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(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,—
F1(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(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.
[F2(2A)Subsections (2) to (12) of section 14 of the 1992 Act shall apply in respect of the powers of investment of the trustees of a registered friendly society as they apply to the powers of investment of an incorporated friendly society; and the consent required for any such investment as is available to the trustees of a registered friendly society by virtue of this subsection shall be the same as that required under subsection (1) above.]
F3(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1S. 46(1)(a)(b) repealed (1.1.1994) by Friendly Societies Act 1992 (c. 40), ss. 95, 120(2), Sch. 16 para. 15(1)(2), Sch. 22 Pt.I (with ss. 7(5) and 93(4)); S.I. 1993/2213, art. 2, Sch. 6 appendix.
F2S. 46(2A) inserted (1.1.1994) by Friendly Societies Act 1992 (c. 40), s. 95, Sch. 16 para. 15(3) (with ss. 7(5) and 93(4)); S.I. 1993/2213, art. 2, Sch. 6.
F3S. 46(3) repealed (1.1.1994) by Friendly Societies Act 1992 (c. 40), s. 120(2), Sch. 22 Pt.I (with ss. 7(5) and 93(4)); S.I. 1993/2213, art. 2, Sch. 6appendix.
Modifications etc. (not altering text)
C1S. 46: by S.I. 1987/2132, reg. 29 it is provided that s. 46 shall, as from the date on which a society as defined in reg. 2(1) of that instrument is authorised under reg. 5 or 6 of that instrument, have effect in relation to that society as though the words in s. 46(1) from “or any part thereof” to the end of that subsection were deleted