(1) The Commission may, subject to this Part of this Act, authorise friendly societies to carry on in the United Kingdom any class, or any part of a class, of insurance business and any description of non-insurance business.
(2) Where, on an application duly made under this section or section 33 below, the Commission determines to grant authorisation to a friendly society, it shall do so in writing in terms specifying -
(a) each class of insurance business,
(b) in relation to any class of such business the whole of which is not covered, each part of the class, and
(c) each description of non-insurance business,
the carrying on of which is covered by the authorisation.
(3) Authorisation may be restricted to industrial assurance business; and a friendly society is not authorised to carry on industrial assurance business unless the terms of its authorisation expressly specify such business.
(4) Authorisation entitles a friendly society to carry on business anywhere in the United King