1 The following section shall be substituted for section 23 -
"23 Friendly societies
A friendly society which carries on investment business in the United Kingdom is an authorised person as respects any investment business which it carries on for or in connection with any of the activities mentioned in Schedule 2 to the Friendly Societies Act 1992."
2 In section 113 (periodical fees), for subsection (3) there shall be substituted the following subsection -
"(3) So long as a friendly society is authorised under section 23 above to carry on investment business it shall pay to the Friendly Societies Commission such periodical fees as the Commission may by regulations specify."
3 In section 141 (indemnity schemes), in subsection (2), for the words from "the Chief Registrar" onwards there shall be substituted "the Friendly Societies Commission".
4 In section 179 (restrictions on disclosure of information), in subsection (3), for paragraph (e) there shall be substituted -