Loan Societies Act 1840

XXVII Abstract of Accounts to be made out yearly, and sent to the Barrister. Copy thereof to be laid before Parliament. Trustees not personally liable.

And be it enacted, That the Trustees of every Society established under the Provisions of this Act, or which may become entitled to the Benefits thereof, shall cause an Abstract of the Accounts of such Society for each Year to be made out, and up to the Thirty-first Day of December, together with a Statement of the Funds and Effects and of the Debts or Liabilities of such Society, and an Estimate of the clear net Profit or Loss up to that Period, which Abstract, Statement, and Estimate shall be in such Forms, and shall contain such Particulars connected with the Accounts and Transactions of such Society, as the Barrister appointed to certify the Rules of Saving Banks shall from Time to Time direct; and a Copy of such Abstract, Statement, and Estimate, duly certified to be correct by the Secretary, Treasurer, and at least One Trustee, shall, during the Month of January in each Year, be delivered or sent to the said Barrister, and shall be laid by him before both Houses of Parliament; and every Society which shall refuse or neglect to deliver such Account as aforesaid shall be liable to a Penalty of Fifty Pounds, to be recovered, at the Suit of the said Barrister, against the Trustees of the Society, in any of Her Majesty's Superior Courts of Record: Provided always, that the Trustees shall not be liable, in their Persons or Goods, to the Consequences of any Judgment obtained against them in any such Suit, but the same shall avail and be enforced only against the Stock and Goods of the Society in their Hands or within their Control.