The law of friendly societies, and industrial and provident societies, with the acts, observations thereon, forms of rules etc., reports of leading cases at length, and a copious index

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Monograph

Identifikator:: 875232663

URN:: urn:nbn:de:zbw-retromon-2698

Document type:: Monograph

Title:: The law of friendly societies, and industrial and provident societies, with the acts, observations thereon, forms of rules etc., reports of leading cases at length, and a copious index

Place of publication:: with the acts, observations thereon, forms of rules etc., reports of leading cases at length, and a copious index$gTenth edition, revised and enlarged

Publisher:: Shaw and Sons

Year of publication:: 1881

Scope:: 1 Online-Ressource (XII, 303 Seiten)

Digitisation:: 2017

Collection:: Economics Books

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22 INTRODUCTION. 37. The provisions restraining transfer of mem bers apply not merely to registered societies but to unregistered societies; and all the provisions of which an abstract is given in the last article (except those as to delivering of rules, policy, and balance-sheet) apply not merely to Friendly So cieties, but to industrial Assurance Companies. 38. Societies having a custom of periodical divi sion of funds could not have rules for that purpose certified under 18 & 19 Yict. c. 63, but it is now provided that a society (other than a benevolent society or working men’s club) shall not he dis entitled to registry by reason of any such rule if the rules contain distinct provision for meeting all claims upon the society existing at the time of division before any such division takes place (a). 39. Societies having deposit funds (heretofore legalized by an authority of the Secretary of State), may provide by their rules for accumu lating at interest, for the use of any member, any surplus of his contributions to the funds •which may remain after providing for his assurance, and for the withdrawal of such accumulations. (a) The dividing societies liave the advantage of being able to obtain from their members a higher contribution, the prospect of having a portion returned at the end of the year serving as an inducement to the members to pay, and in many parts of England and in Ireland such societies are exceedingly popular. An Irish witness said to the Assistant Commissioner:—“ We should soon die out if we had no divide. A man who has once been a member of a society which divides every year will never be content in any other society.” The mischief, however, is that the society which divides its funds is almost certain to fail to help its members when they all get old together, and its help is most needed.

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