Faculty notice about new Society (5)
I believe the answer is:
sense
'faculty' is the definition.
(sense is a kind of faculty)
'notice about new society' is the wordplay.
'notice' becomes 'see' (I've seen this before).
'about' means one lot of letters goes inside another.
'new' becomes 'n'.
'society' becomes 's' (common abbreviation in names of organisations).
'n'+'s'='ns'
'see' enclosing 'ns' is 'SENSE'.
(Other definitions for sense that I've seen before include "Understand" , "Reason; perceive" , "Could be common or horse" , "Eg, sight, smell" , "Meaning of a word or expression" .)