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In fact, a paper printed by the Liverpool College Press in 1909
confirmed that an estimate of approximately 500,000 people had been members of a friendly society.
The catalyst that began the technique of IOOF's demutualisation was the demutualisation of the
Over 50s mutual friendly society in June 2001, by which 96.5
per cent of their 45,000 members voted in favour of the move.
Friendly societies lost over 30% of their total belongings in 4 years
between 1996 and 2000. As authorities assistance turned more prevalent and tax advantages once given to the societies'
insurance coverage bond dwindled, it grew to become more
economically useful to develop into a customer fairly than a member.
IOOF was based in 1846 as a friendly society which was formed to provide support to its members throughout instances
of sickness and unemployment, as many friendly societies had been formed before the widespread introduction of government welfare packages.
These pleasant societies have been significantly socially-oriented holding regular conferences which offered entertainment.
This means that around 46% of Australians were benefitting from the providers provided by the
societies out of a population of 4.8 million.