(3.)  Property  of  society,  how  vested.—All  property  belonging ­
  to  a  society,  whether  acquired  before  or  after  the  same
is  registered,  shall  vest  in  the  trustees  for  the  time  being
•of  the  society,  for  the  use  and  benefit  of  the  society  and
the  members  thereof,  and  of  all  persons  claiming  through
the  members  according  to  the  rules  of  the  society  ;  and
the  property  of  any  branch  of  a  society  shall  vest  in  the
trustees  of  such  branch,  or  in  the  trustees  of  the  society  if
the  rules  of  the  society  so  provide,  for  the  use  and  benefit
either  of  the  members  of  such  branch  and  persons  claiming
through  such  members,  or  of  the  members  of  the  society
generally,  and  persons  claiming  through  them  according  to
the  rules  of  the  society  (c).
(4.)  Devolution  on  death,  &c.—Upon  the  death,  resignation, ­
  or  removal  of  a  trustee,  whether  of  a  society  or  branch,
the  property  vested  in  such  trustee  vests  in  the  succeeding
trustees  of  such  society  or  branch,  either  solely  or  together
with  any  surviving  or  continuing  trustees,  and  until  the
appointment  of  succeeding  trustees  in  such  surviving  or
continuing  trustees  only,  or  in  the  executors  or  administrators ­
  of  the  last  surviving  or  continuing  trustee,  as  personal ­
  estate  (whether  the  same  be  real  or  personal),  subject
to  the  same  trusts,  without  conveyance  or  assignment,  except ­
  that  stocks  and  securities  in  the  public  funds  of  Great
Britain  and  Ireland  shall  be  transferred  into  the  names  of
the  succeeding  trustees,  either  solely  or  jointly  with  any
surviving  or  continuing  trustees  (c).
(5.)  In  all  legal  proceedings  whatsoever  concerning  any
such  property,  the  same  shall  be  stated  to  be  the  property
of  the  trustees  for  the  time  being  in  their  proper  names  as
trustees  for  the  society  or  branch  (as  the  case  may  be)  without ­
  further  description  (c).
(6.)  4s  to  copyholds.—Where  a  society  for  branch]  is  entitled ­
  in  equity  to  any  hereditaments  of  copyhold  or  customary ­
  tenure,  either  absolutely  or  by  way  of  mortgage  or
security,  the  lord  of  the  manor  of  which  the  same  are  held

(<-)  These  clauses  are  a  re-enactment  of  18  &  19  Viet.  c.  63,
.s.  18,  with  amendments.  The  provision  for  resignation  of  a
trustee  is  new.