Penalty on default. Officer offending liable to penalty. porting to be signed by or on behalf of such society, (g) 25 & 26 Vict. c. 87, s. 10; c. 89, s. 41. (i) 25 & 26 Vict. c. 87, s. 11; c. 89, s. 42. Thus, in Penrose v. Martyn (k), a bill of ex- Example. change was addressed to a joint-stock company, duly registered under "The Companies Act, 1856" (which contained a similar provision to the above (1)), as drawees, by their name, omitting "limited," and the defendant Martyn, who was secretary to, and had power to accept bills for, the company, accepted the bills in his own name, adding "secretary to the said company." The Court of Queen's Bench held that the acceptance was intended as the acceptance of the company, and the defendant was therefore personally liable to the holder of the bill, under the act, by reason of the omission of the word "limited." But a society cannot repudiate a debt merely on the ground that it has not been formally secured (m); so that the officer would only be liable if the instrument ought never to have been made, or if he had no power legally to make it, or if there were not sufficient assets of the society available to discharge the debt. execute Considerable doubt prevails at common law, as Who may to what is a valid execution of a promissory note negotiable. or bill of exchange, on behalf of a company. It has therefore been enacted (n), that a promissory note, or bill of exchange shall be deemed to have been (k) 28 L. J., Q. B. 28; E. B. & E. 499. (7) 19 & 20 Vict. c. 47, s. 31. (m) Pare v. Clegg, 30 L. J., Ch. 742. (n) 25 & 26 Vict. c. 87, s. 19, adopting c. 89, s. 47. Exemption from stamp duties. made, accepted, or endorsed on behalf of any society under the act, if made, accepted, or endorsed in the name of the society, by any person acting under the authority of the society, or if made, accepted, or endorsed by or on behalf or on account of the society, by any person acting under the authority of the society. This section is only permissive, not imperative, as it is not absolutely necessary, though very desirable, that anybody should have power to bind the society by negotiable instruments; and it has been decided that a society, not otherwise having this power, has not power to accept or execute bills of exchange, by force of this section only (o). By" "The Industrial and Provident Societies Act, 1867" (p), the provisions of the Friendly Societies Acts, with regard to exemption from stamp duties, shall apply to societies registered under the act. These are as follow: No copy of rules, nor any order or receipt for money contributed to or received from the funds of any such society, by any person liable or entitled to pay or receive the same by virtue of the rules thereof or of the act, nor any bond to be given to or on account of any such society, or by the treasurer or any officer thereof, nor any draft or order, nor any appointment of any agent, nor any certifi (0) The Peruvian Railways Company v. The Thames and Mersey Marine Insurance Company, 36 L. J., Ch. 864. (p) 30 & 31 Vict. c. 117, s. 3. cate or other instrument for the revocation of any such appointment, nor any other document whatever required or authorized by or in pursuance of the act or the rules of any society is liable to stamp duty: but no exemption from any of the duties granted by any act or acts relating to stamp duties is to be deemed to extend to any society which assures the payment of money exceeding two hundred pounds, or which assures the payment of any money on the death of a member to any person, except executors, administrators, or assigns of such member, or the husband, wife, father, mother, child, brother, sister, nephew, or niece of such member (q). from income Registered societies are also entitled to exemp- Exemption tion from income tax in respect of their stocks, di- tax. vidends and interest, chargeable under schedule (C.), and in respect of all their profits and gains chargeable under schedule (D.) (r); but they are not exempted from income tax in respect of their profits arising from land. Once in every year, within twenty-one days after the sixth of April, lists must be returned by the secretary, or other managing officer of the society, to the commissioners for special purposes of the Income Tax Acts, containing the names and residences of all persons to whom (g) 18 & 19 Vict. c. 63, s. 37. Quære, whether this would extend to exempt conveyances and mortgages by and to the society? (r) 30 & 31 Vict. c. 117, s. 12; and see 5 & 6 Vict. c. 35, s. 89, and 16 & 17 Vict. c. 34, s. 49. Lists to be cial commis sent to spe sioners. Penalty on default. General statement to ally to re gistrar. profits made by the society have been paid or shall be payable within or for the year ended on the fifth day of April preceding, and the amounts paid or payable to such persons; the penalty for default in so doing is fifty pounds (s). Once also in every year, on or before the first of be sent annu- March, a general statement of the funds and effects of any society registered under the act must be transmitted to the registrar of friendly societies, which must exhibit fully the assets and liabilities of the society, and must be prepared and made out within such period and in such form, and must comprise such particulars, as the registrar may from time to time require; and the registrar has authority to require such evidence as he may think expedient of all matters required to be done, and of all documents required to be transmitted to him under the acts; and every member of or any depositor in any such society is entitled to receive, on application to the treasurer or secretary of that society, a copy of such statement without making any Penalty for payment for the same (t). A penalty of not less than forty shillings, nor more than five pounds, is incurred by every society failing to send such statement, or to furnish copies thereof; and any person making or ordering to be made any false statement or any omission in any such return, with the intention of deceiving the registrar, is liable to a pe default. (s) 30 & 31 Vict. c. 117, s. 13. |