(1) an unincorporated association set up under the provisions of the Friendly Societies Act 1974, or similar earlier legislation, and carrying on certain types of insurance business allowed by that Act; (2) an incorporated society set up under the provisions of the Friendly Societies Act 1992 and allowed to carry on a wider range of insurance and other financial activities than is permitted under the 1974 and earlier legislation.
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A mutual society established for the relief or maintenance of its members or their relatives during sickness or othr infirmity or in old age or widowhood or for life assurance and certain other purposes.