Building societies (1863) (WA)

WESTERN AUSTRALIA

ANNO VICESIMO SEPTIMO

VICTORIE REGIME

No. 7

An Ordinance for the regulation of Benefit Building

Societies. [Assented to 15th July, 1863.

Preamble

HEREAS great inconvenience and expense may be incurred

in preparing and executing deeds of settlement to establish

societies called benefit building societies, and such deeds do not protect

the funds of the said societies in case of the insolvency of the officers

having the control and management of the funds thereof. And whereas

a certain building, investment, and loan society has been established,

principally amongst the industrious classes, for the purpose of raising

by small periodical subscriptions a fund to assist the members thereof

in obtaining a small real or leasehold property, and it is expedient to

afford encouragement and protection to such society and societies

having the same objects hereafter to be established and the property

obtained therewith : Be it therefore enacted by His Excellency the

Governor of Western Australia and its Dependencies by and with the

advice and consent of the Legislative Council thereof :—

Societies may be 1. That it shall be lawful for any number of persons to form them-

fopned and funds selves into and establish societies for the purpose of raising by monthl

raised for pier- y

poses of this	or other subscriptions of the several members of such societies, in	y
Ordinance
shares not exceeding the value of two hundred potmds for each share, such subscriptions not to exceed forty shillings per month for each

27 VICTORI2E. No. 7

Benefit Building Societies

share, a stock or fund for the purpose of enabling each member thereof to receive out of the funds of such society the amount or value of his or her share or shares therein, to erect or purchase one or more dwelling- house or dwelling-houses or other real or leasehold estate, to be secured by way of mortgage to such society until the amount or value of his or her share shall have been fully repaid to such society with the interest thereon and all fines or other payments incurred in respect thereof ; and to and for the several members of such society from time to time Members may

to assemble together and to make, ordain and constitute such proper

and wholesome rules and regulations for the government and guidance pose RITZ! -

of the same as to the major part of the members of such society so	tics, an	d for-
fmture	s

assembled together shall seem meet, so as such rules shall not be repugnant to the express provisions of this Ordinance or to the laws in force in the said Colony, and to impose and inflict such reasonable fines, penalties and forfeitures upon the several members of such society who shall offend against any such rules as the members may think fit, to be respectively paid to such uses for the benefit of such society as such society by such rules shall direct ; and also from time to time to Rules may be

alter and amend, annul or repeal such rules and to make new rules in altered

lieu thereof, under such restrictions as are in this Ordinance contained.

Provided that no member shall receive or be entitled to receive from Provis o as to

the funds of such society any interest or dividend by way of annual or dividend	od
other periodical profit upon any shares in such society until the amount or value of his or her shares shall have been realised, except on the withdrawal of such member according to the rules of such society then in force.

2. That it shall be lawful to and for any such society to have and Society may

receive from any member or members thereof any sum or sums of money 1,7 ,0`„le"Nuy"'841

by way of bonus on any share or shares, for the privilege of receiving bonus

of

the same in advance prior to the same being realised, and also any

interest for the share or shares so received or any part thereof.

3. That it shall be lawful to and for any such society in and by the Form s of eon- rules thereof, to describe the form or forms of conveyance, mortgage, svogr:im,t: transfer, agreement, bond or other deed or instrument which may be as the schedule necessary for carrying the purposes of the said society into execution, thereto

which shall be specified and set forth in a schedule to be annexed to the rules of such society duly certified and deposited as hereafter provided.

4. That all the provisions of a certain Ordinance of Council made Provisions of

and passed in the twenty-seventh year of the reign of Her Most Gracious to crtend to

Majesty Queen Victoria, No. 6 of one thousand eight hundred and :?tlettfottist far as the same or any part thereof may be applicable to the purpose m appiicablesixty-three, entitled An Ordinance to regulate Friendly Societies,' so Timmer, Moo Mr-

of any benefit building society, and to the framing, certifying, allowing and enrolling and altering the rules thereof, shall extend and apply to such building society and the rules thereof, in such and the same manner as if the provisions of the said Ordinance had been herein expressly re-enacted.

5. That it shall be lawful for the trustees named in any mortgage Receipts may

made on behalf of such societies, or the survivor or survivors of them, emkfsed fill	mortgoges
or for the trustees for the time being, to endorse upon any mortgage or

27 VICTORIA. No. 7

Benefit Building Societies

further charge given by any member of such society to the trustees thereof for monies advanced by such society to any member thereof, a receipt for all monies intended to be secured by such mortgage or further charge, which shall be sufficient to vacate the same, and vest the estate of and in the property comprised in such security in the person or persons for the time being entitled to the equity of redemption, without

Re-conveyance	it being necessary for the trustees of any such society to give or execute
unnecessary	any re-conveyance of the property so mortgaged, the form of which receipt shall be specified in a schedule to be annexed to the rules of such society duly certified and deposited as aforesaid.
Existing society
protected on	6. That the building society established prior to the commencement on its present rules being duly confirmed and deposited as directed by the said Ordinance 27th Vic., No. 6 of one thousand eight hundred and sixty-three, and no such last-named society shall be entitled to the benefit of this Ordinance until its rules shall have been so confirmed and deposited, and that such last-named society shall not be required to alter in any manner the rules under which it is now governed.
rules being	hereof shall be entitled to the protection and benefit of this Ordinance,
confirmed and
deposited

J. S. HAMPTON,

GOVERNOR AND COMMANDER-IN-CHIEF.