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Application provision

1.1 Unless otherwise stated, this Part applies to a non-directive friendly society.

15.1

01/01/2016

The value of any long-term insurance business asset of a firm consisting of an interest in property which is a remainder, reversionary interest, right of fee subject to a life rent or other future interest, whether vested or contingent, must be the amount which would reasonably be paid by way of consideration for an immediate transfer or assignment of it.