The law of friendly societies, and industrial and provident societies, with the acts, observations thereon, forms of rules etc., reports of leading cases at length, and a copious index

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Monograph

Identifikator:: 875232663

URN:: urn:nbn:de:zbw-retromon-2698

Document type:: Monograph

Title:: The law of friendly societies, and industrial and provident societies, with the acts, observations thereon, forms of rules etc., reports of leading cases at length, and a copious index

Place of publication:: with the acts, observations thereon, forms of rules etc., reports of leading cases at length, and a copious index$gTenth edition, revised and enlarged

Publisher:: Shaw and Sons

Year of publication:: 1881

Scope:: 1 Online-Ressource (XII, 303 Seiten)

Digitisation:: 2017

Collection:: Economics Books

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206 APPENDIX OF CASES. their members from stamp duty in respect of documents immediately connected with the society. The conclusion was drawn in Walker v. Giles from the peculiar words of the earlier Act, that its operation was extended to mortgages made to the society, but my impres sion is that it was never intended that strangers borrowing money of such societies should be put in a different position from other persons. Now I agree that if transfers of mort gages are exempted, then equally original mortgages are exempted, where according to the universal course of busi ness the duty is paid not by the lender but by the borrower. But this would be to secure a benefit not to the society but to those who borrow of it. Now, if the words in this section are read in their ordinary meaning, there is no word applic able to this case; but moreover I think that the words “nor other security” are omitted for the very purpose of prevent ing this question arising. The Court of Common Pleas had thought that mortgages were within the terms of the pre vious Act, and it is clear that the words they relied on were those very words which are now left out. Further, my im pression is that the word “ bond,” which occurs in both the earlier and present section, refers not to a loan or invest ment of the society’s funds in or upon bonds, such as the harbour bonds of the Mersey Docks, but to bonds given whether with or without security by clerks, agents to receive money, and others as security for their duly accounting or otherwise discharging the functions of their office. That I think also was the nature of the security mentioned in the earlier Act, but a more extensive meaning having been attributed to it, the word was afterwards omitted. Then the question comes to this, whether the words in the latter part of the section, read in conjunction with the instru ments previously enumerated, where bonds are mentioned,, but securities are omitted, are not to be confined to instru ments ejusdem cjeneris. I concur in thinking that they are, and that this mortgage was not within the meaning of the section. PictOTT, B.—I am of the same opinion. If this question had arisen under the old Act I should have agreed with the Court of Common Pleas in Walker v. Giles, that giving their fair meaning to the words, they were large enough to. have embraced this mortgage, but I can find no words in the late Act showing an intention to create so wide an exemption, the very words relied on in that case being omitted. The only ground of argument in favour of the exemption is that the words “ any other document what-

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