Title 13 Laws of Bermuda Item 12

BERMUDA

1930 : 58

ARRANGEMENT OF SECTIONS

1 Interpretation

2 Investment of funds of friendly societies

3 Annual statement to be given to Accountant General

4 Offences

[25 July 1930] [preamble and words of enactment omitted]

Interpretation

1 In this Act "friendly society" means any friendly society already established or hereafter to be established in Bermuda having for its objects the relief, maintenance or endowment of its members and their dependants or any or either of such objects or other like objects.

Investment of funds of friendly societies

2 The funds of every friendly society shall, as far as they are not required for immediate use for the express purposes of the society, be deposited on interest in either of the local banks, or shall be put out in real securities or invested in the name of the society or its trustee in such stocks, funds or securities as may, by virtue of any provision of law for the time being specifying the powers and duties of trustees, executors and administrators, be authorized for the investment of money in the hands or under the control of a trustee, executor or administrator.

1989 Revision 1

Annual statement to be given to Accountant General

3 Every friendly society shall furnish to the Accountant-General in the month of April in each year a statement showing the manner in which the funds of the society are invested.

Offences

4 Any officer or trustee responsible for the funds of any friendly society who causes or allows any contravention of any provision of this Act commits an offence against this Act: Punishment on conviction on indictment: imprisonment for 2 years or a fine of $5,760 or both such imprisonment and fine.

[Amended by

1948 : 68

1952 : 11

1971 : 22]

2 1989 Revision