FRIENDLY SOCIETIES ACT (NORTHERN IRELAND) 1970

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FRIENDLY SOCIETIES ACT (NORTHERN IRELAND) 1970 - SECT 34



34.(1) Subject to the following provisions of this section, every registered
society and branch, once at least in every five years, shall

(a)cause its assets and liabilities to be valued by a qualified actuary
appointed by the society or branch; and

(b)send to the registrar a report on the condition of the society or branch.

(2) The Ministry may prescribe the maximum rates of remuneration to be paid by
societies or branches for the services of a qualified actuary for the purposes
of any such valuation as is referred to in subsection (1).

(3) When a valuation is made under subsection (1), the report sent to
the registrar under paragraph (b) of that subsection

(a)shall be signed by the actuary who made the valuation and shall state his
address; and

(b)shall contain an abstract to be made by the actuary of the results of his
valuation, together with a statement containing such information with respect
to the benefits assured and the contributions receivable by the society or
branch, and of its funds and effects, debts and credits, as the registrar may
require.

(4) Subsection (1) shall not apply

(a)to a benevolent society, working men's club, old people's home society,
cattle insurance society or to a branch thereof; or

(b)to a specially authorised society unless it is so directed in the authority
for registering that society.

(5) The registrar may dispense with the provisions of subsection (1) in
respect of societies or branches to whose purposes, or to the nature of whose
operations, he may deem those provisions inapplicable.

(6) The registrar may dispense with the provisions of subsection (1) in
respect of any particular business conducted by a registered society or branch
if, in his opinion, those provisions are inapplicable to that business because
of the nature of the business or the manner in which it is conducted, and in
relation to any such society or branch on which a partial exemption is
conferred under this subsection, subsection (1) shall have effect (subject to
any regulations made or direction given under section 35) as if

(a)it required that society or branch once at least in every five years to
cause its assets and liabilities in respect of any business other than the
business to which the partial exemption relates to be valued under this
section; and

(b)the report required to be sent to the registrar under subsection (1) were a
report on the assets and liabilities so valued.

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Northern Irish Legislation

FRIENDLY SOCIETIES ACT (NORTHERN IRELAND) 1970 - SECT 34