76

38  &  39  Vict.  Cap.  69,  a  16.

(c.)  With  the  Commissioners  for  the  Reduction  of  the
National  Debt  as  hereinafter  provided  :

(d.)  In  the  purchase  of  land,  or  in  the  erection  or  alteration ­
  of  offices  or  other  buildings  thereon:
(e.)  Upon  any  other  security  expressly  directed  by  the
rules  of  the  society  [or  branch],  not  being  personal
security,  except  as  hereinafter  authorized  with
respect  to  loans  (a).
(2.)  Holding  of  land.—A  society,  or  any  branch  of  a
society,  may  (if  the  rules  thereof  so  provide)  hold,  purchase, ­
  or  take  on  lease  in  the  names  of  the  trustees  for  the
time  being  of  such  society  or  branch,  in  every  county  where
it  lias  an  office,  any  land,  and  may  sell,  exchange,  mortgage, ­
  lease,  or  build  upon  the  same  (with  power  to  alter
and  pull  down  buildings  and  again  rebuild),  and  no  purchaser, ­
  assignee,  mortgagee,  or  tenant  shall  be  bound  to  inquire ­
  as  to  the  authority  for  any  sale,  exchange,  mortgage,
or  lease  by  the  trustees,  and  the  receipt  of  the  trustees
shall  be  a  discharge  lor  all  moneys  arising  from  or  in  connection ­
  with  such  sale,  exchange,  mortgage,  or  lease  ;  and
for  the  purpose  of  this  section  no  branch  of  a  registered
society  need  be  separately  registered  :  Provided  that  nothing ­
  herein  contained  shall  authorize  any  benevolent  society ­
  to  hold  land  exceeding  one  acre  in  extent  at  any  onetime ­
  (5).

(a)  This  differs  from  18  &  19  Vict.  c.  63,  s.  32,  in  the  two
following  important  particulars  1st.  The  purchase  of  land  is
permitted,  and  to  any  extent.  2nd.  The  prohibition  of  the  purchase ­
  of  shares  in  any  company  is  removed,  provided  such  purchase ­
  be  expressly  directed  by  the  rules  of  the  society,  and
provided  the  purchase  is  an  investment  upon  security.  Shares
to  which  a  liability  attaches  are  not  a  lawful  investment.
{b)  This  differs  from  18  &  19  Vict.  c.  63,  s.  38,  by  omitting
(except  for  benevolent  societies)  the  limitation  to  one  acre  of
land  ;  by  omitting  the  perplexing  proviso  that  the  money  spent
in  purchasing  and  adapting  premises  shall  be  raised  according  to
rules  in  that  behalf  inserted;  by  omitting  the  restriction  to  a
building  for  holding  the  meetings  of  the  society;  and  by  extending ­
  the  privileges  of  the  section  to  branches  not  separately
registered.  As  to  building  societies,  see  37  &  38  Vict.  c.  42,
s.  37;  and  as  to  trade  unions,  34  &  35  Vict.  c.  31,  s.  7.