FRIENDLY SOCIETIES ACT (NORTHERN IRELAND) 1970

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FRIENDLY SOCIETIES ACT (NORTHERN IRELAND) 1970 - SECT 39



39.(1) Subject to subsection (4), the trustees of a
registered society or branch may, with the consent of the commmittee 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 to any amount in
any of the following ways, that is to say,

(a)in any investment in which trustees are for the time being by law
authorised to invest trust funds; or

(b)in the National Savings Bank or in any savings bank certified under the
Trustee Savings Banks Act 1863, the Trustee Savings Banks Act 1954 or the
Trustee Savings Banks Act 1969; or

(c)in the public funds of the United Kingdom or Northern Ireland; or

(d)in the purchase of land, or in the erection or alteration of offices or
other buildings thereon; or

(e)upon any other security expressly directed by the rules of the society or
branch, other than personal security except as is in this Act authorised with
respect to loans.

(2) A friendly society or branch may, in accordance with its rules, set up and
administer a fund for the purchase, on behalf of members contributing thereto,
of defence bonds, national savings certificates, Ulster savings certificates
or such other securities of the Government of the United Kingdom or the
Government of Northern Ireland as the Ministry may prescribe.

(3) Any such society or branch may, in amending its rules for the purpose of
subsection (2), make provision for enabling persons to become members of the
society or branch for the purpose only of contributing to the said fund and
without being entitled to any rights as members other than as contributors to
the said fund.

(4) The rules of a society with branches and of any branch thereof may provide
for the investment of funds of the society or of that branch by the trustees
of any branch, or by the trustees of the society, and the consent required for
any such investment shall be the consent of the committee, or of such a
majority of the members as is mentioned in subsection (1), of the society or
branch by whom the funds are invested.

(5) Nothing in this section shall be construed as imposing any obligation on
the Director of Savings or on the trustees of a trustee savings bank with
respect to the receipt by him or them of any funds of a
registered society or branch.

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Northern Irish Legislation

FRIENDLY SOCIETIES ACT (NORTHERN IRELAND) 1970 - SECT 39