Statutory Instruments
1998 No. 2328
FRIENDLY SOCIETIES
The Friendly Societies (Activities of a Subsidiary) Order 1998
Made
25th September 1998
Laid before Parliament
28th September 1998
Coming into force
19th October 1998
The Friendly Societies Commission, with the consent of the Treasury, in exercise of the powers conferred upon it by section 13(8) of the Friendly Societies Act 1992( 1 ), hereby makes the following Order:
Citation and commencement
1. This Order may be cited as the Friendly Societies (Activities of a Subsidiary) Order 1998 and shall come into force on the 19th October 1998.
Variation of Schedule 7
2. Schedule 7( 2 ) to the Friendly Societies Act 1992 (which lists the activities which may be carried on by a subsidiary of, or a body jointly controlled by, an incorporated friendly society) is amended by inserting after paragraph 1 the following paragraph–
“ 1A. The establishment and management, or arranging for the establishment and management, of individual savings accounts; and in this paragraph “individual savings accounts” means plans of a kind referred to in section 333(1A) 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 21st September 1998.
L.S.
B.F. D'Silva
We consent to this Order.
Clive Betts
Jim Dowd
Two of the Lords Commissioners of Her Majesty’s Treasury
25th September 1998
1988 c. 1 . Subsection (1A) was added to s.333 by section 75(1) of the Finance Act 1998 (c. 36) . The Individual Savings Accounts Regulations 1998 (S.I. 1998/1870 ) make detailed provision for the operation of individual savings accounts. Other relevant regulations are S.I.s 1998/1869 , 1998/1871 and 1998/1872 .