On being asked to prepare something on Friendly Societies for the Students' Society it seemed reasonable to attempt two things—one, to put them more into perspective in modern conditions, the other, to see what they might be able to teach the actuary professionally. The following notes are the result: it is hoped that, besides forming a useful basis for the discussion, they will themselves have something worth while to contribute to the subject.

Perhaps the most important characteristic of a Friendly Society is its registration under the Friendly Societies Acts (the relatively rare occurrence of an unregistered society is ignored); the restrictions of these acts have therefore to be accepted for the sake of their advantages. The constitution is a book of rules and the government is in the hands of the trustees—in whose names the assets are registered—and a committee appointed by the members at a general meeting. The rules cover all such matters as objects, eligibility, benefits, contributions, duties of officers, changes of rules, of name, nominations, dissolutions, investments and so on as required by good sense and the Acts.