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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Document type:: Monograph

Structure type:: Chapter

Title:: Part I. Registered friendly societies

Collection:: Economics Books

76 38 & 39 Vict. Cap. 69, a 16. (c.) With the Commissioners for the Reduction of the National Debt as hereinafter provided : (d.) In the purchase of land, or in the erection or altera tion of offices or other buildings thereon: (e.) Upon any other security expressly directed by the rules of the society [or branch], not being personal security, except as hereinafter authorized with respect to loans (a). (2.) Holding of land.—A society, or any branch of a society, may (if the rules thereof so provide) hold, pur chase, or take on lease in the names of the trustees for the time being of such society or branch, in every county where it lias an office, any land, and may sell, exchange, mort gage, lease, or build upon the same (with power to alter and pull down buildings and again rebuild), and no pur chaser, assignee, mortgagee, or tenant shall be bound to in quire as to the authority for any sale, exchange, mortgage, or lease by the trustees, and the receipt of the trustees shall be a discharge lor all moneys arising from or in con nection with such sale, exchange, mortgage, or lease ; and for the purpose of this section no branch of a registered society need be separately registered : Provided that no thing herein contained shall authorize any benevolent so ciety to hold land exceeding one acre in extent at any one time (5). (a) This differs from 18 & 19 Vict. c. 63, s. 32, in the two following important particulars 1st. The purchase of land is permitted, and to any extent. 2nd. The prohibition of the pur chase of shares in any company is removed, provided such pur chase be expressly directed by the rules of the society, and provided the purchase is an investment upon security. Shares to which a liability attaches are not a lawful investment. {b) This differs from 18 & 19 Vict. c. 63, s. 38, by omitting (except for benevolent societies) the limitation to one acre of land ; by omitting the perplexing proviso that the money spent in purchasing and adapting premises shall be raised according to rules in that behalf inserted; by omitting the restriction to a building for holding the meetings of the society; and by extend ing the privileges of the section to branches not separately registered. As to building societies, see 37 & 38 Vict. c. 42, s. 37; and as to trade unions, 34 & 35 Vict. c. 31, s. 7.

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