upon the declaration of the treasurer or trustees of such society or branch, or any two or more of them, that such moneys belonging exclusively to the society or branch for which such payment is intended to be made; and the cashier of the Bank of England is hereby required to receive all such moneys, and to place the same to the account raised in the names of the said commissioners for the time being in the books of the bank, denominated "The Fund for Friendly Societies;" and in case such declaration shall not be true, then and in every such case the sum of money paid in on such declaration shall be forfeited to the said commissioners, and applied by them in the manner directed by an act passed in the ninth year of the reign of King George the Fourth, intituled An Act to consolidate and amend the Laws relating to Savings Banks; and all the clauses and provisions of the acts for the time being in force relating to savings banks, with respect to the account of such banks, and the regulation of receipts, certificates, or orders concerning the same, shall be applicable to the moneys so paid in as aforesaid under the authority of this act, as if the same had been repeated herein; and every such society or branch shall, on paying money directly into the bank as aforesaid, be entitled to receive receipts bearing interest at the rate of twopence per centum per diem: provided always, that no fractional part less than one penny shall be allowed or paid as interest upon the principal sum contained in such receipt.32

32 This section confines the privilege of investing moneys with the Commissioners for the Reduction of the National Debt to certified Friendly Societies. Previously to the present act the power to invest their funds with the commissioners extended to all societies established under the Friendly Acts, except societies for purchase of food, implements of trade, &c., or which required the certificate of the AttorneyGeneral as mentioned in 9 & 10 Vict. c. 27, s. 1, or societies assuring for more than 2007. (see 3 & 4 Vict. c. 73, s. 2; and see also the 10 Geo. 4, c. 56, s. 31, on which the present section is framed.) What is required to become a certified society is printed out in sect. 7 of the present act.

Friendly Societies existing before the present act which have invested their funds with the Commissioners for the Reduction of the National

39. Powers of attorney, &c., not liable to stamp duty. -And be it enacted, that, except as hereinafter provided, no order of the registrar, or copy of rules, power, warrant, or letter of attorney granted by any person as trustee of any society or branch established under this act, for the transfer of any share in the public funds standing in the name of such trustee, nor any receipt for money contributed to the funds of any such society or branch, or received by any member, his executors, administrators, assigns, or attorneys, from the funds of such society, nor any bond to be given to or on account of any such society or branch, or by the treasurer or trustee or any officer thereof, nor any draft or order, nor any form of policy, nor any appointment of any agent, nor any certificate or other instrument for the revocation of any such appointment, nor any other document whatever required or authorized by or in pursuance of this act, shall be subject or liable to or charged with any stamp duty.33

40. For payment of sums not exceeding 50l. when members die intestate.-And be it enacted, that when on the death of any member of any such certified Friendly Society, or any certified branch, or of any Friendly Society already established, any sum not exceeding fifty pounds shall become payable, it shall be lawful for the trustees for the time being of such society, if they shall be satisfied that no will was made and left by such deceased member, and that no letters of administration or confirmation will be taken out of the funds, goods, and chattels of such depositor, to pay the same to the widower or widow of such member, as the case may be, or to the child of such member, if so directed by any rule of such society or branch, and in case there shall be no such direction, then to pay and

Debt are to be allowed to continue such investments; but they are not for the future to invest except on account of assurances made before the passing of this act: (see post, sect. 43.)

33 This is nearly the same as 10 Geo. 4, c. 56, s. 37.

divide the same to and amongst the person or persons entitled to the effects of the deceased intestate, without taking out letters of administration in England and Ireland, and without confirmation in Scotland.34

41. Payments to persons who appear to trustees to be entitled to effects of deceased intestate members declared valid; but next-of-kin, &c., to have remedy against the party who receives the same.—And be it enacted, that whenever the trustees of any certified Friendly Society or branch, at any time after the decease of any member, shall have paid and divided any sum of money to or amongst any person or persons who shall at the time of such payment appear to such trustees to be entitled to the effects of any deceased intestate member, the payment of any such sum or sums of money shall be valid and effectual with respect to any demand of any other person or persons as next-of-kin of such deceased intestate member, or as the lawful representative or representatives of such member, against the funds of such society or branch or against the trustees thereof; but nevertheless such next-of-kin or representatives shall have remedy for such money so paid as aforesaid against the person or persons who shall have received the same.35

42. Payment on death of members to be made to exe-cutors, &c., and not to nominees.—And be it enacted, that from and after the passing of this act it shall not

34 It is to be observed that this privilege of paying small sums in case of the death of members intestate, without the expense of taking out letters of administration, is confined to certified Friendly Societies, and does not therefore extend to mere registered societies. See the distinction, and what is required to become a certified society, ante, section 7. The sum of 507. is an increase on the limit hitherto allowed, in which such payments may be made without letters of administration, the 10 Geo. 4, c. 56, s. 24, assigning for limit only the sum of 20%.

35 The same observation applies to this section as was made to the last, that the privilege contained in it is confined to certified Friendly Societies.

be lawful for any society established under any act hereby repealed to grant any assurance whereby the sum assured on the death of the member shall be payable to any nominee or to any other person than the widower or widow of a member, as the case may be, or the child, or the executors, administrators, or assigns of such member, or in case the member shall die intestate, and the sum payable on his death shall not exceed fifty pounds, to the person whom the trustees shall consider entitled to the goods and effects of the member so dying intestate: provided always, that nothing in this act contained shall affect any power, privilege, or exemption in respect of any assurance legally made or granted before the passing of this act under the provisions of any of the acts hereby repealed: provided also, that it shall be lawful for any such society to add to its rules a rule or rules whereby any sum payable on the death of a member may be made payable to the executors, administrators, or assigns of such member.36

43. Existing Friendly Societies not to invest with National Debt Commissioners except for assurances made before passing of this act.-And be it enacted, that no Friendly Society or branch established under any act now in force relating to Friendly Societies shall, from and after the passing of this act, be entitled or authorized to pay directly into the Bank of England any sum of money to the account of the Commissioners for the Reduction of the National Debt, except so much as may be paid on account of assurances made previous to the passing of this act by any society which has already invested its funds or any part thereof with the said commissioners: provided always, that nothing herein contained shall affect the right of any society established under any of the acts hereby repealed, and

36 This is a new provision. The 3 & 4 Vict. c. 73, s. 3, expressly enabled certain Friendly Societies to appoint nominees to receive sums assured, and the 9 & 10 Vict. c. 27, s. 1, mentions nominees as persons to whom the money assured may be paid.

which shall have invested its funds with the Commissioners for the Reduction of the National Debt before the passing of this act, to receipts bearing interest at such rate as such society were entitled to receive under the provisions of the said acts, for any moneys invested or hereafter to be invested with the said commissioners on account of assurances made before the passing of this act.37

44. Declaration to be made by trustees on investment; if declaration not true, money to be forfeited and applied in manner directed by 9 Geo. 4, c. 92.-And be it enacted, that from and after the passing of this act a declaration shall be made by the trustees of every Friendly Society established as aforesaid, on the payment into the Bank of England of any sum of money to the account of the said commissioners, that such payment is on account of insurances made previous to the passing of this act, in such form as the said commissioners shall from time to time direct; and in case such declaration shall not be true, then and in every such case the sum of money paid on such declaration shall be forfeited to the said commissioners, to be applied by them in the manner directed by an act passed in the ninth year of the reign of King George the Fourth, intituled An Act to consolidate and amend the Laws relating to Savings Banks.

45. Exemption from stamp duty not applicable to societies granting assurances above the limits of this act. And be it enacted, that nothing in the said acts now in force relating to Friendly Societies shall be construed to extend to grant any exemption from stamp duty to any Friendly Society enrolled or certified under the said acts which shall after the passing

37 It is intended by this act that henceforth only certified Friendly Societies are to have the privilege of investing their funds with the Commissioners for the Reduction of the National Debt: (see ante, sect, 38.)