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Friendly society
FRIENDLY SOCIETY

Definition: (in Britain) An organization that people pay a regular amount of money to, and which gives them money when they are ill/sick or old.
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* All eight elements should be in.


1. Purposeful and necessary (connect to #2).

2. Registered. That is, has a legal authorization to operate or function as a 'bank' or 'savings account', be it a charity or an NGO. And fufils and performs all legal or corporate obligations or social responsibility.

3. Well-administered or managed. That is, its structure is considered proper to enable it achieve goal(s) (connect to #4).

4. Funds of money that it will collect or be deposited with it, will be appropriately invested.

5. Members will meet from time to time. That is, contributors to the general pool of funds will know or be acquainted with each other.

6. What will be given or paid on becoming ill/sick or becoming aged will be worthwhile or considerable, to have meaning to recipients.

7. Disbursements will be timely or promptly, fully and correctly made to beneficiaries. That is, organization will serve purpose(s), as exactly hoped for by the members.

8. Adequate and appropriate arrangements will be in place to pay out savings to a next-of-kin (where applicable). (To emphasize.)
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See perfect MONEYLENDER.

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