(1)The rules of a society registered or 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 defence bonds, national savings certificates, Ulster savings certificates or such other securities of the Government of the United Kingdom or the Government of Northern Ireland as may for the time being be prescribed by the [F1Department] for the purpose; and any such 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.
(2)Any rule which, immediately before the passing of this Act, was included among the registered rules of a registered society by virtue of section 7(3) of the Societies (Miscellaneous Provisions) Act (Northern Ireland) 1940 [1940 c.25] shall have effect as if it had been duly passed by the society.
F1Word in Act substituted (23.4.2016) by Credit Unions and Co-operative and Community Benefit Societies Act (Northern Ireland) 2016 (c. 16), 17(1) Sch. 1 para. 46