FRIENDLY SOCIETIES ACT (NORTHERN IRELAND) 1970

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FRIENDLY SOCIETIES ACT (NORTHERN IRELAND) 1970 - SECT 55



55.(1) A member, or person claiming through a member, of a registered friendly
society or branch, shall not be entitled to receive from any one or more such
societies or branches

(a)more than [#2,000] by way of gross sum under
tax exempt life or endowment business,

(b)more than [#416] a year by way of annuity under
tax exempt life or endowment business,

(c)[more than #25,000 by way of gross sum under life or endowment business
which is not tax exempt],

(d)more than [#2,500] a year by way of annuity under
life or endowment business which is not tax exempt,

(2) In applying the limits in this section there shall be disregarded any
bonus or addition declared upon assurance of a gross sum or annuity [any
approved annuities as defined in section 226(13) of the Income and Corporation
Taxes Act 1970] [and any policy of insurance or annuity contract, by means of
which at the date on which it was issued, or as the case may be, entered into,
the minimum benefits of a recognised occupational pension scheme under Part II
of the Social Security Act 1973 were secured ] [and any policy of insurance or
annuity contract, by means of which the benefits to be provided under an
occupational pension scheme as defined in Article 2(2) of the Social Security
Pensions (Northern Ireland) Order 1975 are secured.]

(3) For the purposes of this section the limits in paragraphs (c) and (d) of
subsection (1) shall apply separately in relation to the amounts which may be
received

(a)by way of group insurance business; and

(b)by way of other business.

(4) The registrar may by order made with the consent of the Ministry and
subject to negative resolution from time to time increase or further increase
all or any of the limits in paragraphs (c) and (d) of subsection (1).

(5) Subject to subsection (6), the rules of any registered friendly society or
branch may within six months from the time when any increase is effected under
subsection (4) be amended by resolution of the committee of management so as
to permit the society or branch to assure additional amounts within the limits
prescribed by virtue of that increase.

(6) If, after any increase is effected under subsection (4), any amendment of
the rules of a friendly society or branch is made otherwise than under
subsection (5), the power of the committee of management thereof under
subsection (5) shall determine on the date on which the amendment is
registered.

(7) A friendly society or branch may require a member, or person claiming
through a member, to make and sign a statutory declaration that the total
amount to which that member or person is entitled from one or more registered
societies or branches (taking together all friendly societies or branches
registered either in Northern Ireland or in Great Britain) does not exceed the
limits applicable by virtue of this section and any person knowingly making a
false or fraudulent statement in any such statutory declaration shall be
guilty of an offence and liable to the penalties provided by [Article 10 of
the Perjury (Northern Ireland) Order 1979].

(8) In this section, "mortgage protection policy" means a policy of assurance
of a gross sum, the whole or the major part of which is applicable solely for
the purpose of meeting payments due under a mortgage or charge of land.

(9) In this section, the expression

[(a)"life or endowment business" has the meaning assigned to it by subsection
(2) of section 337 of the Income and Corporation Taxes Act 1970;]

(b)"tax exempt life or endowment business" has the meaning assigned to it by
subsection (3) of section 337 of the Income and Corporation Taxes Act 1970;

(10) In this section, "group insurance business" has the same meaning as in
paragraph 11(5) of Schedule 2.

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Northern Irish Legislation

FRIENDLY SOCIETIES ACT (NORTHERN IRELAND) 1970 - SECT 55