Friendly Societies and Industrial and Provident Societies (Miscellaneous Provisions) Act 2014
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Application of section 2 of Act of 1990 | ||
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16. Section 2 of the Act of 1990 applies subject to— | ||
(a) the substitution in subsection (7) (inserted by section 2 of the Companies (Miscellaneous Provisions) Act 2013 ) for “fell to be treated as a small company by virtue of section 8 or 9 of the Companies (Amendment) Act 1986 ” of the following: | ||
“fell to be treated as a small society by virtue of subsection (7A)”, | ||
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(b) the insertion after subsection (7) of the following subsection: | ||
“(7A) For the purposes of this section— | ||
(a) a society falls to be treated as a small society in respect of the latest financial year of the society if, in respect of that year, the society meets the qualifying conditions set down in section 8 (2) of the Companies (Amendment) Act 1986 , | ||
(b) the terms ‘balance sheet total’ and ‘amount of turnover’, as set down in the said qualifying conditions, have the meanings assigned to them in section 8(4) and 8(5), respectively, of the Companies (Amendment) Act 1986 , and | ||
(c) the same method of calculation specified in paragraph 42(4) of the Schedule to the Companies (Amendment) Act 1986 shall be applied to determine the average number of persons employed by a small society.”. |