Where a registered society or registered branch has more than one benefit fund, it may, if the rules of the society so provide and with the consent of the Actuary and the Registrar, transfer from any benefit fund which has been reported to possess a surplus at the last actuarial valuation so much thereof as can be safely used to any benefit fund or benefit funds of such society or branch reported at the last actuarial valuation to be deficient; and if in the opinion of the Registrar the circumstances in any case are exceptional, it may with the like consents appropriate so much of the surplus of any benefit as can be safely used for any of the purposes mentioned in section 41(1) of this Act, notwithstanding that the society or branch may not possess a surplus when all its funds are taken into account.

A registered branch of any friendly society may in accordance with subsection (1) of this section, with the necessary modifications, transfer so much of any surplus of a branch fund as can be safely used to any deficient fund of the society of which it is a branch.”