Part 2Name, rules, powers etc

Rules: supplementary provisions

21Rules as to fund for purchase of government securities

1

The rules of a registered society (or a society to be registered under this Act) may make provision for the setting up and administration by the society of a fund for the purchase on behalf of members contributing to the fund of—

a

defence bonds,

b

national saving certificates, or

c

any other securities of Her Majesty’s Government in the United Kingdom for the time being prescribed under section 47(1) of the Friendly Societies Act 1974.

2

The rules may make provision for enabling persons to become members of the society for the purpose only of contributing to that fund and without being entitled to any rights as members other than rights as contributors to that fund.