(1) This section applies where -
(a) a friendly society (“a transferor society”) proposes to transfer to any person engagements the fulfilment of which will constitute the carrying on of long term business in the United Kingdom or Gibraltar; or
(b) a friendly society (a "transferee society") proposes to undertake to fulfil any such engagements to be transferred to it from another friendly society.
(2) The appropriate authority may direct a transferor society or a transferee society to furnish the appropriate authority with a report by an independent actuary on the terms of the proposed transfer and as to his opinion on the likely effects of the transfer on the members of the society who are long term policyholders.
(3) A friendly society which is directed to furnish a report under this section shall, on payment of a reasonable fee, furnish a copy of the report to any person who asks for one at any time before the transfer in question is confirmed by the appropriate authority.
…