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FRIENDLY SOCIETIES ACT (NORTHERN IRELAND) 1970 - SECT 40

Loans to assured members.

40.(1) A registered society and, subject to the rules of the society of which
it is a branch, a registered branch may advance to a member of at least one
full year's standing any sum not exceeding one-half of the amount of an
assurance on his life, on the written security of himself and two satisfactory
sureties for repayment.

(2) The amount so advanced, with all interest thereon, may be deducted from
the sum assured, without prejudice in the meantime to the operation of the
security.


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© 1970 Crown Copyright

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