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dealings in the aggregate must be of very large amount. Though the Act of 1874 removes all reason, if
any ever existed, for such societies remaining outside the protection of the law, it may very well happen that some of them will not be disposed to accept its provisions. Hence it has been thought worth while to add to this work a short chapter on the legal position of such unregistered clubs, which it is hoped may enlighten their members as to the risks they run, and the advantages of registration.
XVII. Model Rules, suitable for aBuilding Society under the Act of 1874, and others suitable for an Industrial and Provident Society under the Act of 1871, have been added; and a Digest is given of the law as it at present stands, including all those cases which are applicable to it in its altered state. A copious index has also been prepared, and the volume will, it is hoped, serve as a Handy Book for the legal advisers and members of building and land societies. For much very valuable assistance, we have to thank Mr. Philip A. Scratchley, M. A., Barrister-at-Law.
TEMPLE, 2nd November, 1874.
THE LAW OF BUILDING SOCIETIES.
BUILDING SOCIETIES UNDER 37 & 38 VICT. CAP. XLII
ARRANGEMENT OF CLAUSES.
PAGE 1. Short title
21 2. Commencement of Act
ib. 3. Definition of registrar
ib. 4. Definition of court
ib. 5. Definition of terminating and permanent societies. 22 6. Application to Scotland
ib. 7. Repeal of 6 & 7 Will. 4, c. 32 .
ib. 8. Societies under former Act to continue
23 9. Incorporation of societies 10. Enrolments to be sent to registrar
ib. 11. Where enrolled transcript of rules not transmitted 24 12. Certificate of incorporation how to be granted
ib. 13. Purpose for which societies may be established
ib. 14. Limitation of liability of members
25 15. Power to borrow money 16. Matters to be set forth in the rules
26 17. Rules to be made. Registration of rules
27 18. Alteration of rules.
28 19. Rules may be made to provide forms of conveyance, &c. 29 20. Evidence of registration
ib. 21. Rules to be binding on members and others.
30 22. Change of name
ib. 23. Officers to give security
ib. 24. Officers to account
31 25. Investment of surplus fund
31 27. Property of the society vested without conveyance 32 28. As to copyholds 29. Payment of sums not exceeding 501. when members
or depositors die intestate. Payment to persons
33 30. Provision for the case of a member dying intestate leaving an infant heir
34 31. Punishment of fraud in withholding money, &c.
ib. 32. Proceedings necessary for the termination or dissolution of a society
35 33. Societies may unite with others, or one society may transfer its engagements to another
36 34. Determination of disputes by arbitration. Court may
order compliance with the decision of arbitrators.
37 35. Determination of disputes by court
38 36. Determination to be final
ib. 37. Buildings for the purpose may be purchased or leased 39 38. Minors may be elected members
ib. 39. Shares may be held by two or more persons
ib. 40. Societies shall make annual audits and statements of the funds to the members
40 41. Exemption from stamp duty
ib. 42. Receipt endorsed on mortgage to be sufficient discharge without reconveyance
41 43. Penalties
42 44. Regulations
37 & 38 VICT. CAP. 42.
An Act to consolidate and amend the Laws relating to Building Societies.
[30th July 1874.)
WHEREAS it is expedient to consolidate and amend the law relating to building societies : Be it enacted by the Queen's most excellent Majesty, by and with the advice and consent of the Lords spiritual and temporal, and Commons, in this present parliament assembled, and by the authority of the same, as follows :
1. Short title.—This Act may be cited as Building Societies Act, 1874.”
2. Commencement of Act.-This Act shall commence and take effect on the second day of November one thousand eight hundred and seventy-four.
3. Definition of registrar.-The registrar in this Act means (except where otherwise expressed) the registrar for the time being of friendly societies in England, Scotland, or Ireland, as the case may be, who shall, for the purposes of this Act, be the registrar of building societies (a).
4. Definition of court.—The court in this Act means,
In England, the county court of the district in
(a) Hitherto, the rules and alterations of rules of Benefit Building Societies have been submitted under 6 & 7 Will. 4, c. 32; 10 Geo. 4, c. 56; 4 & 5 Will. 4, c. 40, to the barrister appointed to certify the rules of savings banks, who has, however, always been the same person as the registrar of friendly societies. The office of registrar of friendly societies was constituted by 9 & 10 Vict. c. 27 (1846) and is now regulated by 18 & 19 Vict. c. 63, ss. 6-8.
which the chief office or place of meeting for the
business of the society is situate ; In Scotland, the sheriff's court of the county in
which such office or place of meeting is situate ;
and In Ireland, the civil bill court within the jurisdic
tion of which such office or place of meeting is situate.
5. Definition of terminating and permanent societies.A terminating society in this Act means a society which by its rules is to terminate at a fixed date, or when a result specified in its rules is attained ; a permanent society means a society which has not by its rules any such fixed date or specified result at which it shall terminate (a).
6. Application to Scotland.—In the application of this Act to Scotland the following words and expressions shall have the meanings hereby assigned to them; viz., “ freehold estate” shall mean “heritable estate;"'
mortgage" shall mean conveyance or bond and disposition in security;" “letters of administration " shall mean “confirmation” (b).
7. Repeal of 6 & 7 Will. 4, c. 32.-The Act of the sixth and seventh years of His late Majesty King William the Fourth, chapter thirty-two, intituled “ An Act for the Regulation of Benefit Building Societies,” is hereby repealed, but this repeal shall not affect any subsisting society certified under the said Act, until such society shall have obtained a certificate of incorporation under this Act; and this repeal shall not affect the past operation of the said Act, or the force or operation, validity or invalidity, of anything done or
(a) This provision is new; when the Act of 1836 first came into operation, all societies were terminating.
(6) “Freehold estate," see s. 13;“mortgage," see ss. 13, 14, 15, 16, 19, &c.; "letters of administration," see s. 29.