82
38 & 39 Vict. Cap. 60, s. 18.
penny per centum per diem, sliall retain at such
rates so much only of its funds as arises from assurances
made before the fifteenth day of August, one
thousand eight hundred and fifty, after deducting all
benefit payments and management expenses incurred
on account of such assurances ; and whenever the
society fails to satisfy the commissioners of its title
to retain at either such rate the whole or any part of
its funds, the commissioners shall require the withdrawal
of such funds or the transfer of the same to
the rate of twopence per centum per diem, and, in
default of withdrawal within thirty days, shall
transfer the same in their hooks accordingly, and
shall notify such transfer to the society.
11. Whenever it shall appear to the commissioners that
all the members of a society assured before the
fifteenth day of August, one thousand eight hundred
and fifty have died or ceased to be members, the
commissioners shall forthwith transfer in their books
to the rate of twopence per centum per diem, all
funds of the society remaining invested at any higher
rate, and shall notify the same to the society (a).
18. Loans to members.—With respect to loans to members
of registered societies, the following provisions shall have
effect:—
(1.) Not more than one half of the amount of an assurance
on the life of a member of at least one full year’s
standing may be advanced to him, on the written security
of himself and two satisfactory sureties for repayment ;
and the amount advanced, with all interest thereon, may be
deducted from the sum assured, without prejudice in the
meantime to the operation of such security (b).
(2.) Loans may be made out of separate loan fund.—A
society may, out of any separate loan fund to be formed by
(a) Sub-sects. 10 and 11 are new. They are applied to a
society after its conversion into a branch by sect. 6 of the Act of
1876.
(S) This provision was contained in 18 & 19 Vict. c. 63, s. 32.
