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Loan Societies Act 1840

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This is the original version (as it was originally enacted).

  1. Introductory Text

  2. II.Society not liable to Penalties for Loans made before passing of Act.

  3. III.Formation of Loan Societies under Restrictions in this Act.

  4. IV.Three Transcripts of Rules to be submitted to a Barrister, &c.

  5. V.No confirmed Rule to be altered but at a General Meeting of the Society, &c.

  6. VI.Limitation of Fee payable to Barrister.

  7. VII.Rules to be entered in a Book to be kept by the Officer of the Society.

  8. VIII.Property of Society vested in the Trustees thereof.

  9. IX.Societies to issue Debentures.

  10. X.Trustees signing Debentures not personally liable unless specially undertaken.

  11. XI.Sums under 50l. deposited in any Loan Fund Society payable without Probate to the Representative of any deceased Debenture Holder.

  12. XII.Treasurer, &c. to give Security.

  13. XIII.Amount of Loan.

  14. XIV.No Note or Security liable to Stamp Duty.

  15. XV.Securities not transferable.

  16. XVI.Recovery of Loans.

  17. XVII.Recovery of Loans in Courts of Request.

  18. XVIII.Power for Societies to reduce Demand to enable Courts of Request to adjudicate, provided they accept the same in full.

  19. XIX.Treasurer of any Loan Society to sue for Securities granted to his Predecessor.

  20. XX.Sum to be demanded for Inquiries.

  21. XXI.Sum for Interest.

  22. XXII.New Schemes must be certified by Actuary of National Debt Office.

  23. XXIII.Sums herein stated to be in full of all Charges.

  24. XXIV.Instalments not to be paid in advance, nor Loans to be ballotted for.

  25. XXV.Members to be competent Witnesses.

  26. XXVI.Forms stated in Schedule maybe used.

  27. XXVII.Abstract of Accounts to be made out yearly, and sent to the Barrister.

  28. XXVIII.Extent of Act.

  29. XXIX.Interpretation Clause.

  30. XXX.Duration of Act.

  31. XXXI.Act may be amended this Session.

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