Loan Societies Act 1840 (repealed 19.11.1998)

SCHEDULE E+W to which this Act relates

(A.)

Form of Note to be given by Borrower and Surety or Sureties

No. day of 18 .

The [name of society] loan society, established pursuant to [here insert the date of this session and chapter of this Act].

We jointly and severally promise to pay to the treasurer for the time being of the [name of the society] society at the office of the said society in the sum of being the amount of a loan granted by the said society to the undersigned by weekly instalments of each; the first instalment to be payable on the day of ; and on any default in the punctual repayment of the instalments, or other breach of the conditions on which the loan was granted, as set forth in the enrolled rules, we jointly and severally promise to pay, on demand, to the treasurer aforesaid, at the office aforesaid, so much of the loan as shall not then have been repaid.

£—————

D.E.

F.G. Places of residence and occupation.

H.I.

(B.)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F1

Textual Amendments

F1 Sch. forms (B) and (C) repealed by Statute Law (Repeals) Act 1981 (c. 19), Sch. 1 Pt. V

(C.)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F1

(D.)

Form of Bond

Know all men by these presents, that we, A.B. of treasurer [as the case may be] of the society, established at in the county of and C.D. of and G.H. of (as sureties on behalf of the said A.B.), are jointly and severally held and firmly bound to E.F. and G.H., trustees of the loan society, in the sum of to be paid to the said E.F. and G.H., as such trustees, or their successors, trustees of the said loan society for the time being, or their certain attorney; for which payment, well and truly to be made, we jointly and severally bind ourselves, and each of us by himself, our and each of our heirs, executors, and administrators, firmly by these presents, sealed with our seals. Dated the day of in the year of our Lord.

Whereas the above-bounden A.B. hath been duly appointed treasurer [or as the case may be] of the loan society, established as aforesaid, and he, together with the above-bounden C.D. and G.H., as his sureties, have entered into the above-written bond, subject to the condition herein-after contained: Now therefore the condition of the above-written bond is such, that if the said A.B. shall and do justly and faithfully execute his office of treasurer [or as the case may be] of the said society established as aforesaid, and shall and do render a just and true account of all monies received and paid by him, and shall and do pay over all the monies remaining in his hands, and assign and transfer or deliver all securities and effects, books, papers, and property of or belonging to the said society, in his hands or custody, to such person or persons as the said society shall appoint, according to the rules of the said society, together with the proper or legal receipts or vouchers for such payments, and likewise shall and do in all respects well and truly and faithfully perform and fulfil his office of treasurer [or as the case may be] to the said society, according to the rules thereof, then the above written bond shall be void and of no effect, otherwise shall be and remain in full force and virtue.

(E.)

Modifications etc. (not altering text)

C1 References to amounts in old currency to be read as references to equivalent amounts in new currency: Decimal Currency Act 1969 (c. 19), s. 10(1)

No of Scheme	Amount of Weekly Instalment.	Day on or after which the First Instalment is payable, reckoning the Day after the Loan as the First.	Sum which may be taken by way of Interest at the Time of advancing the Loan.
1	Two shillings per five pounds.	Eleventh.	Six shillings per five pounds.
2	Sixpence per pound.	Sixteenth	Twelve-pence per pound.
3	Eight pence per pound.	Twenty-first	Ten-pence per pound.
4	Four shillings per five pounds.	Thirty-eighth	Four shillings per five pounds.
5	Ten-pence per pound.	Twenty-first	Eight-pence per pound.
6	One shilling per pound.	Thirty-fifth	Eight-pence per pound.
7	Two shillings per pound.	Seventieth	Eight-pence per pound.
8	Two shillings and six-pence per pound.	Seventy-seventh.	Eight pence per pound.
9	Four shillings per pound.	Sixty-second	Sixpence per pound.
10	Five shillings per pound.	Sixty-sixth	Sixpence per pound.
11	Ten shillings per pound.	Seventy-third	Sixpence per pounds.
12	Twenty shillings per pound.	Seventy-sixth	Sixpence per pound.

In these schemes all instalments after the first are to be paid weekly.

Other schemes may be formed from these by advancing or postponing the day of payment of the first instalment, provided that the first payment is not made sooner than the eleventh day, and that not more than one penny per pound is added to the interest for every thirteen days of such postponement, or that not less than one penny per pound is taken off the interest for every thirteen days of such advance.

Thus: Scheme 6 may be altered by making the first instalment payable on the twenty-second day after the loan, and taking sevenpence per pound for interest, and so of the rest.