39 & 40 Vict. Cap. 45, s. 12. 
165 
(d.) Any contract, which if made between private per 
sons would be by law valid, though made by 
parol only and not reduced into writing, may be 
made by parol on behalf of the society by any 
person acting under the express or implied 
authority of the society, and may in the same 
manner be varied or discharged : 
(e.) A signature purporting to be made by a person hold 
ing any office in the society attached to a writing 
whereby any contract purports to be made, varied, 
or discharged by or on behalf of the society shall 
primd facie be taken to be the signature of a per 
son holding at the time when the signature was 
made the office so stated : 
And all contracts which may be or have been made, varied, or 
discharged, according to the provisions herein contained, shall, 
so far as concerns the form thereof, be effectual in law and 
binding on the society and all other parties thereto, their 
heirs, executors, or administrators, as the case may be (a). 
12. Property and funds of societies.—With respect to the 
property and funds of registered societies, the following 
provisions shall have effect : 
(1.) Holding of land.—A society may (if its rules do not 
direct otherwise) hold, purchase, or take on lease in its own 
name any land, and may sell, exchange, mortgage, lease, or 
build upon the same (with power to alter and pull down 
buildings and again rebuild), and ho purchaser, assignee, 
mortgagee, or tenant shall be bound to inquire as to the 
■authority for any such sale, exchange, mortgage, or lease by 
the society, and the receipt of the society shall be a dis 
charge for all moneys arising from or in connection with 
such sale, exchange, mortgage, or lease (b). 
(2.) Advances to members.—The rules may provide for the 
advancing of money by the society to members on the 
security of real or personal property (b). 
(c) These provisions are adopted from the Companies Acts. 
(b) These provisions are re-enacted, with amendments, from 
ss -1, 2 of the Act of 1871 (34 & 35 Vict. c. 80). Similar provisions 
are contained in the Friendly Societies Act, 1875, see p. 76, ante.