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Friendly societies and credit unions

 

Friendly societies and credit unions are covered by the same legislation and are member-based organisations.

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Friendly societies

A friendly society is not a body corporate. It can best be described as a voluntary society funded by the subscriptions from members for their welfare and that of their families and near relations in sickness, childhood, old age and infirmity.

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Credit unions

A credit union is registered under the Friendly Societies and Credit Unions Act 1982. A credit union is a financial co-operative and its main object is to provide members with loans for everyday purposes at a minimum rate of interest.

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Annual reports of the Registrar

Each year the Registrar of Friendly Societies and Credit Unions records the principal matters transacted under or pursuant to the Friendly Societies and Credit Unions Act 1982.

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Last updated 23 March 2009

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