The Friendly Societies (Decimal Currency) Regulations 1970

• Citation: S.I. 1970/932
• Sections: 11

Section 1

(1) These Regulations may be cited as the Friendly Societies (Decimal Currency) Regulations 1970, and shall come into operation on 1st August 1970.

(2) In these Regulations—

“ friendly society ” means a friendly society, not being a collecting society, registered in any part of the United Kingdom under the Friendly Societies Act 1896 or a branch so registered under that Act of a friendly society so registered;

“ collecting society ” has the meaning assigned by section 1 of the Industrial Assurance Act 1923 as amended by Schedule 6 to the Companies Act 1967;

“ friendly society contract ” means a contract made by a friendly society with a member of the society in the course of its business in Great Britain, whether contained in the rules of the society or not;

“ the new currency ” and “ the old currency ” have the meanings assigned by section 16(1) of the Decimal Currency Act 1969;

“ approved scheme ” means a special scheme approved by the Chief Registrar of Friendly Societies in the circumstances provided for in regulation 5 of these Regulations;

“ actuary ” means an actuary having such qualifications as may be prescribed by Regulations made under section 16(1) of the Friendly and Industrial and Provident Societies Act 1968.

(3) The Interpretation Act 1889 shall apply to the interpretation of these Regulations as it applies to the interpretation of an Act of Parliament.

Section 2

(1) Subject to regulation 3, this regulation applies to payments payable under any friendly society contract made before 15th February 1971 that fall due on or after that date.

(2) The amount payable in respect of any payment to which this regulation applies and which is payable by a friendly society shall be the amount in the new currency provided for in Schedule 1 to these Regulations.

(3) The amount payable in respect of any payment to which this regulation applies and which is payable to a friendly society shall be—

(a) if the payment is payable under a friendly society contract as one of a series of payments payable at intervals of two months or more, the amount in the new currency provided for in Schedule 1 to these Regulations,

(b) if the payment is payable under a friendly society contract as one of a series of payments payable at intervals of less than two months but more than two weeks, the amount in the new currency provided for in Schedule 2 to these Regulations,

(c) if the payment is payable under a friendly society contract as one of a series of payments payable at intervals of two weeks or less, the amount in the new currency provided for in Schedule 3 to these Regulations.

Section 3

Regulation 2 shall not apply to any payment payable under a friendly society contract—

(a) which is contained in or is by its terms subject to the rules of a friendly society and those rules provide for the amount in the new currency payable in respect of the payment, or

(b) to which an approved scheme applies.

Section 4

(1) A friendly society may by resolution of its committee of management passed before 15th February 1971 adopt an approved scheme for the purpose of securing that under any friendly society contract made before that date to which the approved scheme applies no amount other than a new half-penny or multiple thereof will be payable in respect of any payment that falls due on or after that date.

(2) Where a friendly society has so adopted an approved scheme the amount payable to or by the society in respect of a payment payable under any contract to which the scheme applies that falls due as aforesaid shall be the amount in the new currency provided for in the scheme.

(3) Written notice of a resolution adopting an approved scheme shall within fourteen days of the passing thereof be sent by the friendly society to the Chief Registrar of Friendly Societies.

Section 5

The Chief Registrar of Friendly Societies may before 15th February 1971 approve a special scheme intended to be adopted by a friendly society for the purpose mentioned in regulation 4 if—

(a) in his opinion regulation 2 cannot be made to apply to payments under the contracts to which the special scheme applies without difficulty or inconvenience having regard to the times or method of their payment or to any other relevant matter, and

(b) where by virtue of the scheme any payments payable to the friendly society are increased, an actuary has certified that the scheme provides where actuarially appropriate for suitable adjustments to the benefits for which those payments are payable.

Section 6

Notwithstanding anything contained in the rules of a friendly society which has adopted an approved scheme, the committee of management of the society may by resolution passed before 15th February 1972 make amendments to the rules of the society in connection with the adoption by the society of the scheme.

Section 7

(1) A friendly society which has adopted an approved scheme shall before 15th February 1971 give to any person by whom a payment that falls due on or after that date is payable under a contract to which the scheme applies a written statement explaining the effect of that scheme.

(2) The statement aforesaid may be given by hand or by sending it by post to a person at his last known address or where the society has provided the person with a book for the recording of payments under the friendly society contract to which the scheme applies by inserting it in that book.

Section 1

The amount in the new currency payable in respect of a payment referred to in paragraph (3)(c) of regulation 2 which is payable weekly and which falls due on or after the relevant date shall be the amount corresponding to the amount in the old currency payable under the contract or, if that amount would apart from the Friendly Societies (Halfpenny) Regulations 1969 be or include a halfpenny, to the amount in the old currency payable under the contract apart from those Regulations, calculated as follows—

(a) for any whole shilling or multiple thereof the corresponding amount in the new currency is five new pence or that multiple thereof; and

(b) for any amount or remaining amount of less than one shilling shown in column 1 of the following table the corresponding amount in the new currency is, in relation to any one of four successive weekly payments in a series beginning with the payment first falling due on or after the relevant date, the amount (if any) in new pence shown opposite that amount under the appropriate weekly payment in columns 2 to 5 of that table and an amount or remaining amount of one penny or a halfpenny shall be disregarded in relation to the weekly payment under which no amount in new pence is so shown.

Payments payable fortnightly

Section 2

The amount in the new currency payable in respect of a payment referred to in paragraph (3)(c) of regulation 2 which is payable fortnightly and which falls due on or after the relevant date shall be the amount corresponding to the amount in the old currency payable under the contract or, if that amount would apart from the Friendly Societies (Halfpenny) Regulations 1969 be or include a halfpenny, to the amount in the old currency payable under the contract apart from those Regulations, calculated as follows—

(a) for any whole shilling or multiple thereof the corresponding amount in the new currency is five new pence or that multiple thereof; and

(b) for any amount or remaining amount of less than one shilling shown in column 1 of the following table the corresponding amount in the new currency is, in relation to any one of two successive fortnightly payments in a series beginning with the payment first falling due on or after the relevant date, the amount (if any) in new pence shown opposite that amount under the appropriate fortnightly payment in columns 2 and 3 of that table and an amount or remaining amount of a halfpenny shall be disregarded in relation to the first of every two successive fortnightly payments.

Section 3

“ Relevant date ” in paragraphs 1 and 2 of this Schedule means —

(a) 15th February 1971, or

(b) 22nd February 1971 in relation to any payment payable to a friendly society which before 15th February 1971 has determined that 22nd February 1971 shall be the relevant date.

Section 4

Where a friendly society has determined as mentioned in subparagraph (b) of the preceding paragraph, the amount in the new currency payable in respect of a payment referred to in paragraph (3)(c) of regulation 2 which is payable to the society and which falls due before 22nd February 1971 shall be the amount corresponding to the amount in the old currency (being in the case of an amount reduced or increased by one halfpenny by virtue of the Friendly Societies (Halfpenny) Regulations 1969 the amount so reduced or increased) payable under the contract calculated as follows—

(a) for any whole shilling or multiple thereof the corresponding amount in the new currency is five new pence or that multiple thereof; and

(b) for any amount or remaining amount of less than one shilling shown in column 1 of the following table the corresponding amount in the new currency is the amount in new pence shown opposite that amount in column 2 of that table.