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FRIENDLY SOCIETIES ACT (NORTHERN IRELAND) 1970 - SECT 41

Loans out of separate loan fund.

41. A registered society may, out of any separate loan fund to be formed by
contributions or deposits from its members, make loans to members on their
personal security, with or without sureties as may be provided by the rules,
subject to the following restrictions, that is to say,

(a)a loan shall not at any time be made out of money contributed for the other
purposes of the society;

(b)a member shall not be capable of holding any interest in the loan fund
exceeding #200;

(c)the society shall not make any loan to a member on personal security beyond
the amount fixed by the rules, or make any loan which, together with any money
owing by a member to the society, exceeds #50; and

(d)the society shall not hold at any one time on deposit from its members any
money beyond the amount fixed by the rules, and the amount so fixed shall not
exceed two-thirds of the total sums owing to the society by the members who
have borrowed from the loan fund.


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© 1970 Crown Copyright

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