(1) No society may be registered under the 1974 Act after the commencement of this section.
(2) Subject to section 7 of the 1974 Act, a society registered under the 1974 Act immediately before the commencement of this section (an "existing society") shall continue as a registered society in accordance with the provisions of that Act.
(3) Nothing in subsection (1) above shall be taken as preventing the registration after the commencement of this section of a branch of an existing society as a registered branch.
(4) Nothing in this Act shall be taken as preventing -
(a) the performance by an existing friendly society of any contract which is in force immediately before the commencement of this section; or
(b) the carrying on by such a society of any social or benevolent activity which is not inconsistent with the other activities of the society.
(5) Before the end of the transitional period each existing friendly society shall -
(a) by special resolution agree upon the alterations to be
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