Friendly Societies and Industrial and Provident Societies (Miscellaneous Provisions) Act 2014
Cessation of formation of new separate loan funds | ||
6. The Act of 1896 is amended by the insertion of the following section after section 46: | ||
“Cessation of formation of new separate loan funds | ||
46A. (1) Notwithstanding section 46, and subject to subsection (2), a registered society shall not, after the date (in this section referred to as ‘the operative date’) of the coming into operation of section 6 of the Friendly Societies and Industrial and Provident Societies (Miscellaneous Provisions) Act 2014, form a separate loan fund under the said section 46. | ||
(2) The amendment effected by subsection (1) shall not apply where— | ||
(a) a registered friendly society has formed a separate loan fund under the said section 46, and | ||
(b) an application to register the necessary rule change has been received by the registrar, | ||
before the operative date.”. |