Citation and Commencement

1. This Order may be cited as the Friendly Societies (Activities of a Subsidiary) Order 1996 and shall come into force on 6th January 1997.

Variation of Schedule 7

2.Schedule 7 to the Friendly Societies Act 1992 (which relates to activities which may be carried on by a subsidiary of or body jointly controlled by an incorporated friendly society) is amended by—

(a) adding to paragraph 6 after the words “pension funds” the words “or for friendly societies or for other bodies whose business consists of any activity falling within paragraphs 1 to 5 above or paragraphs 7 to 14 below”;

(b) substituting the words “or paragraphs 11 to 14 below” at the end of paragraph 10, for the words “or paragraph 11 or 12 below”; and

(c) inserting after paragraph 12, the following paragraphs—

“ 13. The establishment and management of investment companies with variable capital falling within regulation 3(1) of the Open-Ended Investment Companies (Investment Companies with Variable Capital) Regulations 1996 ( 2 ) (an open-ended investment company).

14. The establishment and management of companies which are approved as investment trusts for the purposes of section 842 of the Income and Corporation Taxes Act 1988 ( 3 ) . ” .

In witness whereof the common seal of the Friendly Societies Commission is hereto fixed, and is authenticated by me, a person authorised under paragraph 13 of Schedule 1 to the Friendly Societies Act 1992 on 2nd December 1996.