23 Special provisions which may be included in rules.U.K.
(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) below may provide that it may receive deposits and borrow money at interest from its members or from other persons, and upon the registration of such a rule the same shall be valid.
(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.