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Friendly Societies Act 1974

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This is the original version (as it was originally enacted).

46Investment of funds

(1)Subject to subsection (2) below, the trustees of a registered society or branch may, with the consent of the committee 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 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

(b)in the public funds ; or

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

(d)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; or

(e)in any investment in which trustees are for the time being by law authorised to invest trust funds.

(2)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) above, of the society or branch by whom the funds are invested.

(3)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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