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Friendly Societies Act 1974

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This is the original version (as it was originally enacted).

49Loans out of separate loan fund

A registered society may, out of any separate loan fund to be formed by contributions or deposits from its members, make loans to members on their personal security, with or without sureties or, in Scotland, cautioners, as may be provided by the rules, subject to the following restrictions, that is to say,—

(a)a loan shall not at any time be made out of money contributed for the other purposes of the society;

(b)a member shall not be capable of holding any interest in the loan fund exceeding £200 ;

(c)the society shall not make any loan to a member on personal security beyond the amount fixed by the rules, or make any loan which, together with any money owing by a member to the society, exceeds £50; and

(d)the society shall not hold at any one time on deposit from its members any money beyond the amount fixed by the rules, and the amount so fixed shall not exceed two-thirds of the total sums owing to the society by the members who have borrowed from the loan fund.

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