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  deficiency ­
  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  provisions ­
  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  exclusively ­
  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  commissioners ­
  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,  section ­
  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(except  so  far  as  the  same  may  be  repealed  by  any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  misrepresentation. ­
  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withdrawn.