Subject to the conditions set out in paragraph 3, the acceptance by or on behalf of a group, between the members of which there exists a common bond, of money from such members, the pooling of such money, and the utilisation thereof for one or more of the following objectives:
| a) |
The relief of maintenance during minority, old age, widowhood, sickness or other infirmity, whether bodily or mental, of members or their husbands, wives, widows, widowers, children or other relatives or dependants; |
| b) |
the granting of annuities, whether immediate or deferred, to members or to nominees of members, or the endowment of members or nominees of members; |
| c) |
the provision of a sum of money to be paid or other benefit to be provided- |
| i) |
on the birth of a member's child; |
| ii) |
on the death of a member or any other person mentioned in paragraph (a) or in the form of an endowment insurance on the life of a member or such a person; |
| iii) |
towards the expenses in connection with the death or funeral of any member or any such person; or |
| iv) |
during a period of confined mourning by a member or such a person; |
| d) |
the acquisition of movable goods by a member; |
| e) |
the acquisition of any land by a member; |
| f) |
the erection, on any land, of buildings for residential or business purposes or the acquisition of any such buildings by a member; |
| g) |
the insurance against fire or other contingencies of the implements of the trade or calling of any member; |
| h) |
towards expenses in connection with any recreational or social event of a member; |
| i) |
the provision of a sum of money to a member on a member's leaving the services of his employer owing to dismissal, resignation or otherwise; |
| j) |
the relief or maintenance of members, or any group of members, when unemployed or in distressed circumstances; |
| k) |
the provision of money for the advancement of the education or training of members or of the children of members; |
| l) |
the establishment of any business by a member; |
| m) |
the development of the community to which the members belong; |
| n) |
the provision of means whereby members may receive interest or a dividend on their respective contributions. |
Medicines and Related Substances Act, 1965
