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There shall be added to the objects mentioned in subsection (1) of section eight of the Act of 1896 (which specifies the objects of societies which may be registered as friendly societies) the insuring of money to be paid to the member—
(a)on the death of the husband or wife of the member ; or
(b)on the duration for a specified period of the life of the husband or wife of the member, either with or without provision for the payment of money in the event of his or her death before the expiration of that period.
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