A benevolent association, also known as a friendly society, is a government-regulated group where individuals contribute money to provide financial support to members in times of sickness or death.
In Britain, a friendly society is a voluntary association that relies on subscriptions or contributions. Its main purpose is to offer financial aid to members and their families in case of illness or death. These societies are regulated by law. The Oddfellows, founded in 1810, is one such friendly society that provided financial support to its members during times of need. Another example is the Foresters Friendly Society, established in 1834, which offered various benefits like sick pay and funeral expenses. These instances demonstrate how friendly societies were established to provide financial assistance to members and their families during challenging periods. They served as a means for individuals to unite and assist one another, rather than solely depending on government aid.
A Friendly Society is a mutual organisation that provides financial and social benefits to its members.
The benefits of joining a Friendly Society include access to financial services, such as savings and insurance products, as well as social benefits, such as community events and support networks.
To become a member of a Friendly Society, you typically need to apply and pay a membership fee. Some societies may also require you to meet certain eligibility criteria.
Friendly Societies offer a range of financial products, including savings accounts, insurance policies, and investment options.
Yes, Friendly Societies are regulated by the government to ensure they comply with legal and financial requirements.
Yes, you can withdraw your membership from a Friendly Society at any time. However, you may not be entitled to a refund of any membership fees or contributions you have made.
Yes, you can transfer your membership to another Friendly Society if they accept transfers. However, you may need to meet certain eligibility criteria and pay a transfer fee.
If a Friendly Society goes bankrupt, its members may lose their savings and other financial benefits. However, there are government schemes in place to protect members in these situations.
Yes, you can sue a Friendly Society if you believe they have breached their legal obligations or provided inadequate services. However, you may need to seek legal advice and follow a formal complaints process first.
You can research and compare different Friendly Societies online or through recommendations from friends and family. It is also important to check their regulatory status and financial stability before joining.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 17th April 2024.
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