Friendly society is a British organization that is designed to provide financial benefits for its members. Members contribute regularly to a fund. They can then draw on this fund when they are in need. For example, they may draw on it if they are sick, unemployed, or too old to work.
Some friendly societies are deposit societies. They take part of a member’s contribution and put it into an account in the person’s name. The member may draw money as if the account were a bank account.
In the 1800’s, the British government encouraged people to form friendly societies. It passed acts to regulate the societies’ conduct. Today, most of them are registered with the Registrar of Friendly Societies.
