The Friendly Societies Act

The Friendly Societies Act is a legal framework that regulates mutual organizations known as friendly societies. These societies are member-owned groups that provide financial assistance, insurance, or support services to members, often for health, savings, or welfare purposes. The Act sets standards for their registration, governance, financial reporting, and conduct to ensure transparency and protect members’ interests. It helps ensure these organizations operate fairly, maintain proper records, and fulfill their promises, fostering trust and stability in community-based mutual aid systems.