32

INTRODUCTION.

4.  Priority  of  claim  on  the  death,  bankruptcy,
or  insolvency  of  an  officer.
5.  Power  to  admit  minors  above  16  as  members. ­

6.  Power  to  subscribe  to  hospitals  or  charitable
or  provident  institutions  for  securing
benefit  to  members,
and  (except  as  before  stated)  the  right  to  pay  a
sum  not  exceeding  £50  on  the  death  of  a  member,
to  his  nominee,  without  administration.
58.  Every  registered  society  may  invest  its  funds
in  a  post  office  or  trustee  savings  bank,  or  in  the
public  funds,  or  with  the  National  Debt  Commissioners, ­
  or  in  the  purchase  of  land,  or  in  any  other
security  (not  personal)  expressly  directed  by  its
rules.  Its  property  vests  in  its  trustees,  and  on
death,  resignation,  or  removal  of  a  trustee,  vests
in  his  successor  without  conveyance  or  assignment,
except  in  the  case  of  the  public  funds.  The  lord  of
the  manor  of  copyhold  property  to  which  the
society  is  entitled  must  admit  its  trustees  as
tenants  on  payment  of  a  single  fine.  A  society
may  discharge  mortgages  by  a  mere  receipt,  in
statutory  form  (a),  endorsed  on  the  deed,  and  if
the  mortgage  is  registei’ed  a  certificate  of  satisfaction ­
  from  the  Registrar  of  deeds,  &c.,  maybe
obtained  for  2s.  6cl.  Fraud  upon  a  society  may  be
summarily  punished;  and  its  trustees  are  protected ­
  from  personal  liability.

(a)  The  Society  may,  by  rule,  provide  an  alternative
form  ;  but  it  would  seem  to  be  hardly  wise  to  do  so.