This Act may be cited as the Friendly Societies Amendment Act, 1949, and shall be read together with and deemed part of the Friendly Societies Act, 1909 (hereinafter referred to as the principal Act).

The principal Act (as amended by section thirty of the Statutes Amendment Act, 1941) is hereby further amended as follows:

Section thirty of the Statutes Amendment Act, 1941, is hereby consequentially repealed.

Section forty-one of the principal Act is hereby amended by omitting from subsection four, and also from the proviso to that subsection, the words “five per centum per annum”, and substituting in each case the words “the prescribed rate”.

The said section forty-one is hereby further amended by repealing subsection six (which is spent), and substituting the following new subsection:

Section forty-nine of the principal Act is hereby amended by repealing paragraph (d) of subsection one, and substituting the following paragraph:

Section fifty of the principal Act is hereby amended by adding to subsection one the words “and may provide, equip, furnish, and maintain on any such land holiday accommodation for its members and their families”.

Section fifty-five of the principal Act (as substituted by section five of the Friendly Societies Amendment Act, 1948) is hereby amended by omitting the words “their personal security, with or without sureties”, and substituting the words “such security”.

The said section fifty-five is hereby further amended by repealing paragraph (c), and substituting the following paragraph:

The said section fifty-five is hereby further amended by adding the following subsection as subsection two thereof: