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Mutuals' Deferred Shares Act 2015

Consolidated Text As Enacted Cited authorities 6 Cited in Amendments 1 Related
Vincent
JurisdictionUK Non-devolved
Citation2015 c. 13
(1) The Treasury may by regulations make provision to permit or facilitate the issue of deferred shares by a friendly society or mutual insurer.are issued by a friendly society or mutual insurer (“the issuer”) with the consent of the appropriate authority,can be transferred but not withdrawn,on the winding up or dissolution of the issuer where all other sums due from the issuer to creditors claiming in the winding up or dissolution are paid in full, orwhere the appropriate authority has consented to the repayment, andhave such characteristics as are specified in regulations made by the Treasury under this paragraph.the Friendly Societies Act 1992 (as amended from time to time) ;the Companies Act 2006 (as amended from time to time) ;any other primary legislation relating to friendly societies or mutual insurers (whenever passed) ;any instrument made under the legislation mentioned in any of paragraphs (a) to (c) (whenever made) .may not make provision that would permit or facilitate the issue of deferred shares by a friendly society or mutual insurer where it is not authorised to do so by its memorandum, rules or constitution;may make consequential, supplementary, incidental, transitional or saving provision;may make different provision for different purposes.(5) A deferred share issued by virtue of regulations made under subsection (1) is not a share within the meaning of the Companies Acts.(6) The power to make regulations under this section is exercisable by statutory instrument.(7) A statutory instrument containing regulations under this section may not be made unless a draft of it has been laid before and approved by a resolution of each House of Parliament.more than one vote per person as a member on holders of deferred shares who are members of the society or insurer by virtue only of being such a holder;additional voting rights on a member of the society or insurer by virtue of being a holder of a deferred share where the member is a member other than by virtue of being such a holder.

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