39  &  40  Vict.  Cap.  45,  s.  12.

165

(d.)  Any  contract,  which  if  made  between  private  persons ­
  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  holding ­
  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  person ­
  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  discharge ­
  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.