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to be regis

of any exist

8. No society shall be registered under a name No society identical with that by which any other existing tered by same society has been registered, or so nearly resembling name as that such name as to be likely to deceive the members ing society. or the public, and the word "limited" shall be the last word in the name of every society registered under this act (e).

(e) See 25 & 26 Vict. c. 89, s. 20, ante, p. 29.

interests

2001.

of name by

a society (f).

9. No member shall be entitled, in any society Members' registered under this act, to hold or claim any in- limited to terest exceeding the sum of two hundred pounds. 10. Every society registered under this act shall Publication paint or affix, and shall keep painted or affixed, its name on the outside of every office or place in which the business of the society is carried on, in a conspicuous position, in letters easily legible, and shall have its name engraven in legible characters on its seal, and shall have its name mentioned in legible characters in all notices, advertisements and other official publications of such society, and in all bills of exchange, promissory notes, indorsements, cheques and orders for money or goods purporting to be signed by or on behalf of such company, and in all bills of parcels, invoices, receipts and letters of credit of the society.

(ƒ) See 25 & 26 Vict. c. 89, s. 41, ante, p. 48.

cation of

11. If any society under this act does not paint Penalties on or affix, and keep painted or affixed, its name in non-publimanner directed by this act, it shall be liable to a name, &c. (g) penalty not exceeding five pounds for not so painting or affixing its name, and for every day during which such name is not so kept painted or affixed; and if any officer of such society or any person on its behalf uses any seal purporting to be a seal of the society whereon its name is not so engraven as aforesaid, or issues or authorizes the issue of any notice, advertisement or other official publication of such society, or signs or authorizes to be signed on behalf of such society any bill of exchange, promis

S

Every so

a registered

office.

sory note, indorsement, cheque, order for money or goods, or issues or authorizes to be issued any bill of parcels, invoice, receipt or letter of credit of the society, wherein its name is not mentioned in manner aforesaid, he shall be liable to a penalty of fifty pounds, and shall further be personally liable to the holder of any such bill of exchange, promissory note, cheque or order for money or goods for the amount thereof, unless the same is duly paid by the society.

(g) See 25 & 26 Vict. c. 89, s. 42, ante, p. 48.

12. Every society under this act shall have a ciety to have registered office to which all communications and notices may be addressed: if any society registered under this act carries on business without having such an office, it shall incur a penalty not exceeding five pounds for every day during which business is

Penalty on default.

Notice of

registered

so carried on.

13. Notice of the situation of such registered situation of office, and of any change therein, shall be given to the registrar, and recorded by him: until such notice is given the society shall not be deemed to have complied with the provisions of this act.

office.

Signature

and effect of rules.

Application

of Friendly Societies

14. The rules of every society registered under this act shall bind the society, and the members thereof, to the same extent as if each member had subscribed his name and affixed his seal thereto, and there were in such rules contained a covenant on the part of himself, his heirs, executors, and administrators, to conform to such rules subject to the provisions of this act; and all monies payable by any member to the society in pursuance of such rules shall be deemed to be a debt due from such member to the society.

15. The provisions of the Friendly Societies Acts shall apply to societies registered under this act in Acts to this the following particulars:

act.

Exemption from stamp duties and income tax;
Settlements of disputes by arbitration or jus-

Compensation to members unjustly excluded;
Power of justices or county courts in case of
fraud;

Jurisdiction of the registrar.

member to

whose name

ferred at his

16. The provisions of the Friendly Societies Act, Power to 1854, whereby a member of any society registered nominate thereunder is allowed to nominate any persons to persons into whom his investment in such society shall be paid, his interest shall extend, in the case of societies registered under may be transthis act, to allow any member thereof to nominate death. any persons into whose name his interest in such society at his decease shall be transferred: provided nevertheless, that any such society may, in lieu of making such transfer, elect to pay to any persons so nominated the full value of such interest.

of so

17. Any society registered under this act may be as to the wound-up either by the court or voluntarily, in the winding-up same manner and under the same circumstances cieties (h). under and in which any company may be woundup under any acts or act for the time being in force for winding-up companies; and all the provisions of such acts or act with respect to winding-up shall apply to such society, with this exception, that the court having jurisdiction in the winding-up shall be the county court of the district in which the office of the society is situated.

(h) See 25 & 26 Vict. c. 89, s. 74, ante, p. 76. As to proceedings in the County Court under the acts relating to friendly societies, industrial and provident societies and literary and scientific institutions, see Practice of the County Courts, by Broom and Shelford, pp. 540-553, 2nd ed.

of society

ing-up of its affairs.

18. In case of the dissolution of any such society, Dissolution such society shall nevertheless be considered as not to presubsisting, and be in all respects subject to the vent windprovisions of this act, so long and so far as any matters relating to the same remain unsettled, to the intent that such society may do all things necessary to the winding-up of the concerns thereof, and that it may be sued and sue, under the provisions of this act, in respect of all matters relating to such society.

19. The provisions of the Joint Stock Companies

Provisions of joint stock

companies acts to apply.

Liability of
present
and past

society (k).

Acts as to bills of exchange and the admissibility of the register of shares in evidence shall apply to all societies registered under this act (¿).

(i) See 25 & 26 Vict. c. 89, ss. 37, 47, ante, pp. 45, 51.

20. In the event of a society registered under this act being wound-up, every present and past members of member of such society shall be liable to contribute to the assets of the society to an amount sufficient for payment of the debts and liabilities of the society, and the costs, charges and expenses of the winding-up, and for the payment of such sums as may be required for the adjustment of the rights of the contributories amongst themselves, with the qualifications following, (that is to say,) (1.) No past member shall be liable to contribute to the assets of the society if he has ceased to be a member for a period of one year or upwards prior to the commencement of the winding-up;

Society may be constituted under

(2.) No past member shall be liable to contribute
in respect of any debt or liability of the
society contracted after the time at which
he ceases to be a member;

(3.) No past member shall be liable to contribute
to the assets of the society unless it ap-
pears to the court that the existing mem-
bers are unable to satisfy the contributions
required to be made by them in order to
satisfy all just demands upon such society;
(4.) No contribution shall be required from any
member exceeding the amount (if any)
unpaid on the shares in respect of which
he is liable as a past or present member.
(k) See 25 & 26 Vict. c. 89, s. 38, ante, p. 45.

21. Any society registered under this act may be constituted a company under the companies acts, companies by conforming to the provisions set forth in such act, and thereupon shall cease to retain its registra

acts.

tion under this act.

books.

22. Every person or member having an interest Members in the funds of any society registered under this act may inspect may inspect the books and the names of the members at all reasonable hours at the office of the society (1).

(1) See 25 & 26 Vict. c. 89, s. 32, ante, p. 37.

risdiction in Scotland.

23. The sheriff in Scotland shall within his county Sheriff's juhave the like jurisdiction as is hereby given to the judge of the county court in any matter arising under this act.

be prepared

may direct.

24. A general statement of the funds and effects Annual of any society registered under this act shall be returns to transmitted to the registrar once in every year, and as registrar shall exhibit fully the assets and liabilities of the society, and shall be prepared and made out within such period, and in such form, and shall comprise such particulars as the registrar shall from time to time require; and the registrar shall have 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 this act; and every member of or any depositor in any such society shall be entitled to receive, on application to the treasurer or secretary of that society, a copy of such statement, without making any payment for the same.

penalties.

25. All penalties imposed by this act, or by the Recovery of rules of any society registered under this act, may be recovered in a summary manner before two justices, as directed by an act passed in the eleventh and twelfth years of the reign of her present Majesty Queen Victoria, chapter forty-three, intituled "An Act to facilitate the Performance of the Duties of Justices of the Peace out of Sessions within England and Wales with respect to summary Convictions and Orders" (m).

(m) See 25 & 26 Vict. c. 89, s. 65, ante, p. 70.

26. This act may be cited as "The Industrial Short title. and Provident Societies Act, 1862."

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