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FRIENDLY SOCIETIES ACT (NORTHERN IRELAND) 1970 - SECT 72

72.(1) A registered society may by special resolution determine to convert
itself into a company to be formed and registered under the Companies Act
(Northern Ireland) 1960 and if such a resolution contains the particulars
required by that Act to be contained in the memorandum of association of a
company and a copy thereof has been registered by the registrar, a copy of
that resolution bearing the signature of the registrar shall have the same
effect as a memorandum of association duly signed and attested under that Act.

(2) Subject in the case of a registered friendly society to sections 70(3) and
(4) and 71, a registered society may by special resolution determine to
transfer its engagements to a company formed and registered under the
Companies Acts.

(3) Subject to subsection (4), if a registered society is registered as, or
transfers all its engagements to, a company, the registration of that society
under this Act shall thereupon become void and shall be cancelled by
the registrar.

(4) Registration of a registered society as a company shall not affect any
right or claim subsisting against the society or any penalty incurred by the
society; and

(a)for the purpose of enforcing any such right, claim or penalty, the society
may be sued and proceeded against in the same manner as if it had not become
registered as a company; and

(b)every such right or claim, or the liability to any such penalty, shall have
priority as against the property of the company over all other rights or
claims against or liabilities of the company.

© 1970 Crown Copyright

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