162

39  &  40  Vict.  Cap.  45,  s.  11.

society  shall  either  transfer  the  shares  in  manner  directed
on  such  nomination  or  pay  to  every  person  entitled  thereunder ­
  the  full  value  of  his  interest,  at  their  option,  unless
the  shares  if  transferred  to  any  such  nominee  would  raise
his  interest  in  the  society  to  an  amount  exceeding  two
hundred  pounds  sterling,  in  which  case  they  shall  pay  him
the  full  value  of  such  shares,  not  exceeding  the  sum  aforesaid ­
  (a).
(6.)  Distribution  of  sums  not  exceeding  fifty  pounds.—If
any  member  of  a  society,  entitled  to  an  interest  in  the
society  not  exceeding  fifty  pounds,  dies  intestate  and  without ­
  having  made  any  nomination  under  this  Act  which
remains  unrevoked  at  his  death,  such  interest  shall  be
transferable  or  payable,  without  letters  of  administration,
to  or  among  the  persons  who  appear  to  a  majority  of  the
committee,  upon  such  evidence  as  they  may  deem  satisfactory, ­
  to  be  entitled  by  law  to  receive  the  same  (b).
(7.)  Payments  to  persons  apparently  entitled  valid.—
Whenever  the  committee,  after  the  decease  of  any  member,
make  any  payment  or  transfer  to  any  person  who  at  the
■time  appears  to  them  to  be  entitled  under  this  section,  the
■payment  or  transfer  shall  be  valid  and  effectual  against  any
demand  made  upon  the  committee  or  the  society  by  any
■other  person.
(8.)  When  trustees  are  absent,  &c.,  registrar  may  order  stock
to  be  transferred.—When  any  person,  in  whose  name  any
stock  belonging  to  any  such  society  transferable  at  the
Bank  of  England  or  Bank  of  Ireland  is  standing,  either
jointly  with  another  or  others  or  solely,  as  a  trustee  therefor, ­
  is  absent  from  Great  Britain  or  Ireland  respectively,  or
becomes  bankrupt,  or  files  any  petition  or  executes  any
deed  for  liquidation  of  his  affairs  by  assignment  or  arrangement, ­
  or  for  composition  with  his  creditors,  or  becomes  a
lunatic,  or  is  dead,  or  has  been  removed  from  his  office  of

(a)  This  is  re-enacted,  with  amendments,  from  30  &  31  Vict.
•c.  117,  s.  5.
(5)  See  Table  of  Distribution,  Appendix  E.