(1) Regulations may be made by the Commission, with the consent of the Treasury, as respects the matters specified in subsection (2) below, in relation to contracts made by friendly societies the effecting of which constitutes the carrying on of insurance business falling within class III in head A in Schedule 2 to this Act.
(2) Regulations under this section may make provision for -
(a) restricting the descriptions of property or the indices of the value of property by reference to which benefits under the contracts may be determined;
(b) restricting the proportion of those benefits which may be determined by reference to property of a specified description or a specified index;
(c) regulating the manner in which and the frequency with which property of any description is to be valued for the purpose of determining those benefits and the times at which reference is to be made for that purpose to any index of the value of property;
(d) requiring friendly societies that enter into