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FRIENDLY SOCIETIES ACT (NORTHERN IRELAND) 1970 - SECT 43

Power of friendly society to invest in housing association.

43.(1) Without prejudice to section 39, if the rules of a registered friendly
society or branch thereof expressly so direct, the trustees thereof may, with
the consent of the committee or of a majority of the members present and
entitled to vote in general meeting, invest the funds of the society or branch
or any part thereof, in subscribing up to any amount permitted by this section
for any of the share or loan capital of a housing association, other than
shares or debentures not fully paid up at the time of issue.

(2) The power to make investments conferred by this section is subject to the
same restrictions as are imposed by section 42(2) on the power to make
advances conferred by that section.

(3) For the purposes of subsection (2) of section 42 any amounts for the time
being invested by virtue of this section shall be taken into account in the
same way as amounts outstanding in respect of advances made by virtue of that
section, but so that, except in the case of investments made after the date to
which the valuation or return relates, the amounts invested shall be taken to
be amounts equal to the value of the investments according to the valuation or
return referred to in subsection (2) of that section.

(4) For the purposes of this section "housing association" means a
housing association within the meaning of [Part VII of the Housing (Northern
Ireland) Order 1981] or a housing association (other than a development
corporation) within the meaning of the Housing Act 1957 or the Housing
(Scotland) Act 1966.


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© 1970 Crown Copyright

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