78 
38 & 39 Vict. Cap. 60, s. 16. 
shall, from time to time, if the society [or branch] so require, 
admit the trustees (not to exceed three) of such society [or 
branch] as tenants in respect of such hereditaments, on 
payment of the usual fines, fees, and other dues payable on 
the admission of a single tenant (a). 
(7.) Discharge of mortgages hj receipt endorsed.—A receipt 
under the hands of the trustees, countersigned by the secre 
tary, in the form contained in the third schedule to this 
Act, or in any form specified by the rules of the society [or 
branch], or any schedule thereto, for all moneys secured to 
the society [or branch] by any mortgage or other assurance, 
such receipt being endorsed upon or annexed to such mort 
gage or other assurance, vacates the same, and vests the 
property therein comprised in the person entitled to the 
equity of redemption of the same, without re-conveyance 
or re-surrender ; hut this provision does not apply to Scot 
land or to the Island of Jersey (5). 
(8.) Registration of receipt.— If such mortgage or other 
assurance has been registered under any Act for the regis 
tration or record of deeds or titles, or is of copyholds or 
lands of customary tenure and entered on any court rolls, 
the registrar under such Act, or recording officer, or steward 
of the manor, or keeper of the register, shall on production 
of such receipt, verified by oath of any person, enter satis 
faction on the register or on the court rolls respectively of 
such mortgage or of the charge made by such assurance, 
and shall grant a certificate, either upon such mortgage or 
(a) This clause is new as regards friendly societies, but was 
contained in the Industrial and Provident Societies Act, 1871 
(34 & 35 Vict. c. 80, s. 2), and the Building Societies Act, 1874 
(37 & 38 Vict. c. 42, s. 28). 
(i) These clauses are new as regards friendly societies, and 
extend to them a privilege which has been enjoyed since 1836 by 
building societies under 6 & 7 Wm. 4, c. 32, s. 5, and 37 & 38 
Vict. c. 42, s. 42; and since 1871 by industrial and provident 
societies (34 & 35 Vict. c. 80, s. 3). It is really not so much a 
privilege to the society as to the mortgagor; and it is difficult 
to find any substantial reason why all mortgages should not be 
made dischargeable by receipt endorsed. See the judgment of 
Sir G. Jessel, M.R., in Fourth City Mutual Building Society v. 
Williams. Law Rep. 14 Ch. D. 140, and Appendix, Note E.