38BFriendly societies mortgaging and charging assets of approved benefit funds

#### 38B Friendly societies mortgaging and charging assets of approved benefit funds For the purposes of paragraph 38(3)(aa), a friendly society may (subject to subsection 38(8)) mortgage or charge an asset of an approved benefit fund for the purposes of advantaging the approved benefit fund if the approved benefit fund rules of the friendly society provide that the friendly society may mortgage or charge the asset. > Note: Subsection 38(8) provides that section 38 does not authorise a friendly society to mortgage or charge assets of an approved benefit fund otherwise than as provided by the approved benefit fund rules. For subsection 38(8), see section 16I.