(1) A friendly society which -
(a) is not authorised and has not made any previous application for authorisation;
(b) was, before the commencement of section 32 above, carrying on in the United Kingdom any insurance or non-insurance business; and
(c) was, immediately before that commencement, neither required to be authorised under the 1987 Regulations nor subject to an order under section 88(1) of the 1974 Act (power of Chief Registrar to suspend business of friendly societies);
may apply under this section for authorisation to continue to carry on any business it was carrying on before that commencement.
(2) If the Commission is satisfied, on an application duly made under this section -
(a) that it has received adequate information about the society; and
(b) that there is no reason to believe that the interests of the members of the society require refusal of the application;
it shall, subject to section 37 below, authorise the society to carry on any class (or part of a class)