Financial Intermediaries Act 1996
sec.217Interpretation provision for ss 218 – 220
Start here
Get a plain-English read of sec.217
Turn the raw legal text into a practical explanation grounded in Financial Intermediaries Act 1996.
sec.217 Interpretation provision for ss 218 – 220
In sections 218 , 219 and 220 — appropriate officer means— for a society being wound-up—the liquidator; and for a society under the management of an administrator—the administrator; and for a society the affairs of which are being investigated under part 11 —the person nominated as the appropriate officer in the particular case by the registrar; and for a society for which a receiver or manager of all or any of the society’s property has been appointed, whether by the Supreme Court or under the powers contained in an instrument—the receiver or manager; and for a society that, within the meaning of subsection (2) , has ceased to carry on business or is unable to pay its debts—the registrar. s 217 def appropriate officer amd 1999 No. 27 s 76 sch 1 pt 2 relevant day means— for a society being wound-up—the day on which under this Act the winding-up has started or is taken to have started; and for a society under the management of an administrator—the day on which the administrator is appointed; and for a society the affairs of which are being investigated under part 11 —the day on which the investigator was appointed; and for a society for which a receiver or manager has been appointed—the day on which the receiver or manager was appointed; and for a society that has, within the meaning of subsection (2) , ceased to carry on business—the day on which a letter was first sent to the society or a notice was first published in the gazette for the society; and for a society that, within the meaning of subsection (2) , is unable to pay its debts—the day on which the execution or other process was returned unsatisfied in whole or in part. society to which this section applies means a society— that is being wound-up; or that is under the management of an administrator; or the affairs of which are being investigated under part 11 ; or for which a receiver or manager has been appointed, whether by the court or under the powers contained in an instrument; or that, within the meaning of subsection (2) , has ceased to carry on business or cannot pay its debts. For subsection (1) — a society is taken to have ceased to carry on business if the registrar— has sent to the society by post a letter stating that the registrar has no reason to believe that the society is carrying on business and has not, within 1 month of sending the letter, received an answer to the effect that the society is carrying on business; or has published in the gazette a notice of the proposed deregistration of the society; and a society is taken to be unable to pay its debts only if execution of other process issued on a judgment, decree or order of a court in favour of a creditor of the society is returned unsatisfied in whole or part. s 217 amd 2001 No. 45 s 29 sch 3 (sec.217-ssec.1) In sections 218 , 219 and 220 — appropriate officer means— for a society being wound-up—the liquidator; and for a society under the management of an administrator—the administrator; and for a society the affairs of which are being investigated under part 11 —the person nominated as the appropriate officer in the particular case by the registrar; and for a society for which a receiver or manager of all or any of the society’s property has been appointed, whether by the Supreme Court or under the powers contained in an instrument—the receiver or manager; and for a society that, within the meaning of subsection (2) , has ceased to carry on business or is unable to pay its debts—the registrar. s 217 def appropriate officer amd 1999 No. 27 s 76 sch 1 pt 2 relevant day means— for a society being wound-up—the day on which under this Act the winding-up has started or is taken to have started; and for a society under the management of an administrator—the day on which the administrator is appointed; and for a society the affairs of which are being investigated under part 11 —the day on which the investigator was appointed; and for a society for which a receiver or manager has been appointed—the day on which the receiver or manager was appointed; and for a society that has, within the meaning of subsection (2) , ceased to carry on business—the day on which a letter was first sent to the society or a notice was first published in the gazette for the society; and for a society that, within the meaning of subsection (2) , is unable to pay its debts—the day on which the execution or other process was returned unsatisfied in whole or in part. society to which this section applies means a society— that is being wound-up; or that is under the management of an administrator; or the affairs of which are being investigated under part 11 ; or for which a receiver or manager has been appointed, whether by the court or under the powers contained in an instrument; or that, within the meaning of subsection (2) , has ceased to carry on business or cannot pay its debts. (sec.217-ssec.2) For subsection (1) — a society is taken to have ceased to carry on business if the registrar— has sent to the society by post a letter stating that the registrar has no reason to believe that the society is carrying on business and has not, within 1 month of sending the letter, received an answer to the effect that the society is carrying on business; or has published in the gazette a notice of the proposed deregistration of the society; and a society is taken to be unable to pay its debts only if execution of other process issued on a judgment, decree or order of a court in favour of a creditor of the society is returned unsatisfied in whole or part.