78

38  &  39  Vict.  Cap.  60,  s.  16.

shall,  from  time  to  time,  if  the  society  [or  branch]  so  require,
admit  the  trustees  (not  to  exceed  three)  of  such  society  [or
branch]  as  tenants  in  respect  of  such  hereditaments,  on
payment  of  the  usual  fines,  fees,  and  other  dues  payable  on
the  admission  of  a  single  tenant  (a).
(7.)  Discharge  of  mortgages  hj  receipt  endorsed.—A  receipt
under  the  hands  of  the  trustees,  countersigned  by  the  secretary, ­
  in  the  form  contained  in  the  third  schedule  to  this
Act,  or  in  any  form  specified  by  the  rules  of  the  society  [or
branch],  or  any  schedule  thereto,  for  all  moneys  secured  to
the  society  [or  branch]  by  any  mortgage  or  other  assurance,
such  receipt  being  endorsed  upon  or  annexed  to  such  mortgage ­
  or  other  assurance,  vacates  the  same,  and  vests  the
property  therein  comprised  in  the  person  entitled  to  the
equity  of  redemption  of  the  same,  without  re-conveyance
or  re-surrender  ;  hut  this  provision  does  not  apply  to  Scotland ­
  or  to  the  Island  of  Jersey  (5).
(8.)  Registration  of  receipt.—  If  such  mortgage  or  other
assurance  has  been  registered  under  any  Act  for  the  registration ­
  or  record  of  deeds  or  titles,  or  is  of  copyholds  or
lands  of  customary  tenure  and  entered  on  any  court  rolls,
the  registrar  under  such  Act,  or  recording  officer,  or  steward
of  the  manor,  or  keeper  of  the  register,  shall  on  production
of  such  receipt,  verified  by  oath  of  any  person,  enter  satisfaction ­
  on  the  register  or  on  the  court  rolls  respectively  of
such  mortgage  or  of  the  charge  made  by  such  assurance,
and  shall  grant  a  certificate,  either  upon  such  mortgage  or

(a)  This  clause  is  new  as  regards  friendly  societies,  but  was
contained  in  the  Industrial  and  Provident  Societies  Act,  1871
(34  &  35  Vict.  c.  80,  s.  2),  and  the  Building  Societies  Act,  1874
(37  &  38  Vict.  c.  42,  s.  28).
(i)  These  clauses  are  new  as  regards  friendly  societies,  and
extend  to  them  a  privilege  which  has  been  enjoyed  since  1836  by
building  societies  under  6  &  7  Wm.  4,  c.  32,  s.  5,  and  37  &  38
Vict.  c.  42,  s.  42;  and  since  1871  by  industrial  and  provident
societies  (34  &  35  Vict.  c.  80,  s.  3).  It  is  really  not  so  much  a
privilege  to  the  society  as  to  the  mortgagor;  and  it  is  difficult
to  find  any  substantial  reason  why  all  mortgages  should  not  be
made  dischargeable  by  receipt  endorsed.  See  the  judgment  of
Sir  G.  Jessel,  M.R.,  in  Fourth  City  Mutual  Building  Society  v.
Williams.  Law  Rep.  14  Ch.  D.  140,  and  Appendix,  Note  E.