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such award within a time to be limited therein, the court, upon good and sufficient proof being adduced of such award having been made, and of the refusal of the party to comply therewith, shall enforce compliance with the same upon the petition of any person concerned. Where the parties to any dispute arising in a society under this Act agree to refer the dispute to the registrar, or where the rules of the society direct disputes to be referred to the registrar, the award of the registrar shall have the same effect as that of arbitrators (a).

35. Determination of disputes by court.-The court may hear and determine a dispute in the following

cases:

1. If it shall appear to the court, upon the petition of any person concerned, that application has been made by either party to the dispute to the other party, for the purpose of having the dispute settled by arbitration under the rules of the society, and that such application has not within forty days been complied with, or that the arbitrators have refused or for a period of twenty-one days have neglected to make any award.

2. Where the rules of the society direct disputes to be referred to the court or to justices (b).

36. Determination to be final.-Every determination by arbitrators or by the court or by the registrar under this Act of a dispute shall be binding and conclusive on all parties, and shall be final to all intents and purposes, and shall not be subject to appeal, and shall not be removed or removable into any court of law, or

(a) This section is based upon 10 Geo. 4, c. 56, s. 27. The provision as to the settlement of disputes by the registrar is new. (b) This section is new, but is based upon 18 & 19 Vict. c. 63,

restrained or restrainable by the injunction of any court of equity: provided always, that the arbitrators, or the registrar, or the court, as the case may be, may, at the request of either party, state a case for the opinion of the Supreme Court of Judicature on any question of law, and shall have power to grant to either party to the dispute such discovery, as to documents and otherwise, as might now be granted by any court of law or equity, such discovery to be made on behalf of the society by such officer of the society as the arbitrators, registrar, or court may determine (c).

37. Buildings for the purpose may be purchased or leased. A society under this Act may purchase, build, hire, or take upon lease any building for conducting its business, and may adapt and furnish the same, and may purchase or hold upon lease any land for the purpose only of erecting thereon a building for conducting the business of the society, and may sell, exchange, or let such building, or any part thereof (d).

38. Minors may be elected members.-Any person under the age of twenty-one years may be admitted as a member of any society under this Act, the rules of which do not prohibit such admission, and may give all necessary acquittances; but during his nonage he shall not be competent to vote or hold any office in the society (e).

39. Shares may be held by two or more persons.— Two or more persons may jointly hold a share or

(c) The latter part of this section is new.

(d) This provision is new; but is based upon 18 & 19 Vict. c. 63, s. 16, though much simplified.

(e) This provision corresponds with that of 10 Geo. 4, c. 56, s. 32, the application of which to benefit building societies has been doubted.

shares in any society under this Act; and all shares held jointly by any two or more persons in any society subsisting at the time appointed for the commencement of this Act, the rules whereof shall not prohibit such joint holding, shall be deemed to be lawfully so held (a).

40. Societies shall make annual audits and statements of the funds to the members.-The secretary or other officer of every society under this Act shall, once in every year at least, prepare an account of all the receipts and expenditure of the society since the preceding statement, and a general statement of its funds and effects, liabilities and assets, showing the amounts due to the holders of the various classes of shares respectively, to depositors and creditors for loans, and also the balance due or outstanding on their [sic] mortgage securities (not including prospective interest), and the amount invested in the funds or other securities; and every such account and statement shall be attested by the auditors, to whom the mortgage deeds and other securities belonging to the society shall be produced, and such account and statement shall be countersigned by the secretary or other officer; and every member, depositor, and creditor for loans shall be entitled to receive from the society a copy of such account and statement, and a copy thereof shall be sent to the registrar within fourteen days after the annual or other general meeting at which it is presented, and another copy thereof shall be suspended in a conspicuous place in every office of the society under this Act (b).

41. Exemption from stamp duties.-No rules of any society under this Act, nor any copy thereof, nor any

(a) This provision is new, and is introduced to meet a doubt raised as to the joint holding of shares.

(b) This provision is new.

power, warrant, or letter of attorney granted or to be granted by any person as trustee for the society for the transfer of any share in the public funds standing in his name, nor any receipts given for any dividend in any public stock or fund, or interest of exchequer bills, nor any receipt, nor any entry in any book of receipt, for money deposited in the funds of the society, nor for any money received by any member, his executors or administrators, assigns, or attorneys, from the funds of the society, nor any transfer of any share, nor any bond or other security to be given to or on account of the society, or by any officer thereof, nor any order on any officer for payment of money to any member, nor any appointment of any agent, nor any certificate or other instrument for the revocation of any such appointment, nor any other instrument or document whatever required or authorised to be given, issued, signed, made, or produced in pursuance of this Act, or of the rules of the society, shall be subject or liable to or charged with any stamp duty or duties whatsover, provided that the exemption shall not extend to any mortgage (c).

42. Receipt endorsed on mortgage to be sufficient discharge without re-conveyance.-When all moneys intended to be secured by any mortgage or further charge given to a society under this Act in England or Ireland have been fully paid or discharged, the society may endorse upon or annex to such mortgage or further charge a re-conveyance of the mortgaged property to the then owner of the equity of redemption, or to such persons and to such uses as he may direct, or a receipt under the seal of the society, countersigned by the secretary or manager, in the form specified in the schedule to this Act, and such

(c) This section corresponds with 10 Geo. 4, c. 36, s. 37; 6 & 7 Will. 4, c. 32, s. 8; but the proviso that the exemption shall not extend to any mortgage is new.

Know all men by

SCHEDULE.

FORM OF BOND (a).

one of - in

these presents, that we A. B. of the officers of the Building Society, established at the county of and C.. D. of (as surety on behalf of the said A. B.), are jointly and severally held and firmly bound to the said society, in the sum of to be paid to the

said society, for which payment well and truly to be made we jointly and severally bind ourselves, and each of us by himself, our and each of our heirs, executors, and administrators, firmly by these presents, sealed with our seals. Dated the

day of

in the year of our Lord

of the

Whereas the above-bounden A. B. hath been duly appointed to the office of Building Society, established as aforesaid, and he, together with the above-bounden C. D. as his surety, have entered into the above-written bond, subject to the condition hereinafter contained :

Now, therefore, the condition of the above-written bond is such, that if the said A. B. shall and do render a just and true account of all moneys received and paid by him, and shall and do pay over all the moneys remaining in his hands, and assign and transfer or deliver all securities and effects, books, papers, and property of or belonging to the said society in his hands or custody, to such person or persons as the said society shall appoint, according to the rules of the said society, together with the proper or legal receipts or vouchers for such payments, then the above-written bond shall be void and of no effect, otherwise shall be and remain in full force and virtue.

FORM OF RECEIPT TO BE ENDORSED ON MORTGAGE OR

The

FURTHER CHARGE (b).

Building Society hereby acknowledge to have received all moneys intended to be secured by the within [or above] written deed.

In witness whereof the seal of the society is hereto affixed this day of by order of the board of directors [or committee of management] in presence of

-, Secretary [or Manager].

(L.S.)

[Other witnesses, if any required by the rules of the society.]

(a) This form corresponds with that provided by the schedule to 10 Geo. 4, c. 56.

(b) See note (c) next page.

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