Financial Intermediaries Act 1996

A body proposed to be a society may be formed by 5 or more adults.

A proposed society may be formed only if there has been a meeting to form the society at which 5 or more adults were present.

At the formation meeting, there must be presented—

a written statement showing—

the objects of the society; and

the reasons for believing that—

an application for registration of the society would be granted; and

if registered, the society will be able to carry out its objects successfully; and

a copy of the society’s proposed rules.

If, at the formation meeting or a subsequent or adjourned meeting, 5 or more adults, after considering the statement and the rules, approve the rules (with or without amendment) and sign an application for membership, they may proceed to elect the first directors of the society under the rules as so approved.

The expenses of, and incidental to, the formation of the society may be paid out of the society’s capital or income.