Societies' Borrowing Powers Act, 1898

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Interpretation.

59 & 60 Vict. c. 25.

2. The expression “society” in this Act means a specially authorised society registered, or seeking registration, under the Friendly Societies Act, 1896, having for its object the creation of funds to be lent out to the members of the society or for their benefit, and having in its rules provisions—

(a) that no part of its funds shall be divided by way of profit, bonus, dividend, or otherwise among its members;

(b) that all money lent to members shall be applied to such purpose as the society or its committee of management may approve.