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Published online by Cambridge University Press: 27 November 2014
The most convenient way of explaining the special features of Collecting Friendly Societies is, I think, by contrasting them with (I.) Other Friendly Societies, and (II.) Industrial Assurance Companies.
Under Section 8 of the Friendly Societies Act, 1896, a comprehensive list of the objects of Friendly Societies is given, but the Collecting Friendly Societies have practically limited their objects to Death Benefits and Endowments. This limitation is important, as it accounts to a large extent for the characteristic features of Collecting Societies.
In the Friendly Societies Act there is a provision that all expenses of administration are to be met entirely out of a separate Management Fund, but there is no restriction as to the amount of that fund nor how it is to be built up. All Friendly Societies are allowed to make their own arrangements in their rules.