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FRIENDLY SOCIETIES ACT (NORTHERN IRELAND) 1970 - SECT 16

Special provisions which may be included in rules.

16.(1) The rules of a registered society or branch may provide for the
reinsurance, to such extent as may from time to time be approved by a
qualified actuary, of risks of any class against which persons are, or are to
be, insured by that society or branch.

(2) The rules of a registered society which is a specially authorised society
complying with the provisions of subsection (3) may provide that it may
receive deposits and borrow money at interest from its members or from other
persons.

(3) A specially authorised society complies with the provisions of this
subsection if it has for its object the creation of funds to be lent out to
the members of the society or for their benefit, and has in its rules
provisions

(a)that no part of its funds shall be divided by way of profit, bonus,
dividend or otherwise among its members; and

(b)that all money lent to members shall be applied to such purpose as the
society or its committee may approve.

Trustees of registered societies and branches.

© 1970 Crown Copyright

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