friendly society legislation

Friendly society legislation refers to laws that regulate mutual organizations formed by individuals to provide benefits like insurance, savings, or social support. These societies are often member-driven, aiming to promote mutual help rather than profit. The legislation sets out rules for their formation, governance, financial management, and member rights, ensuring transparency, safety, and accountability. It also provides legal recognition and oversight to prevent fraud or misuse of funds, fostering trust among members while enabling them to collaborate for their common purposes within a regulated framework.