(1) A registered friendly society may be registered and incorporated under this Act if -
(a) the conditions mentioned in section 5(2) above are satisfied by reference to the society's proposed memorandum; and
(b) the society complies with the requirements in Schedule 3 to this Act which are applicable to its registration under this Act;
and such a society is so incorporated as from the date of its registration by the FCA.
(2) On the incorporation of a registered friendly society all property held immediately before incorporation by any person in trust for the society shall become by virtue of this subsection the property of the society after incorporation.
(3) After its incorporation the society shall continue to be entitled to all rights and subject to all liabilities to which it was entitled or subject immediately before incorporation.
(4) On the incorporation of a registered society with registered or unregistered branches -
(a) all property held immediately before incorporation by
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