTHERN IRELAND) 1970 - SECT 35

Regulations and directions of registrar relating to valuations.

35.(1) The registrar may by regulations provide that in relation to any
registered society or branch of a class specified in the regulations,
section 34 shall have effect as if for the period of five years specified in
subsection (1) of that section there were substituted a period of three years.

(2) The registrar may by regulations provide that in relation to any
registered society or branch of a class specified in the regulations,
section 34 shall have effect as if it required the society or branch

(a)to cause its assets and liabilities in respect of any business of a class
so specified to be valued under that section and to send to the registrar a
report of those assets and liabilities at least once in every three years; and

(b)to cause its assets and liabilities in respect of any other business (other
than business to which a partial exemption under section 34(6) relates) to be
so valued and to send to the registrar a report on those assets and
liabilities at least once in every five years.

(3) The registrar may by regulations provide that every society or branch of a
class specified in the regulations which is first registered after the passing
of this Act shall cause its assets and liabilities to be valued for the first
time under section 34 as at a date so specified.

(4) Without prejudice to the preceding provisions of this section, if in the
opinion of the registrar it is expedient in the interests of the members of
any particular registered society or branch to do so, he may direct that, in
relation to that society or branch, section 34 shall have effect

(a)as if for the period of five years specified in subsection (1) of that
section there were specified a period of three years; or

(b)as if it required that society or branch

(i)to cause its assets and liabilities in respect of any particular business
specified in the direction to be valued under that section and to send to
the registrar a report on those assets and liabilities at least once in every
three years; and

(ii)to cause its assets and liabilities in respect of any other business
(other than business to which a partial exemption under subsection (6) of that
section relates) to be so valued and to send to the registrar a report on
those assets and liabilities at least once in every five years.

(5) The registrar may at any time revoke a direction given by him under
subsection (4).

© 1970 Crown Copyright

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