83

33  &  39  Vict.  Cap.  60,  ss.  19,  20.
•contributions  or  deposits  of  its  members,  make  loans  to  its
members  on  their  personal  security,  with,  or  without  sureties, ­
  as  may  be  provided  by  the  rules,  subject  to  the  following ­
  restrictions  :—
(a.)  No  loan  can  at  any  time  be  made  out  of  moneys
contributed  for  the  other  purposes  of  the  society:
(b.)  No  member  shall  be  capable  of  holding  any  interest
in  the  loan  fund  exceeding  two  hundred  pounds:
(c.)  No  society  shall  make  any  loan  to  a  member  on
personal  security  beyond  the  amount  fixed  by  the
rules,  or  shall  make  any  loan  which,  together
with  any  moneys  for  the  time  being  owing  by  a
member  to  the  society,  shall  exceed  fifty  pounds  :
(d.)  No  society  shall  hold  at  any  one  time  on  deposit
from  its  members  any  moneys  beyond  the  amount
fixed  by  the  rules,  which  shall  not  exceed  two
thirds  of  the  total  sums  for  the  time  being  owing
to  the  society  by  the  members  who  have  borrowed
from  the  loan  fund  (c).
19.  Accumulating  surplus  of  contributions  for  members  use.
—The  rules  of  a  society  [or  branch]  may  provide  for  accumulating ­
  at  interest,  for  the  use  of  any  member  of  the  same,
any  surplus  of  his  contributions  to  the  funds  of  the  society
[or  branch]  which  may  remain  after  providing  for  any
assurance  in  respect  of  which  the  same  are  paid,  and  for  the
withdrawal  of  such  accumulations  from  time  to  time  (d).
20.  Officers  in  receipt  or  charge  of  money.—With  respect
to  officers  of  registered  societies  [or  branches]  having
receipt  or  charge  of  money,  the  following  provisions  shall
have  effect:—
(1.)  Security  to  be  given.—Every  officer,  if  the  rules  of  the
society  [or  branch]  require,  shall,  before  taking  upon  him-(«)

  This  provision  is  new.
(d)  This  was  formerly  permitted  by  authority  of  the  Secretary
of  State  under  18  &  19  Vict.  c.  63,  s.  9  (3).  The  authority  was
granted  to  meet  the  case  of  the  Deposit  Friendly  Societies,
established  by  the  late  Hon.  and  Kev.  S.  Best.