(1) An incorporated friendly society may be wound up voluntarily under the applicable winding up legislation if it resolves by special resolution that it be wound up voluntarily.
(2) A copy of any special resolution passed for the voluntary winding up of an incorporated friendly society shall be sent by the society to the FCA and, if the society is a PRA-authorised person, the PRA within 15 days after it is passed; and the FCA shall keep the copy in the public file of the society.
(3) A copy of any such resolution shall be annexed to every copy of the memorandum or of the rules issued after the passing of the resolution.
(4) If an incorporated friendly society fails to comply with subsection (2) or (3) above, the society shall be guilty of an offence and liable on summary conviction to a fine not exceeding level 3 on the standard scale.
(5) For the purposes of this section, a liquidator of the society shall be treated as an officer of it.