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FRIENDLY SOCIETIES ACT (NORTHERN IRELAND)1957 - SECT 10

Annuities payable by trade unions.

10.(1) If, in the event of a dissolution of any ... trade union which has
entered into contracts, approved by the Commissioners of Inland Revenue under
section twenty-two of the Finance Act, 1956, for the payment of annuities, any
such annuity ceases to be paid, or any contract for the payment of such an
annuity fails in whole or in part, no payment shall be made in respect thereof
out of the funds of the ... union to the annuitant or other person entitled to
the benefit of the contract, but any sum which, but for this provision, would
have been paid to him shall be applied in purchasing for the benefit of the
annuitant an annuity (for the like term, and subject to the like conditions
against surrender, commutation or assignment) from a person lawfully carrying
on in the United Kingdom a business of granting annuities on human life.

Subs.(2) rep. by 1970 c.31 (NI) s.105(5) sch.10; subs.(3) spent

Short title.

© 1957 Crown Copyright

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