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FRIENDLY SOCIETIES ACT (NORTHERN IRELAND) 1970 - SECT 46

Vesting of property in trustees.

46.(1) All property belonging to a registered society whether acquired before
or after the society is registered, shall vest in the trustees for the time
being of the society, for the use and benefit of the society and the members
thereof and all persons claiming through the members according to the rules of
the society.

(2) The property of a registered branch of a society shall vest wholly or
partly in the trustees for the time being of that branch, or of any other
branch of which that branch forms part (or, if the rules of the society so
provide, in the trustees for the time being of the society), for the use and
benefit either of the members of any such branch and persons claiming through
those members or of the members of the society generally and persons claiming
through them according to the rules of the society.

(3) Notwithstanding anything in subsections (1) and (2), the trustees of a
registered society or branch shall not be liable to make good any deficiencies
in the funds of the society or branch, but each trustee shall be liable only
for sums of money actually received by him on account of the society or
branch.

© 1970 Crown Copyright

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