Objects of Society

(1) Any number of persons may establish either a terminating society or a permanent society, for the purpose of raising by subscriptions of the members a stock or fund for making advances to members out of the funds of the society. (2) Advances out of the funds of the society may be made upon security of freehold or leasehold land or on uncharged shares in the society or on guarantee or on such personal property as the Minister may from time to time by Order prescribe.