Investments

(1) The trustees for the time being of a friendly society shall (and they are hereby required from time to time by and with the consent of such society to) lay out and invest such part of moneys as shall be collected, given or paid to and for the purpose of such society, and may not be wanted for the immediate use thereof, or to meet its usual accruing liabilities, in the names of the trustees, in and upon, (a) any loans raised or guaranteed by the authority of the National Assembly; (b) on mortgage of freehold or leasehold property, such leasehold being for a term of years absolute, of which not less than five are unexpired; (c) in the purchase of any freehold or leasehold property in Belize, such leasehold property having at least twenty years to run; or (d) on loan to any member on the security of any policy of insurance effected on his own life, Provided that the amount of such loan shall not exceed the actual estimated value of the policy at the time such loan is made. (2) The trustees may from time to time, with the like consent, alter or transfer such securities and funds, and make sales thereof, and all dividends, interest and proceeds, which shall from time to time arise from the moneys so invested, shall be brought to account by trustees, and shall be applied to and for the use of the friendly society according to the rules. (3) The trustees may, with the consent of the friendly society, purchase, hire or lease any room or premises for the purpose of holding there its meetings and for the transaction of business, and hold the same in trust for the friendly society, and sell, exchange, let and demise the same in whole or in part.