INDUSTRIAL ASSURANCE (NORTHERN IRELAND) ORDER 1979

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INDUSTRIAL ASSURANCE (NORTHERN IRELAND) ORDER 1979 - SECT 41



41.(1) Section 72 of the Friendly Societies Act, in so far as it relates to
the conversion of a society into a company shall, in its application to a
collecting society, have effect subject to the following modifications

(a)a copy of the special resolution shall be sent to the Commissioner;

(b)if within one month after the copy of the special resolution is so sent to
him the Commissioner gives notice in writing to the society that he objects to
the conversion, the conversion shall not be effected without the sanction of
the court;

(c)on the application to the court for such sanction the Commissioner shall be
entitled to appear and be heard.

(2) Without prejudice to the powers conferred by section 72 of the Friendly
Societies Act, as so modified, the committee of management of a collecting
society having more than 100,000 members may, subject to paragraph (3),
petition the court to make an order for the conversion of the society into a
mutual company under the Companies Acts (Northern Ireland) 1960 and 1978 and
the court may make such an order if, after hearing the Commissioner (if he
desires to be heard) and the committee of managment and any other persons whom
the court considers entitled to be heard on the petition, the court is
satisfied, on a poll being taken, that 55 per cent. at least of the members of
the society over 16 years of age agree to the conversion.

(3) Before any petition mentioned in paragraph (2) is presented to the court,
notice of intention to present the petition shall be published in the Belfast
Gazette and in such newspapers as the court may direct.

(4) The court may give such directions as it considers fit for settling a
proper memorandum and articles of association of the company.

(5) When a collecting society converts itself into a company in accordance
with the provisions of this Article, subsections (3) and (4) of section 72 of
the Friendly Societies Act shall apply in like manner as if the conversion
were effected under that section.

(6) In this Article, "the court" means the High Court.

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Northern Irish Legislation

INDUSTRIAL ASSURANCE (NORTHERN IRELAND) ORDER 1979 - SECT 41