Regulation 4

A friendly society may by resolution of its committee of management passed before 15th February 1971 adopt an approved scheme for the purpose of securing that under any friendly society contract made before that date to which the approved scheme applies no amount other than a new half-penny or multiple thereof will be payable in respect of any payment that falls due on or after that date.

Where a friendly society has so adopted an approved scheme the amount payable to or by the society in respect of a payment payable under any contract to which the scheme applies that falls due as aforesaid shall be the amount in the new currency provided for in the scheme.

Written notice of a resolution adopting an approved scheme shall within fourteen days of the passing thereof be sent by the friendly society to the Chief Registrar of Friendly Societies.