Loan Societies Act 1840
| Jurisdiction | UK Non-devolved |
(3 & 4 Vict.) C A P. CX.
[11th August 1840]
'WHEREAS an Act was passed in the Fifth Year of the Reign of His late Majesty, intituledAn Act for the Establishment of Loan Societies in England and Wales; and to extend the Provisions of the Friendly Societies Acts to the Islands of Guernsey, Jersey, and Man: And whereas it is expedient to repeal so much of the said Act as relates to the Establishment of Loan Societies inEngland and Wales , and to make other Provisions instead thereof:' Be it enacted by the Queen's most ExcellentMajesty, by and with the Advice and Consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the Authority of the same, That so much of the said Act as relates to the Establishment of Loan Societies inEngland and Wales shall be repealed, except as is herein-after provided: Provided always, that the Provisions of the said Act, and all Rulesheretofore certified by the Barrister appointed to certify the Rules of Savings Banks, and enrolled for the Management of Societies established under the said Act, shall continue and be in force and applicable for the Recovery of all Sums of Money which have been lent by any such Society before the passing of this Act, and may be due and owing or become due in respect of any Loan made by any such Society previous to the passing of this Act, according to the Rules of such Society, except where the same shall be contrary to the Provisions in this Act contained; and all such Rules shall be judicially taken notice of and enforced by all Justices in any Proceedings to be had or taken by the Treasurer or Clerk of such Society for the Recovery of any Loan or Loans, or any Sum of Money on account thereof.
II Society not liable to Penalties of Money for Loans made before passing of Act.
II. And be it enacted, That no Society certified and enrolled under the said Act, or Treasurer, Trustee, Clerk, Servant, or Member thereof, shall be liable to any Penalty or Forfeiture imposed by any Act or Acts relating to Usury on account of having reserved or contracted for more than the legal Rate of Interest, either in the Way of Interest, or other Charges or Expences, in respect of any Loan made by such Society before the passing of this Act.
III Formation of Loan Societies under Restrictions in this Act.
III. And be it enacted, That if any Number of Persons who have formed or shall form any Society inEngland for establishing a Fund for making Loans to the industrious Classes, and taking Payment of the same by Instalments, with Interest thereon, shall be desirous of having the Benefit of this Act, such Persons shall cause the Rules framed or to be framed for the Management of such Society to be certified, deposited, and enrolled in manner herein-after directed, and thereupon shall have the Benefit of the Provisions contained in this Act.
IV Three Transcripts of Rules to be submitted to a Barrister, &c.
IV. And be it enacted, That Three Transcripts fairly written or printed, or partly written and partly printed, on Paper or Parchment, of all Rules made in pursuance of this Act, signed by Three Members, and countersigned by the Clerk or Secretary, (accompanied, in the Case of any Amendment of the Rules, with an Affidavit of the Clerk or Secretary, or one of the Officers of the said Society, that the Provisions of this Act have been duly complied with,) with all convenient Speed after the same shall be made or amended, and so from Time to Time after every making or amending thereof, shall be submitted to the Barrister at Law for the Time being appointed to certify the Rules of Savings Banks, for the Purpose of ascertaining whether the said Rules of such Society, or Amendment thereof, are calculated to carry into effect the Intention of the Parties framing such Rules or Amendments, and are in conformity to Law; and that the said Barrister shall advise with the said Clerk or Secretary, if required, and shall give a Certificate on each of the said Transcripts, that the same are in conformity to Law, or point out in what Part or Parts the said Rules are repugnant thereto; and that the Barristerfor advising as aforesaid, and perusing the Rules or Amendments of the Rules of each Society, and giving such Certificates as aforesaid, shall demand no further Fee than the Sum of One Guinea; and One of such Transcripts, when certified by the said Barrister, shall be kept by the said Barrister, and another returned to the Society, and the Third of such Transcripts shall be transmitted by such Barrister to the Clerk of the Peace for the County, City, or Borough wherein such Society shall be formed, and by him laid before the Court of General Quarter Sessions, or Adjournment thereof, held next after the Time when such Transcript shall have been so certified and transmitted to him as aforesaid; and the said Courtis hereby authorized and required, without Motion, to allow and confirm the same; and such Transcript shall be filed by such Clerk of the Peace with the Rolls of the Sessions of the Peace in his Custody, without Fee or Reward; and that all Rulesand Amendments thereof, from the Time when the same shall be certified by the said Barrister, shall be binding on the several Members and Officers of the said Society, and the Borrowers and Sureties, and all other Persons having Interest therein.
V No confirmed Rule to be altered but at a General Meeting of the Society, &c.
V. And be it enacted, That no Rule, certified in manner aforesaid, shall be altered, rescinded, or repealed unless at a General Meeting of the Members of such Society, convened by Notice, written or printed, signed by the Secretary or President or other principal Officer or Clerk of such Society, in pursuance of the enrolled Rules, or of a Requisition for that Purpose signed by Three or more of the Members of such Society, such Notice to be forwarded by Post or otherwise to every Member of the Society Seven clear Days at least before the Day appointed for such Meeting; and such Alterations or Repeal shall and may be made with the Concurrence of the Majority of the Members of such Society then and there present.
VI Limitation of Fee payable to Barrister.
VI. And be it enacted, That the said Barrister shall be entitled to no further Fee for or in respect of any Amendment of any Rules enrolled under this Act, or which have been before the passing of this Act enrolled under the said Act of the Fifth Year of His late Majesty, upon which One Fee has been already paid to the said Barrister within the Period of Three Years.
VII Rules to be entered in a Book to be kept by the Officer of the Society.
VII. And be it enacted, That all Rules from Time to Time made and in force for the Management of any such Loan Society, and duly certified and enrolled, shall be entered in a Book or Books to be kept by an Officer of such Society to be appointed for that Purpose, which Book or Books shall be open at all seasonable Times for the Inspection of all Members of such Society, and of the Persons receiving Loans from such Society, and shall be binding on the several Members and Officers of such Society, and the several Persons receiving Loans from the same, and their Representatives, as well as those Parties who may become the Sureties for the Repayment of any Loan, their Executors or Administrators; and all such Persons and Parties shall be deemed to have full Notice of the enrolled Rules of the Society by the Deposit thereof with the Clerk of the Peace or Town Clerk, as required by this Act, and by the Entry thereof in such Book or Books; and the Entry of such Rules in such Book or Books as aforesaid, or the Transcript thereof deposited with the Clerk of the Peace or Town Clerk, or a true Copy of such Transcript examined with the Original, and proved to be a true Copy, or the Copy certified by the Barrister at Law appointed for that Purpose, shall be received as Evidence of such Rules respectively in all Cases, and no Certiorari shall be brought or allowed to remove any such Rules into any of Her Majesty's Courts of Record; and every Copy of any such Transcript deposited with any Clerk of the Peace or Town Clerk as aforesaid shall be made without Fee or Reward, except the actual Expence of making such Copy; and such Copy shall not be subject to any Stamp Duty.
VIII Property of Society vested in the Trustees thereof.
VIII. And be it enacted, That all Monies and Securities for Money, and all Chattels whatsoever, belonging to any such Society, shall be vested in a Trustee or Trustees for the Use and Benefit of such Society and the Members thereof, their Executors and Administrators respectively, according to their several Shares and Interests therein, and after the Death, Resignation, or Removal of any Trustee or Trustees shall vest in the surviving or succeeding Trustee or Trustees for the same Estate and Interest as the former Trustee or Trustees had therein, and subject to the same Trusts, without any Assignment or Conveyance whatever, and also shall for all Purposes of Suit, as well Criminal as Civil, at Law or in Equity, in anywise concerning the same, be deemed to be the Property of the Person or Persons appointed to...
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