Income Tax Act, 1967.

Friendly societies.

335.—An unregistered friendly society whose income does not exceed £160 shall be entitled to exemption from tax, and a registered friendly society which is precluded, by statute or by its rules, from assuring to any person a sum exceeding £300 by way of gross sum, or £52 a year by way of annuity, shall be entitled to exemption from tax under Schedules A, C, and D.