Commentary Part 3 – Mutual Societies Section 50: Mutual societies: power to transfer functions
502.Section 50 provides for the Treasury to make orders amending the legislation relating to mutual societies which is listed in subsection (2), so that certain functions in relation to mutual societies can be transferred to the FCA and/or the PRA, for example, the registration of building societies under the Building Societies Act 1986. Such orders are subject to the affirmative procedure (see section 116(2)). Orders may also provide, in relation to the Industrial and Provident Societies Act (Northern Ireland) 1969 and the Credit Unions (Northern Ireland) Order 1985, for functions of a Northern Ireland department and of the Registrar of Credit Unions to be transferred to the FCA, the PRA, or both, and for functions relating to the determination of disputes to be transferred to a court.