11 Rules as to fund for purchase of government securities. E+W+S
(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 or national saving certificates or such other securities of Her Majesty’s Government in the United Kingdom as may for the time being be prescribed under [F1section 47(1) of the M1Friendly Societies Act 1974] by the [F2Treasury]; 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 commencement of this Act, was included among the registered rules of a registered society by virtue of section 8(3) of the M2[F3Societies (Miscellaneous Provisions) Act 1940] shall have effect as if it had been duly passed by the society.
Textual Amendments
F1Words substituted by Friendly Societies Act 1974 (c. 46), Sch. 9 para. 18(a)
F2Words in s. 11(1) substituted (1.12.2001) by S.I. 2001/2617, arts. 2(b), 13(1), Sch. 3 Pt. III para. 217 (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2(1)
F3Words substituted by Friendly Societies Act 1974 (c. 46), Sch. 9 para. 18(b)
Modifications etc. (not altering text)
C1S. 11 excluded by Credit Unions Act 1979 (c. 34, SIF 55:3), s. 4(5)
Marginal Citations