80 
38 & 39 Vict. Cap. 60, s. 17. 
(10.) Trustees not to be personally liable.—Trustees of a 
society [or branch] are not liable to make good any defi 
ciency in the funds of such society [or branch], but are liable 
only for moneys actually received by them respectively on 
account of such society [or branch] (a). 
17. Investments with National Debt Commissioners.—With 
respect to the investments of funds with the Commissioners 
for the Reduction of the National Debt, the following pro 
visions shall have effect (1>) : 
1. The society [or branch] may pay to the account of the 
commissioners of the Bank of England or Ireland 
any sum of money not less than fifty pounds upon a 
declaration of the trustees of the society [or branch], 
or any two of them, that such moneys belong exclu 
sively to the society [or branch], 
2. The cashier of the bank shall receive all such moneys 
and place the same to the account of the commis 
sioners in the book of the bank named “ The Fund 
for Friendly Societies:” 
3. All moneys paid in upon a false declaration shall be 
forfeited to the commissioners, and applied by them 
in the manner directed by the twenty-sixth and 
twenty-seventh Victoria, chapter eighty-seven, sec 
tion thirty-eight : 
4. The provisions of the twenty-sixth and twenty-seventh 
Victoria, chapter eighty-seven, sections twenty-one 
(except so far as the same may be repealed by any 
Act to be passed in this session of parliament) (c), 
twenty-two, twenty-four, twenty-five, twenty-six, 
moneys of the society which have come to his hands as treasurer, 
it must be shown that he has been guilty of some fraud or mis 
representation. Mere inability to pay over the money to the 
trustees is not enough: Barrett v. MarJcham, L. R., 7 C. P. 405. 
See Appendix, Note E. 
(a) This is a re-enactment of 18 & 19 Vict. c. 63, s. 20. 
(5) This section is a re-enactment, in a more intellgible form, 
of the provisions of sects. 33, 34 and 35 of 18 & 19 Vict. c. 63. 
(e) No such Act was passed; but an alteration in the section 
referred to was proposed by a bill in 1875 that was ultimately 
withdrawn.