MODEL RULES.
241
savings bank, in the public funds, or with the commissioners
for the reduction of the national debt, or upon government
or real securities in Great Britain or Ireland (&)
or in the purchase of land, or in the erection or alteration
of offices or other buildings thereon as after mentioned.—-Friendly
Societies Act, 1875, s. 16 (1).
2. The committee of management, with the consent of a
special meeting of the society called for the purpose, may
purchase or take on lease in the names of the trustees any
land (c) in the county where the society’s registered office
is situate [or in any other county where it has an office], and
may sell, exchange, mortgage, lease, or build upon the same
(with power to alter and pull down buildings and again
rebuild), and no purchaser, assignee, mortgagee, or tenant
shall be bound to inquire as to the authority for any sale,
exchange, mortgage, or lease by the trustees, and the
receipt of the trustees shall be a discharge for all moneys
arising from or in connexion with such sale, exchange,
mortgage, or lease.—Friendly Societies Act, 1875, s. 16 (2).
3. Mortgages or other assurances for securing money to
the society may be vacated by a receipt indorsed, signed by
the trustees, and countersigned by the secretary, in the form
contained in the third schedule to the Friendly Societies
Act, 1875 [or if a special form be provided, in the form herein
specified, or in the form specified in the schedule to these
rules],—Friendly Societies Act, 1875, s. 16 (7).
XV.—Loans to Members.
[If a loan fund is intended to be established, it must be
stated whether the same is to be formed out of the contributions
or deposits of the members, or by both means, and whether
moneys may be advanced to members on their personal security,
with or without sureties; also to what extent not exceeding
,£200, a member shall be capable of holding any interest in the
loan fund; to what amount loans may be granted, such amount
not to exceed, together vrith any moneys for the time being
owing by the member to the society, the sum of £50; and to what
total amount, not to exceed two-tliirds of the total sums for the.
(b) [Any other securities upon which it is proposed the funds
should be invested should here be specified].
(c) If the extent or value of the land is to be, limited, srfet
here “ not exceeding acres ” (stating quantity) or “ not ex«e«d»
ing in value £ .” (stating value).
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