Section 56: Power of FCA and PRA to petition for winding up.

Industrial and Provident Societies Act 1965 · 1965 c.12

This provision is repealed

It is retained for historical reference and may not reflect the law currently in force.

REPEALED on 2014-08-01 by Community Benefit Societies Act 2014.
The text below is from the dated revised snapshot immediately preceding this status change. It is historical and is not current law. View the historical source.

56(1)

In the case of a society to which section 4 of this Act applies which was registered or deemed to be registered under the Act of 1893 before 26th July 1938, a petition for the winding up of the society may be presented to the court by the FCA or PRA if it appears to the FCA or PRA (as the case may be)—

(a) that neither of the conditions specified in section 1(2) of this Act is fulfilled in the case of that society; and

(b) that it would be in the interests of persons who have invested or deposited money with the society or of any other person that the society should be wound up.

56(2)

The FCA must consult the PRA before presenting a petition under subsection (1) in respect of a PRA -authorised person.

56(3)

The PRA must consult the FCA before presenting a petition under subsection (1).

About this text

This legislation text comes from legislation.gov.uk. Contains public sector information licensed under the Open Government Licence v3.0.

Reuse reviewed 21 August 2026 under Open Government Licence v3.0.