This Act may be cited as the Friendly Societies Amendment Act, 1911, and shall form part of and be read together with the Friendly Societies Act, 1909 (hereinafter referred to as the principal Act).

A society or branch shall not be registered after the first day of January, nineteen hundred and twelve, until the rates of contributions for sickness, death, superannuation, and annuity benefits, as set out in the rules submitted with the application for registration, are certified by the Actuary of Friendly Societies, or by some other actuary who is approved by the Governor and who has exercised the profession of an actuary for at least five years.

The Registrar may, in the exercise of his discretion, exempt wholly or in part from the requirements of this section any society or branch transacting business in respect of which he deems those requirements to be inapplicable.

Every exemption so granted and the extent thereof shall be stated by the Registrar in the acknowledgment of registration of the society or branch.

Section forty-nine of the principal Act is hereby amended by omitting from subsection three all words after the word “exceed,” and substituting the words “two-thirds of the value of the security.”