Financial Intermediaries Act 1996
sec.56Expenses of administration
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sec.56 Expenses of administration
The expenses of conducting a society’s affairs by an administrator are payable from the society’s funds. The expenses include the administrator’s remuneration at a rate approved by the registrar. An administrator has, for the expenses of conducting a society’s affairs, the same priority on the winding-up of a society as the liquidator of the society has. s 56 amd 1999 No. 27 s 76 sch 1 pt 2 (sec.56-ssec.1) The expenses of conducting a society’s affairs by an administrator are payable from the society’s funds. (sec.56-ssec.2) The expenses include the administrator’s remuneration at a rate approved by the registrar. (sec.56-ssec.3) An administrator has, for the expenses of conducting a society’s affairs, the same priority on the winding-up of a society as the liquidator of the society has.