(1) An incorporated friendly society may invest its funds -
(a) in the purchase of land, or in the erection of offices or other buildings thereon;
(b) upon any other security expressly directed by the rules of the society, other than personal security (but without prejudice to any provision of this Act relating to loans); or
(c) in any other investment of a kind which trustees are for the time being by law authorised to make.
(2) An incorporated friendly society which falls within subsection (3) below may also invest the funds of the society in any other manner authorised by its constitution.
(3) An incorporated friendly society falls within this subsection if -
(a) it is a society to which rules in respect of margins of solvency, made by the appropriate authority under Part 9A of the Financial Services and Markets Act 2000, apply; and
(b) it maintains the margin of solvency which it is required to maintain by virtue of such rules.
(4) [deleted]
(5) Once a society falls within subsecti
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