Co-operatives, Mutuals and Friendly Societies Act 2023

assets of the entity of a prescribed kind,

assets of the entity specified by it in accordance with the regulations, or

all of the entity's assets,

where the use or dealing is, directly or indirectly, for a purpose for which the activities of the mutual entity are carried on and is of a prescribed kind, or

where the circumstances are such as may be prescribed.

provide for the procedure by which a relevant mutual entity may impose, or otherwise secure, a restriction on how dedicated assets are used or dealt with;

provide for such of a relevant mutual entity's rules as are of a prescribed kind to be unalterable, or for them to be alterable only in prescribed circumstances or in circumstances specified in rules of a prescribed kind;

provide for the case mentioned in subsection (2)(a) to be subject to such exceptions as may be prescribed;

provide that, in any circumstances prescribed under subsection (2)(b), dedicated assets must be dealt with in a prescribed way;

make provision for ensuring that a person to whom dedicated assets are transferred in prescribed circumstances cannot use or deal with those assets except in a case mentioned in subsection (2);

provide for members of a mutual entity who lose property rights as a result of regulations under this section to be compensated for that loss (whether by payment of a prescribed amount or of an amount determined in a prescribed way or otherwise), subject to such exceptions as may be prescribed;

provide for the enforcement of restrictions imposed as a result of regulations under this section;

make provision for the carrying out of investigations by persons appointed by a prescribed person;

confer power on a prescribed person to require persons of a prescribed description to provide the prescribed person with information in order to enable or assist that person to perform any of the person's functions under the regulations;

provide for restrictions on the use and disclosure of information obtained by any person in the performance of any function under the regulations.

impose criminal liability;

confer functions on a prescribed person;

confer jurisdiction on any court;

authorise a prescribed person to make rules, binding on persons of a prescribed description, for the purpose of enabling or assisting the prescribed person to perform any of the person's functions under the regulations;

make provision as to the making, publication and enforcement of such rules;

provide for a prescribed person to charge fees sufficient to meet the costs of performing any of the person's functions under the regulations;

modify, exclude or apply (with or without modifications) any provision made by or under an enactment or any rule of law;

contain such incidental, consequential and supplementary provision as the Treasury consider appropriate;

make different provision for different cases.