proved by experience to be defective in many particulars. It consists, not merely of its own clauses, but of so many of the clauses of 10 Geo. 4, c. 56 [1829], and 4 & 5 Will. 4, c. 40 [1834], (the statutes that in the year 1836, applied to Friendly Societies, but which have long since been repealed) as may be applicable to Building Societies. This unfortunate provision has introduced much complication and uncertainty. For example; it left in doubt whether the section of 10 Geo. 4, c. 56, authorising an infant to become a member of a society applied to Benefit Building Societies; and also whether the section which provided for Friendly Societies a method of voluntary dissolution was one that might be made applicable to a Benefit Building Society.

IV. Again, Benefit Building Societies under the Act of 1836 (not being incorporated bodies), can only act through the medium of trustees. Apart from the difficulty of inducing persons of standing to undertake the duties of trustees, there are many practical inconveniences in the tracing and proving of titles, which are increased by the circumstance that no public record of the names of trustees of Benefit Building Societies exists. The trouble thus caused is sometimes so great, that many solicitors advise their clients to have nothing to do with property that has passed through the hands of a Benefit Building Society.

Amongst other minor defects in the Act of 1836, and the Acts of 1829 and 1834 in corporated with it, are that a society cannot remove its place of business

from the county in which it was first settled;-that the documents relating to its affairs are in the custody of the clerk of the peace, and can be inspected only by searching his rolls;-that a society has no power to alter the name under which it was first organised; --and that the investment of surplus funds is considerably restricted.

V. Probably, however, the most serious disability under which Building Societies have hitherto suffered arises from the application to them of legislation subsequent to 1886, and the legal decisions founded thereon. By the Companies Act, 1862, sects. 199-208, it is provided that companies not registered under that Act may be wound up under it, but only compulsorily by the court. Legal decisions have established that Benefit Building Societies are within these sections, and cannot, therefore, come to an end voluntarily under that Act. An arrangement to dissolve by the express consent of every individual concerned, whether as an unadvanced or advanced shareholder, cannot easily be made; as it is always difficult, and frequently impossible, to obtain such consent, since the various classes of members have very diverse interests. The ruinously costly process of compulsory winding up by the Court of Chancery is unsuited to the case of an insolvent Building Society; which, being an association with variable capital, requires a wholly different machinery from that applicable to a company with fixed capital established under the Companies Acts.

VI. Not merely the method of winding up, but the consequences of winding up, as declared by decisions of the courts, have constituted a substantial grievance. Building Societies have been treated as "unlimited" Joint Stock Companies, and all the shareholders, whether in respect of advanced or unadvanced shares, as liable to be placed on the list of contributories in the character of partners, severally responsible for the whole of the debts. It speaks volumes for the general good management of these societies that so few have failed, but the risk of failure, and of consequent unlimited liability, has been a great drawback to many. In a few cases-probably numbered by units-winding up has involved not merely the loss of past investments, but also contributions towards. the claims of outside creditors. The investors in Building Societies have thought, however, and the legislature has adopted their view-that this is a risk never contemplated when the Building Societies Act of 1836 was passed, and one to which they ought never to have been exposed. They have accordingly sought and obtained a declaration from the legislature that henceforth investors in Building Societies are to be subject to no liability whatever, beyond the amount actually paid or in arrear on their shares.

VII. A complete removal of all these disabilities is effected by the statute 37 & 38 Vict. c. 42, which takes Building Societies out of the jurisdiction of the Court of Chancery. The provisions of this Act apply

to all societies certified under 6 & 7 Will. 4, c. 32 (though that Act is not repealed as to any societies which do not obtain a certificate of incorporation under the new Act), and to all societies formed after the 2nd November, 1874 (as to which, the Act of 1836 is wholly repealed). Such societies, whether terminating or permanent, may be established "for the purpose of raising, by the subscriptions of the members, a stock or fund for making advances to members out of the funds of the society upon security of freehold, copyhold, or leasehold estate, by way of mortgage," and may:

1. Hold land in their corporate name, so far as is necessary for the said purpose.

2. Foreclose the equity of redemption.

3. Raise funds by shares of one or more denominations, and of any amount, and either paid up

in full, or to be paid by periodical or other subscriptions.

4. Borrow money within limits fixed by the Act (sect. 15).

5. Act under their common seal as a body corporate, with perpetual succession until dissolved.

6. Issue preferential shares.

7. Change the corporate name (sect. 22).

8. Invest surplus funds upon the securities authorised by the statute (sect. 25).

9. Appoint trustees to become tenants of copyhold

property, upon payment to the lord of the

usual fines payable on the admission of a

single tenant; or the lord may admit the society itself as tenants (sect. 28).

10. Pay sums not exceeding 501. upon intestacy without administration (sect. 29).

11. Pay sums to the amount of 150l. due to a deceased intestate mortgagor, who leaves an

infant heir, to his administrator (sect. 30). 12. Punish fraud by summary procedure (sect. 81). 13. Dissolve by agreement (sect. 82).

14. Unite with or transfer the business to another society (sect. 33).

15. Settle disputes as the rule directs (sect. 34). 16. Purchase or lease a building for conducting the business (sect. 37).

17. Admit a minor as a member (sect. 38).

18. Admit joint members (sect. 39).

19. Discharge a mortgage by receipt, without reconveyance (sect. 42).

20. Issue all documents, except mortgages, free of stamp duty (sect. 41).

VIII. The Act of 1874 introduces, also, important changes in the relation of these societies to the Government functionaries charged with the examination and safe custody of their rules. By the Acts of 1829 and 1834, incorporated in that of 1836, the rules of every society were to be submitted to the barrister appointed to certify the rules of savings' banks, who after advising, if necessary, with the promoters of the society was to give a certificate that the rules were in conformity with law. He was then to