Building Societies Act 1847 No 10a (NSW)

t r ious classes for t he purpose of ra is ing by small periodical subscrip­

WH E R E A S Bui ld ing Societies in New South Wales amongst t he indus­

t ions a fund to assist t h e member s thereof in ob ta in ing a small free­ hold or leasehold proper ty and it is expedient to afford encouragement and protect ion to such societies and the p roper ty obtained the rewi th Be it therefore enacted by His Excel lency t h e Governor of New South Wales with t h e advice and consent of the Legislative Council thereof Tha t it shall and may be lawful for any n u m b e r of persons in New South Wales to

No. X.

An Act for the regulation of Benefit Building

Societies. [24th August, 1847.]

it is expedient to provide for t h e es tab l i shment of

t o form themselves in to and establish societies for t he purpose of ra is ing b y t h e m o n t h l y or o ther subscr ipt ions of t h e several members of such

societies in shares n o t exceeding t h e va lue of two h u n d r e d pounds for

each share such subscr ip t ions no t to exceed t h i r t y shill ings per m o n t h for each share a stock or fund for t h e purpose of enabl ing each m e m b e r thereof to receive out of t h e funds of such society t he a m o u n t or va lue of his or he r share or shares there in to erect or purchase one or more dwell ing-house or dwell ing-houses or o ther real or leasehold estate to be secured by way of mor tgage to such society un t i l t h e a m o u n t or va lue of his or he r share shall have been fully repaid to such society w i th t h e interest the reon a n d all fines or other p a y m e n t s i ncu r red in respect thereof and to and for t he several members of each society from t ime to t ime to assemble together and to m a k e ordain and cons t i tu te such proper and wholesome rules and regula t ions for t h e gove rnmen t a n d gu idance of t h e same as to t he major p a r t of t h e member s of such society so assembled toge ther shall seem mee t so as such ru les shall no t be r e p u g n a n t to t h e express provisions of th i s A c t or t o t h e laws in force in t h e said Colony and to impose a n d inflict such reasonable fines penal t ies and forfeitures u p o n t h e several members of any such society who shall offend aga ins t any such ru les as t h e members may t h i n k fit t o be respectively paid to such uses for t h e benefit of such society as such society by such rules shall direct and also from t ime to t ime to a l te r and amend a n n u l or repeal such ru les and to m a k e new rules in l ieu thereof u n d e r such res t r ic t ions as are in th i s A c t contained Provided t h a t no m e m b e r shal l receive or be ent i t led to receive from t h e funds of such society any in teres t or dividend by way of a n n u a l or other periodical profit upon any shares in such society un t i l t h e a m o u n t or value of his or he r shares shall have been realized except on t h e wi thdrawal of such

m e m b e r according to t h e ru les of such society t h e n in force.

2. A n d be i t enacted Tha t i t shall and m a y be lawful to a n d

for any such society to have and receive from any m e m b e r or members thereof any s u m or sums of money by way of bonus on any share or shares for t h e privi lege of receiving the same in advance pr ior to t he same be ing realized and also any interest for t h e share or shares so received or any p a r t thereof.

3 . A n d be it enacted Tha t i t shal l and may be lawful t o and for any such society in and by the ru les thereof to describe t he form or forms of conveyance mor tgage t ransfer agreement bond or o ther i n s t r u m e n t which m a y be necessary for ca r ry ing the purposes of t h e

in a schedule to be annexed to t h e ru les of such society duly certified	said society in to execut ion and which shal l be specified and set forth	and deposited as hereinafter provided.
4. A n d be i t enacted Tha t all t h e provisions of a cer tain Ac t of Counci l made and passed in t he seventh year of t h e re ign of H e r presen t Majesty Queen Vic tor ia in t i tu led "An Act to regulate Friendly Societies in the Colony of New South Wales'" so far as t h e same or any p a r t thereof may be appl icable to t he purpose of any benefit bu i ld ing society and to t he f raming certifying enrol l ing and a l te r ing t h e rules thereof shall ex tend and apply to such bu i ld ing society and the rules thereof in such a n d the same m a n n e r as if the provisions of t he said A c t had been herein expressly re-enacted.
B. A n d be i t enacted Tha t i t shall be lawful for t h e t rus tees named in any mor tgage made on behalf of such societies or the survivor or survivors of t h e m or for the t rus tees for t he t ime be ing to endorse u p o n any mor tgage or fur ther charge given by any member of such society to t he t rus tees thereof for moneys advanced by such society to any member thereof a receipt for all moneys in tended to be secured by such mor tgage or fur ther charge which shall be sufficient t o vaca te

t h e

t h e same a n d vest t he es ta te of and in t he p roper ty comprised in such securi ty in t h e person or persons for t h e t ime be ing ent i t led to t he equi ty of redempt ion wi thou t i t be ing necessary for t h e t rus tees of any such society to give any re-conveyance of the p roper ty so mor tgaged the form of which receipt shall be specified in a Schedule to be annexed to t he ru les of such society duly certified and deposited as aforesaid.