(1) Subject to subsection (7) below, unless the requirements of subsection (2) below are fulfilled no friendly society to which section 37(2) above applies shall enter into a contract the effecting of which constitutes-
(a) the carrying on of long term business in the United Kingdom; or
(b) the provision there of long term insurance.
(2) The requirements of this subsection are that-
(a) the society sends by post to the other party to the contract, at or before the time when it is entered into, a statutory notice in relation to that contract; or
(b) a respresentative of the society gives such notice to that party at that time.
(3) Where a statutory notice is sent to the other party to the proposed contract before the time when it is entered into, the society shall, not later than 14 days after the contract has become binding, inform the party in writing that it has done so.
(4) For the purposes of this section a statutory notice is a notice which-
(a) contains such matters (and no