Section 31

All subscriptions paid by members or subscribers during the period in which, under the rules of any registered society, such members or subscribers are qualifying for the benefits provided by the rules of the society less a sum not exceeding the prescribed percentage allowed for administration and any other expense shall be paid into the Bank Simpanan Nasional or placed on deposit with a bank of the Malaysia Exchange Banks

Association in the name of the society or with the approval of the Registrar in the acquisition of immovable property and such funds shall constitute the reserve funds of the society.

Subscriptions received from members of or subscribers to a registered society who have qualified for benefits under the rules of the society less a sum not exceeding the prescribed percentage allowed for administration and any other expense shall be paid into a separate account in the name of the society with the Bank

Simpanan Nasional or a bank of the Malaysia Exchange Banks

Association and the society may draw upon these funds for the purpose of paying the benefits provided in the rules of the society.

Fifty per centum of the funds of a registered society not immediately required for the payment of benefits may be invested in trustee securities, or with the approval of the Registrar on such conditions as he may impose in the purchase of land.

No payment of any sum payable as a result of the death of a person shall be made by the society except upon the production of the original death certificate or a certified copy of the certificate issued by a Registrar of Deaths or, in the case of a person dying outside Malaysia, a death certificate issued by the appropriate authority in the place where the person died:

Provided that where no nominee has been appointed payment may be made to the personal representative of a deceased member or subscriber upon the production of letters of administration or probate of the will of the deceased member or subscriber.

44

Act 832

For the purpose of this section, “Malaysia Exchange Banks

Association” means a society registered with that name under this

Act.

Rights, etc., of registered society not affected by change of name