time made and in force for the management of any

Rules to be

entered in a

book to be

kept by the

officer of the

such loan society, and duly certified and enrolled, shall be entered in a book or books, to be kept by an officer of such society to be apsociety. pointed for that purpose, which book or books shall be open at all seasonable times for the inspection of all members of such society, and of the persons receiving loans from such society, and shall be binding on the several members and officers of such society, and the several persons receiving loans from the same, and their representatives, as well as those parties who may become the sureties for the repayment of any loan, their executors or administrators ; and all such persons and parties shall be deemed to have full notice of the enrolled Rules of the society by the deposit thereof with the Clerk of the Peace or Town Clerk, as required by this Act, and by the entry thereof in such book or books; and the entry of such Rules in such book or books as aforesaid, or the transcript thereof, deposited with the Clerk of the Peace or Town Clerk, or a true copy of such transcript examined with the original and proved to be a true copy, or the copy certified by the barrister-atlaw appointed for that purpose, shall be received as evidence of such Rules respectively in all cases, and no certiorari shall be brought or allowed to remove any such Rules into any of her Majesty's courts of record; and every copy of any such transcript deposited with any Clerk of the Peace or Town Clerk as aforesaid, shall be made without fee or reward, except the actual expense of making such copy; and such copy shall not be subject to any stamp duty.

8. And be it enacted, that all money and securities for money, and all chattels whatsoever belonging to any such society, shall be vested in a trustee or

Property of vested in the

society

trustees thereof.

trustees for the use and benefit of such society and the members thereof, their executors and administrators respectively, according to their several shares and interests therein, and after the death, resignation, or removal of any trustee or trustees, shall vest in the surviving or succeeding trustee or trustees for the same estate and interest as the former trustee or trustees had therein, and subject to the same trusts, without any assignment or conveyance whatever, and also shall for all purposes of suit, as well criminal as civil, at law or in equity, in anywise concerning the same, be deemed to be the property of the person or persons appointed to the office of trustee or trustees of such society for the time being in his or their proper name or names, without further description; and such person or persons are hereby respectively authorised to bring or defend, or cause to be brought or defended, any suit, criminal as well as civil, at law or in equity, concerning the property or any claim of such society, and to sue and be sued, plead and be impleaded, in his or their proper name or names, as trustee or trustees of such society without any other description; and no suit shall abate or be discontinued by the death of such person or persons, or his or their removal from the office of trustee or trustees as aforesaid, but the same shall and may be proceeded in and by or against the succeeding trustee or trustees; and such succeeding trustee or trustees shall pay or receive like costs for the benefit of or to be reimbursed from the funds of such society, as if the suit had been commenced in his or their name or names.

9. And be it enacted, that for every sum of money deposited or to be deposited with any Loan Society, otherwise than by way of gift, it shall be lawful for such

Societies to

society if they shall think fit, to issue a debenture to be registered in the books of the loan society issue deben by whom such debenture shall be payable: tures. and no such debenture shall be liable to any stamp duty or parliamentary imposition whatever.

Trustees

bentures not

liable unless

10. And be it enacted, that no treasurer, trustee, or other officer of any loan society subscribing a debenture shall be individually responsible, in person or signing de- property, for the payment of the same or of personally any interest thereon, but such debenture shall specially be a charge on the capital and property of the undertaken. society alone, unless such treasurer, trustee, or other officer shall in the instrument or by writing at the foot or on the back thereof, declare his or their willingness to be so liable in person or property; and such understanding shall only apply to the specific sums so guaranteed.

Sums under

11. And be it enacted, that in case any debenture holder, depositor, or other claimant, entitled to receive any sum not exceeding £50 out of the funds of any £50 depo- such loan society, shall die, it shall be lawful for the trustees or trustee thereof, from and able without after the expiration of three calendar months the represen- after the death of such debenture holder, any deceased depositor, or other claimant, if they shall be

sited in any loan fund society pay

probate to

tative of

debenture

holder. satisfied that no will was made and left by such deceased person, and that no letters of administration of the goods, chattels, rights, and credits of such deceased person have or will be taken out, to pay the same to any person who shall appear to the said trustees or trustee to be the person or one of the persons entitled under the statute of distribution, to the effects of the deceased intestate, although no letters of administration shall have been taken out; and the payment of any

such sum of money shall be valid and effectual with respect to any demand of any other person as next of kin of such deceased intestate, or as the lawful representative of such person, against the funds of such society, or against the trustee, treasurer, or officers thereof; but nevertheless, such next of kin or representatives, shall have remedy for such money so paid as aforesaid, against the person who shall have received the same.

Treasurer,

12. And be it enacted, that every treasurer or other person whatsoever, who shall be entrusted with the receipt or custody of any money or securities for money, the property of such society, shall &c., to give become bound with sureties for the faithful security. execution of such office or trust, in such sum or sums of money as shall be required by the Rules of such society; and such security shall be given by bond, in the form in the schedule to this Act annexed marked (D), to the trustee or trustees of the society for the time being; and in case of forfeiture, it shall be lawful for the trustee or trustees of such society for the time being, to sue upon such bond or bonds, and to carry on such suit, at the costs and charges of and for the use of the said society; and no bond or security so to be given shall be chargeable with any stamp duty whatsoever.

13. And be it enacted, that it shall not be lawful for any such society to lend to any person at the same time a greater sum than £15, and that no second or other loan shall be made to the same person until the former loan shall have been repaid.

Amount of

loan.

No note or security liable to

14. And be it enacted, that no note which shall be signed for the repayment of any loan made under this Act, nor any receipt or entry in any book of receipt for money lent or paid, nor any draft or order, nor any appointment of any agent

stamp duty.

nor any other instrument whatever, required to be made in pursuance of this Act, or of the Rules of the society shall be chargeable with any stamp duty whatever.

Securities

15. And be it enacted, that no note of hand, bill, or other security for the payment of money taken by any such society shall be transferable by ennot transfer- dorsement or otherwise, to any person or party able. whomsoever, nor shall any such note, bill, or other security be sued upon by any person or party, other than the society to whom the same shall have been made.

Recovery of loans.

16. And be it enacted, that all notes signed for the repayment of such loans, shall be made payable to the treasurer for the time being of the society, and may be in the form given in the schedule to this Act annexed marked (A), or to the like effect ; and that it shall be lawful for any such society to add or embody in such note, the statement of any allegations made by the parties to such note respecting their goods or property, and all such allegations made under the hand of any such party may be given in evidence against him on any proceeding under this Act; and if the party liable to pay the same, shall fail to make full payment in money of the sum in the note mentioned, or any part thereof, after demand in writing made on such party, or left or sent by the post, directed to him at his usual place of abode, or at his place of residence, as described in the said note by or on behalf of the treasurer for the time being of the said society, any one of Her Majesty's Justices of the Peace for the county, riding, city, borough, division, district, or place where the person so neglecting to discharge any such note as aforesaid may happen to be or reside, upon complaint made by or on behalf of such treasurer, shall summon the