The Building Societies Act 1881 (SA)

No. 211,

An Act to amend the Law relating to Ruilding Societies.

W HEREAS it is expedient to amend the lam relating to Preamble. building societies in manner hereinafter providecl-Be it

thcrcfol.~ Enactcd by thc Govclnor of the Province of South Australia, with the advice and consent of the Legislativc Council and House of Assembly of the said province, in this present Parliament assembled, as follows:

1, This Act shall come into operation on a day to be fixed by the Commencement,

Governor, by Proclamation, to bu published 'in the Gouwnnmt

Gazette, and may bc cited for all purposes as 'l'he Euilding she* title,

8-211

Societies ~ c t, l881 ."

2. Ordinance No. 12 of 1850, intitulcd " To Establish and ltegu- Repcd

late Benofit Building Societies," is hereby rcpealcd; b ~ l t this r q w d shi~ll not affect any buildiug socicty constituted under the said Act until such society slmll have obtniiwd a certificate of incol.yora~ir~n under this Act; ancl this repeal slmll not crff~ct the past operittion of tlie said Act, or tlie forcc or opcratioii, validity or unvdidity of rtuything done or sufferorl, or any bond or security given, or any right, title, obligation, or 1i:hility accrucld, or m y yroccdings tnlwn thcrcundcu, or u~itler t\ic rulcs of any socicty which has been constituted tllcreunder.

3, 111 this Act-	Interpretation of
toms.

The term building society" or h ' socicty " mcrtns ally society

having for its object, or one of its objects7 tllu raising of n

fund

$4 44" & 45" VICTORIA3, No. 2 I r .

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The Building $ocieties Act.-1 88 1,

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fund by the payment, subscriptions, or contributions of its members and the application of such ftmd in assisting its member8 to obtain freehold or leasehold proycrty, or in the

making of loans or advances to its members or others, upon the ~ c u r i t y of freehold or leasehold property or transfer of

partly paid up $hares with the periodical repayment of

principal and interest by instalments:

The term committee of management" means the managing

body of my society under this Act, whether callcd n board

of directors," committee," or otherwise:

The term existing society " means any building society existing

at the time of the passing of this Act, the rules of which have

been allowed or confirmed by the Governor under Ordinancc

No. 12 of 1850:

The term

terminating society " means a society which by its

rules is to terminate at a fixed date, or when a certain event

or result specified in its rules is arrived at:

The term '' permanent society" means a society which has not by its rules any fixed date or certain event or result when it shall terminate:

The term " secretary " means the secretary, manager, managing director, or other principal executive officer of a society, by whatever name he may be called:

The term	investing member" means any member of a society who holds shares which participate in the profits of the society, whether such shares have been borrowed or advanced
on or not.

The tern '' investing shares" means any shares which participate

in the profits of the society, whether such shares have been

borrowed or advanced on or not:

The term Court" means the Supreme Court of the Province of

South Australia:

The term " Registrar " means the Registrar-General of Deeds fox the time being of the Province of South Australia, or his deputy, or any other person appointed for that purpose.

EstsbLishment and

mgiutration d new 4, Any number of persons, not less than ten, may establish a

rraei*	society under this Act, either terminating or yermanmt. Such persons shall transmit to the Registrar two copies of the rules agreed
upon by them for the government of the societv, signed by three of such persons and by the intended secretary; &nd the Itegistrar, if
satisfied that the rules contain all the provisions set forth in section 13 of this Act, and that they are in conformity with this Act, shall return one copy with a certificate of registration to the intended secretary, and shall retain and register the other copy, and thcre- upon such society shall be deemed to be established ar~d registered under this Act; and no society shall hereafter be formed or estab-
hhed except under this Act. 6. No

44' & 45" VICTORIW, No. 211. -- --

The Building Societies Act-l 88 l.

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5, No society shall be registered under this Act by a name Prohibition ofiden-

identical with that by which an existing society is already registered, ,i,i,.	tlty of names of
or in the opinion of the Registrar so nearly resembling the same as to be calculated to deceive, unless such existing society is in course of being terminated or diseolved, and consents to such registration.

6, Any existing society shall bc cntitled to be registered under Registration of erieb-

this Act, and when so registcrcd its rules shall, so far as the same ing societies,

are not contrary to any express provision of this Act, continu;! in

force until altered or rescinded as hereinafter mentioned; but any of

its rules which are contrary to any express provision of this Act shall,

after such registration, cease to bc of any force or validity save as to

m y transactions, matters, or things done prior to such registration.

7. No existing society shall be registered under this Act except ~uthority to regiater

by the authority of a. general meeting of the society convened and existing miety.

held in accordance with its rulcs for the time being, and specially called for the purpose, and the Registrar may require a statutory declaration from the secretary, and such other evidence, if any, as Ire

may think fit, that such authority was duly given,

8, Any existing society entitled to be registered under this Act Mode of registration

and desirous of being so registered shall transmit to the Registrar "

exi8t"g mietr.

two copies of its rules purporting to be duly allowed or confirmed under Ordinance No. 12 of' 1850, authenticated by the statutory declaration of the secretary, and to which an impression of th'e common seal intended to be used shall be applied, and such other evidence, if any, as the Kegistrar may require; and the Registrar, if satisfied that such rules were duly allowed nnrl confirmed under thc said Act, and that the ncccssary authority for the registration of the society under this Act has bceu given, sllall return one copy to the secretary with c2 certificate of registration, ancl shall retain

and register such rulcs, and thereupon such society shall be deemed

to be registered under this Act.

9, Upon the registration of any society under this Act the Incoqmnrtion.

Registrar shnll forthwith notify in the Gorer-nrncnf Gazette, in the form

or to the effcct ill the First Schedule to this -%ct, that S U C ~ society is Fi~st Schedule.

~egistercd, and thrrcupon the then prcsent members of the society, together with such othcr persons as illay from time to time become nwmbers of the society, shall bc n bodv corporate by tlie name cou- tained in its rulcs, capable forth~it~ll df exercising all the functions

of an incorporated society and having perpetual succession and a

common seal. Such notice shall be conclusive evidence that all the requirements of this Act in respect of registration have been corn- plicd with.

10. A certificate in the form or to the effect in the Second ~ ~ f ~ f i n c o r ~ r n t i o n.

Selmlule to this Act undm thc ]land of the Registrar for the time second Schedule.

h i o a (whose llandwriting it shall not be necessary to prove, and

~ v h o is llercby rcqoirrd to give such ccrt ifiraf c t,o any person applying

for the same on payment of

One Shilling) shall be conclusive evidence

that

44° & 4 5 O VICTORIW, No. 211.

The Building Societies Act-1881.

that the company named in such certificate is incorporated under

this Act,

~ommon d. 11. Upon the registration under this Act of any existing society,

such society shall forthwith, by passing a new rule for the purpose, make provision for the custody and use of the common seal

of the society, which shall in all cases bear the registered name

thereof.

&c.,to 12. All rights of action, and other rights, and all estates and

on moorporation.	interest in real and personal estate whatsoever, belonging to, or held
in trust for any existing society registered under this Act, shall, on
the incorporation of the society under this Act, vest in the society,
without any conveyance, transfer, or assignment whatsoever: Pro- vided that in the case of fi-eehold land under the provisions of "The Real Property Act of 1861," or any Act amending the same, it shall be necessary for an application to be made to the Registrar-General, under the seal of the society, applying to be registered as proprietor of such land, whereupon the Registrar-General, on pay men t of the transfer fee, shall register the society accordingly,
Rules to omtaia

l.wbttem* 13, The; rules of every society established under this Act shall

set forth-

I. The name of the society, and chief office or place of

meeting for the business of the society:

11. The manner in which the stock or funds of the society are to be raised; the terms upon which the paid-up shares (if any) are to be issued and repaid, and whether preferential shares are to be issued, and if so, within what limits, if airy; and whether the society intends to avail itself of tlre borrowing powers contained in this Act, and if so within what limits, not exceeding the limits prescribed by this Act:

111. The purposes to wliich the funds of the society are to be

applied, and the manner in which they are to be invested:

IV. The terms upon which shares may be withdrawn, and upon which mortgages may be redeemed:

v. The manner of altering and rescinding the rules of the society and of making additional rules:

V I. %'he

duties and powers of and manner of appointing, re-

munerating, and removing the committee of management,

auditors, and other officers:

vxr. The manner of calling general and special meetings of the

members, the quorum necessary to constitute such meet- ings, aird the mode of voting and number of votes to be given by each member at such meetings:

v w. The mode of drawing and signii~g ohcques, drafts, bills of

exchange,

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The Building 8ocieties Act.--1881.

exchange, promissory notes, and other negotiable instru-

ments for and on behalf of the society:

IX. The spccics of security to be given by any paid officer of the society having the receipt or charge of any money belonging to the society:

X. Provision for an annual or more frequent audit of the accounts, and inspection by the auditors of the mortgages and other securities belonging to the society:

XI. Whether disputes between the society and any of its members, or any person claiming by or through any member, or under the rules, shall be settled by reference to arbitration or how otherwise:

r r l. Provision for the device, custody, and use of the seal of the society, which shall in all cases bear the registered name thereof:

XIII. Provision for the custody of the mortgage deeds and other

securities belonging to the society:

XIV. Provision for the payment of all funds belonging to the

societv to the credit of the society a t some incorporated or

c h a r t k d bank in South Australia:

xv. The fines and forfeiturcs to be imposed on members of the

society:

XVI. The manner in which the society, whether tcrminating or

permanent, shall be terminated or dissolved.

14, Any society, if so provided for by its rules, may receive from Society may receive

any member any sum of money by way of bonus on any sharc or bonlls.

shares for the privilege of receiving the amount of the samc in

advance prior to the same being redised, and also any interest for

the share or sharcs the amount of which may be so received, or any

part thereof.

15, Any society undcr this Act may, in a schedule to its rules, Forms of conveyance,

prescribe the forms of conveyance, mortgage, transfer, ngrecmcnt, sonbed.

&L, may be pre-

bond, sccurity, for deposit or loan, or other instrument necessary for

carrying its purposes into cxccution.

16. 911y existing society registered under this Act may alter or Existing so*etg

rescind any of its rules, or make any additional rule in manner altermles.

prescribed by its rules, or if no manner be so prescribed, then b j

the vote of two-thirds of the members present at a geueral meeting

of the society, convcned and held in accordance with its rules for

the time being, and specially called for the purpose by notice of seven days at the least, specifying the proposed a1 teration, rescission,

or addition.

17. Every society under this Act altering or rescinding any rulc, Altcnuion dm to

or making an additional rule, shall forward to the Registrar two be wLstered.

copies

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The Bua'ErJi~tg 8ocieties Act,-1 88 l.

copies of every resolution for rescission of a rule, and of every altera- tion of or addition to its rules, signed by three members and the secretary, and if the Registrar is satisfied that such alteration, addition, or rescission is in conformity with this Act, he shall register one of such copies, and return the other to the secretary with a certificate of registration, and no such rescission, alteration, or addition shall be of any force or validity until so registered.

copy Idea, tic., to 18. Every society under this Act shall supply to any person

be supplied. requiring the same a complete printed copy of its rules for the time being in force, with a printed copy of its certificate of incorporation appended thereto, and shall be entitled to charge therefor a sum not exceeding One Shilling.

R U I ~ bindine; on 19. The rules of a society under this Act shall be binding on the

members.	several members and officers of the society, and on all persons claim- ing on account of a. member, or under the rules, all of whom shall be deemed and taken to have full notice thereof, and shall not have power to question or impugn the legality or validity thereof.
Change of name.	20. A society under this Act may change its name by resolution of three-fourths of the members present at a meeting called for the purpose: provided that the new name is not identical with that of any society previously registered and still subsisting, or in the opinion of thc Registrar so nearly resembling the same as to be calculated to deceive, unless such subsisting society is in course of being terminated or dissolved, and consents to such registration. Notice of the change of name shall be sent to the Registrar and registered by him, and he shall give a certificate of registration within seven days from the of such notice. Such change of name shall not affect any right or obligation of the society, or of any mem ber thereof, or other person concerned.
Married women and

minorm. 21. Married womcn and minors may become investing members

in any society under this Act, and their receipts, notwithstanding

coverture or infancy, shall be sufficient discharges to the society for	all moneys paid to any such married woman or minor, and the ;hare
or interest of any such married women, to the extent of not more than Six Shillings weekly, way, if shc shall so direct at the time of becoming such member, hc held for her sole and separate use, inde- pendent of the debts or control of any husband.

Joint holders and cor-	22, Two or more persons jointly, or any corporation or incor- poratcd company, may hold shares in any society under this Act.
LiabWofmembers.	23. The liability of m y member of a socicty under this Act in respect of any share upoiwhich no advance has been made, shall be limited to the amount actually paid, or in arrea? on such share, and profits declared or accumulated thcrcon, and in respect of any share upon which an advance has been made, shall be limited to the amount payable thereon under any mortgage or other security, or
under the rules of the society. 24, Any

porations.

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The Bwilding Societies Act.-1881.

24. Any society under this Act may employ its funds for such Emi~loymentof funds.

of the following purposes as are provided for in its rules: To make

advances to members of the society upon security of their shares-

to makc advances to members and other pcrsons, and to corporate

bodies, upon the security of freehold or leasehold estate by way of

mortgage, and the society may accept the security of other property

by way of collateral security: Provided that any land to which any

society may become absolutely entitled by forfeiture or by surrender

or other extinguishment of the rights of redemption shall, as soon

afterwards as may be conveniently advantageous, bc sold or con-

verted into money.

25. Any society under this Act may from time to t,irne when Issueofahes.

and as provided in its rules raise funds by the issue of shares of onc or more denominations, either paid up i11 full or to be paid by periodical or other subscriptions, and with or without accumulating interest, and may repay such funds at such time as is provided in the rules of the society.

26. Any society under this Act may purchase, build, hire, or Business premises.

take upon lease any building for conducting its business, and may adapt and furnish the samc, and may purchase or llold upon lease any land for the purpose only of erecting thereon a building for conducting the business of the society, and may sell, eschange, or

let such building, or any part thereof.

27. Any society under this Act may obtain bank overdrafts Deposits and loam.

or receive deposits or loans, at interest, fro111 the members or other persons, or from corporate bodies, joint stock companies, or from any other building or friendly society, to be applied to the purposes of the society, provided that the total amount received on deposit or loan and not repaid by any society, in thc case of a permanent society, shall not at any time exceed two-thirds of the amount for the time being secured to the society by mortgages from its members, or in the case of a termi- nating society shall not exceed twelve n~onths' income on the shares

for the time bciug in force. Any deposits with or loans to an exist- ing society made bcfore its registration under this Act in accordance with its certified rules, arc hereby declared to be valid and biuding on the society although such deposits or loan3 may exceed the limit aforesaid, but all such deposits ancl loans shall be taken into account in determining the amount which a:,y such society may legally rcccive

on deposit or lom after being registered under this Act; and no

further deposits or loans shall be received by any socicty except within the limits provided by this section. Any member or other ~lerson, corporatc body, join t-S tock company, or other building or friendly society depositing or lending money with or to any society under this Act shall n ~ t be bound to see to the application thercot;

or that the society has not exceeded its borrowing limit.

28. Every deposit-book, or nclinowledgment, or sccnr i t~ of ; ~ n y Acknowledgments

kind, given for a deposit or loan by a society shall have printed tabesr copies	for loans or deposits
wcc. 23, 27, an428.

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The Building Societies Act.-- l88 l. --- .-

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or ~written thereon the whole of the twenty-third, twentyseventh, and

twenty-eighth sections of this Act.

Purcber, &C., not	29, No member of any society under this Act, nor any yur-
bound to soo to appli-

cation of purchase	chaser of imY land from any such socicty, shall be obliged to inquire
money.	into the application of the considc~ation money mentioned in any conveyance or reconveyance, receipt, or statutory release, or be answerable ar accountable for the misapplication, non-application, or loss thereof.

InveRtment of funds. 30. Any society under this Act may, from time to time, unless

its rules otherwise direct, invest any portion of its funds not imme-

diately required for its purpose in the public funds, or in or upon any Government debentures, stock, or sccurities, or in or upon any debentures, stock, or securities, payment of the interest on which is guaranteed by authority of Parliament; but no society shall invest its funds, or any part thereof, in the Savings Bank of South Australia.

Paid ofecers to give 31. Every paid officer of a society under this Act, having the

wcurity.	receipt 01- charge of any money belonging to the society, shall give
such security as the rules of the society direct, in such sum as the
committee of management require, for rendering a just and true account of all moneys received and paid by him on account of the society, and for payment of all sums of money due from him to the society, at such times as its rules appoint or the committee of management may require.
Paid officets to ac-

cmmt and deliver 11p 32, Every paid officer of a society under this Act, his executors

books, &C., on demand. or administrators, shall, upon demand made or notice in writing given or left at his last or usual place of residence, give in to the committee of management an accouit of all moneys received Ly him from or on accaunt of the society to be examined and allowed or disallowed by them, and shall, on the like demand or notice, pay over all the

moneys remaining in his or their hands, and deliver all securities and effects, books, ptpers, and property of the society in his or their hands

or custody to such persou as the committee of management shall

appoint; and in case of any neglect or refusal to deliver such account, or to pay over such moneys, or to deliver such sccurities and effects, books, papers, and property in manner aforesaid, the society may sue upon the security given by such officer, or may apply to the Court by motion either upon notice or e z parte ss the Court may think fit, and the Court may proceed thereupon in a eummary way and make such order thereon, and as to the cost of such application as to thc Court in its discretion shall seem just, which order shall be final and con- clusive.

Society to fimt 33. If any person appointed to any office and intrusted with the

On Of

officer dying,

keeping of accounts, or having in his hands or possession, by virtue

hemming insolvent,

of his said office or appointment, any moneys or effects belonging to

&c.

such society, or any deeds or sccurities relating to the samc, shall die

or

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T h e Bui lding Societies Act.---1881.

or become insolvent, or have any altschment, or execution, or other process issued, or action or proceedings commenced against his lands, goods, chattels, or cffects, or property or estate, or make any assign- ment, disposition, or other conveyance thereof, for the benefit of his creditors, his heirs, executors, administrators, or assigns, or other persons having legal right, or the Sheriff' or other officer executing such process, or the party using such action or proceedinas, shall, within twenty-one days after demand, in writing, by order of such society, or committee thereof, or the major part of them, assembled at any meeting thereof, deliver and pay over all moneys and other things belonging to such society to such person as such society or committee shall appoint, and shall pay out of the estates, assets,

or effects of such person all sums of money remaining due which the

said person rcceivcd by virtuc of his said office or appointment before any other of his debts are paid or satisfied, or before the money directed to be levied by such process as aforesaid, or which may be recoverable under the samc, is paid over to the party issuing such process or using such proceedings, and all such assets, lands, goods, chattels, property, estates, and effects shall be bonnd to the paymcnt and dischargc thercof accordingly.

34, Contracts on behalf of any society under this Act may be contmta,

made, varied, or discharged as follows, viz.-

Any contract which, if made between private persons, would be by law required to be in writing under seal, may be made, varied. or discharged, in the name and on behalf of the society in writing, under the common seal of the society:

Any contract which, if made between private persons, would be by law required to bc in writing and signed by the parties to be charged therewith, may be madc, varied, or discharged in the name and on behalf 6f society in writing, signed by any person acting under the express or implied authority of the society:

Any contract which, if inade between private persons, would by law

writing, may be madc, varied, or disdharged, by parol, in the

be valid although made by parol onlv and not reduced into

name and on behalf of the society, by any person acting

under the express or implied authority of the society.

And all contracts made according to the provisions herein contained shall be effectual in law, and shall bc binding upon the society and all other parties thereto, their heirs, executors, and administrator, as the case may be.

35, The secretary of every society under this Act shall, once in AnnUalacconnt.

every year at least, preparc a general statement of its funds and effects, liabilities and assets, showing the amounts due to the holders of the various classes of shares resyectively to depositors and creditors, and also the balance due or outstanding on its mortgage and other securities (not including prospective interest), and the amount in-

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The Building &cieties Act.- 1881.

vested in. other securities, and also an account or statement of receipt8 and expenditure from the last preceding similar statement, *together with a statement of profit and loss, and every such account

and statement shall be attested by the auditors to whom the

mortgage deeds and other securities belonging to the society shall

be produced, and such account and statement shall be countersigned

by the secretary and published in the Government Gazette and in one newspaper circulating in the locality in which the chief office of the society is situate, and every member, depositor, and creditor shall

be entitled, on application therefor to the secretary, to receive from

the society a copy of such account and statement, and a copy thereof shall be sent to the Registrar within fourteen days after the annual or other general meeting at which it is presented, and another copy thereof shall be suspended in a conspicuous place in the chief office of the society, and be kept so suspended until the suspension

in like manner of the next succeeding similar account; and every

such account or statement shall be in the forms prescribed by the

Fourth Schedule hereto, or to the like effect.

Bmiety to furnish 36.

Every society shall, at such time and in such form and manner, Honorable the Attorney-General for the time being, furnish all such just and true accounts, reports, statistical tables, and statements as he may deem requisite to elucidate the state and proceedings of such society, or the manner in which the purposes of such society and the provisions of this Act have been carried into effect.

account. when

requwted by	and to such persons as may from time to time be appointed by the
Attorney-General.
37, Every dispute between any member of any society under this Act, or any person claiming through or under such mernbcr and the society or any officer thereof, shall be decided in the manner directed by its rules, and thc decision so made shall be binding and conclusive on all parties, and shall be final to all intents and purposes, and shall not be subject to appeal, and shall not be removed or removable into any Court of Law, or restrained or restrainable by the injunction of any Court.

Termination or &a- 38, A society under this Act may terminate or be dissolved-

nolution of aooiety.

T. Upon the happening of any event declared by its rules to be

the termination of the society:

11. By dissolution in manner prescribed by its rules:

111. I n cases where no manner is prescribed by its rules, by dissolu- tion with the consent of three-fourths of the investing members, holding not less than two-thirds in value of the investing shares in the society then current, testified by

their signatures to the instrument of dissolution. The

instrument of dissolution shall set forth-

(a. ) The liabilities and assets of the society in detail:

( b. ) The number of members and the amount standing to

their credit in the books of the society:

(C,) The

44' & 45' VICTORIfi, No. 21 I.

The Building 8uoieties Act.-1 88 1.

(C.) The claims of depositors and other creditors, and

provision to be made for their payment:

(d.) The intended appropriation or division of the funds

and property of the society:

( e. ) The names of one or more persons to be appointed

trustees for the special purpose of winding up the

society, and thcir remuneration:

Alterations in the instrument of dissolution may be made with the like consent testified in the same manner. 'The instrument of dissolution, and all alterations therein, shall, when signed by the required number of members, be transmitted to the Registrar with a statutory declaration by the secretary, verifying the signatures thereto, and that it is signed by the required number of members, and shall thereupon be registered by the Registrar, and shall be binding upon all the members of the society:

W. By winding-up by the Court, if thc Court shall so order 0x1

the petition of any member, authorised by three-fourths of of the investing members, holding not less than two-thirds in value of the investing shares in the society then current, present at a general meeting of the society specially called for the purpose, to present the same on behalf of the society, or on thc petition of any judgment crcditor for not less than One H~zndred Pounds, but not otheiwise. General rules or orders for regulating the proceedings of the Court in relation to the winding up of societies under this Act may be from time to time made bv any three Judges of the Court. In the absence of an^ &ch rules or orders the rules or orders for the tiinc h e h g regulating the winding up of companies under C( The Companies Act of 1864" shall apply so far as applicable:

Notice of the commencement and termination of every dissolution or winding up shall be sent to thc: Registrar, and registered bv

him.

39. Two or more societics undcr this Act may unit? a,nd beconlc societies msv un;fc? ,

one society with or without a dissolution or diviiion of the funds of :$pfer	eu811ge-
such societics or either of them, or a society undel. this Llct niav d transfer its engagements to any othcr society under this Act, upou
such terms as shall be agreed upon by tluree-fourths of the investing
members (holding not less than two-thirds in vr~lue of the investing shares then current) of each of such societies present at general meetings respectively convened for the purpose; but no such union or transfer shall prcjudioe any right of any creditor of either society. Notice of every such union or trnnsfcr shall be sent to the Registrar, and registered by him.

40. When all moneys intended to be secured by any mortgage or Reocipt t o operate as.

further charge given to a society under this Act have been fully paid recOn"JancO.

or

44" & 45" VICTORIW, No. 21 I.

The Building Socie t i~s Act.-1881.

or discharged, the society may endorse upon or annex to such mort-

gage or further charge a receipt under the seal of the society, in the

Third M a l e.	form specktied in the Third Schedule to this Act, and such receipt
shall vacate the mortgage or further charge and debt, and also all further charges relating to the same land dated subsequently to the mortgage or further charge on or to which such receipt shall be endorsed or annexed and prior to the date of the receipt, and vest the estate of and in the property therein comprised in the person for the time being entitled to the equity of redemption, without any reconveyance or re-assignment whatever, and so that the person for the time being entitled to the equity of redemption in cases where he was the original mortgagor of the property shall hold the property to the same uses and upon the same trusts so far as they
have not been varied or altered as he held the property before
mortgaging, and in cases where the person for the time being entitled to the equity of redemption is not the original mortgagor of the property shall hold the property to the samc uses and upon the same trusts as he held the equitable estate.

If any member of, or depositor with, a society under this Act, having in the funds thereof a sum of money not exceeding One Hundxed Pounds, die intestate, or if any person entitled to the equity of redemption o f any property mortgaged to any society under this ,4ct die intestate, and upon the sale of the mortgaged premises

41.

any money not exceeding One Hundred Pounds remains in the

hands of the society after paying the amount duc to the society, and the costs and expenses of sale, then, and in either of such cases, such money may be paid to any person who shall appear to the society to be entitled to obtain lcttcrs of administration of the estate of such deceased member, depositor, or person, as af or esaid, without his taking out letters of administration, upon such person giving such security, and upon such evidence as the committee of management shall consider satisfactory of such death and in testacy, and that the person so claiming is entitled as aforesaid; and when- ever the society has paid any sum of money not exceeding Orie Hundred Pounds, under the provision aforesaid, the receipt of thc

discharge to the society for the money so paid, but nevertheless the	person to whom the samc has bccn paid shall be a valid and effectual
person who has received the same shall be liable to account to the next of kin, or personal representative of such deceased member, depositor, or person, as aforesaid, for the amount so rcccived.

Paadtim for bregcb 42. 'If any building society, or any persons representing them-

of thia Act. selves to be a society under this Act, commence business without first obtaining a certificate of incorporation under this Act, or if any societv under this Act makes default in forwarding to the Registrar any r6turns or information by this .Act required, or makes a return wilfully false in any respect, the committee of management, secretary, and every other officer of such society, or pretended society, shall be liable fox every day business is carried on, or for every such default or false return, upon summary conviction before a

Special

4 4 O & 45 VICTORIIE, No. 21 I.

Specid Magistrate or two Justices, at the complaint of the Registrar, to a penalty not exceeding Five Pounds. If any society under this Act receives loans or deposits in excess of the linlits prescribed by this Act, every mcmbcr of the committee of management of such society shall be personally liable for the amount so received in excess.

43, If any person whosoever, by false representation or imposi- offencaa.

tion, obtains possession of any moneys, securities, books, papers, or other effects of n society under this Act, or, having the same in his possession, withholds or misapplies the same, or wilfully applies any part thereof to purposes other than those expressed or directed in the rules of the society, and authorised by this Act, he shall be liable on summary conviction to a penalty not exceeding Twenty Pounds, with costs not exceeding Twenty Shillings, and to be ordered to deliver up to the society, or to any person named in the

order, all such moneys, securities, books, papers, or other effect; of

the society, or to repay the amount of money applied improperly, and in default of such delivery of effects, or repayment of such amount of money, or payment of such penalty and costs, to be imprisoned, with or without hard labor, for any time not exceeding three months; but nothing herein contairled shall prevent any such person from being prosecuted under any law now or hereafter to be

in force, if a conviction has not been previously obtained against

him for the same offence under the provisions of this Act.

44, The provisions of the Act No. 9 of l862 shall not be appli- Auctioneers Actnot

cable to any chairman, or any presiding member of any society who "apl ' l~~

shall offer for sale, or sell, any sharc of any society to or aniongst

thc members thereof, at a meeting being held according to the rules

of such society.

45, Any person may inspect the documents kept by the Ilegistrar Inspection, &C., of

relating to societies undcr this Act, and may obtain a copy or extract

of any such document, or any part thereof, on payment of such fee

as the Governor in Council may direct.

46. The Governor may from time to time make regulations ~eguletions.

respecting the fees (if any) to be paid for the registration and inspection of documents under this Act, and generally for carrying this Act into effect.

In the name and on behalf of Her Majesty, I hereby assent to

this Bill.

WM. F. DRUMMOND JERVOIS, Governor.

SCHEDULES.

14' 44" & 4 5 O VICTORIW, No. 21 I.

The Building Sbcdeties Act.-1 881,

SCHEDULES.

FIRST SCHEDULE.

" The Buildiny Societies A c t, 1881 ,"

Notice is hereby given, that a Building Society called The Building

Society " is duly registered under the provisions of the above Act.

Dated this day of 188.

ltegistrar of Building Societies.

SECOND SCHEDULE.

This is to certify that [ n a m e of society] was on the day

of	18	, duly incorporated under the provisions of " The
Building Societies Act, 1881."

Given under my hand at , in the Yrovincc of Soulh Australia,

this day of , one thousand eight hundred

Kegistrar of Building Societies.

THIRD SCHEDULE.

[Name oif'society] hereby acknowledges to have received the sum of

in full satisfaction and discharge of all moneys owing

on the eecu~ity of the land comprised by the within indenture.

Datcd this day of one thousand eight hundl ed

A e witnoss the seal of the said society.

FOURTH

FOURTH SCHEDULE.

A General Statement of Recegts and Expenditure of the Building Society for the [year, hay-year, or puarterl ending 288

DR. f: S. d. % s d. C&. S 8. d. % 8. d

TO Balance from previous statement (if any) .................. By Balance from previous statement (if any) ................

Subscriptiom-Payments on shares ...................... Advances upon shares and freehold or leasehold security ....

66 C 6 " other security (distinguishing nature of same)

Redemption of shares.. ....................

-- Xatured or worked out shares-Subscriptions. .............

6 6 L6 6 6

Loane-General deposits received ........................ . L Pmfit ....................

Repayment of mortgages (not shareholders') ........

6 6 L 6 of other securities ................... Withdrawn shares-Subscription .., .................... ;

C'

Entrance fees ........................... .. ......... " Profit ..............................

.--

Rents and recoveries.. ..................................

Finee ................................................ Loans-General deposits. ...............................

T d e r fees .......................................... " Interest-Loam and deposits ......................

Interest on loans, &G. .................................. --v

Bonus or premiums on shares ............................ Current expenses, viz.-Distinguishing the items of Directors'

fees, Sumey or inspection Fees, Office rent, Auditors'

Bdance due bank (if any) ............................ .. fees, Sala~ies and commissions, Solicitors' fees, Office

Cheques outstanding (if any) ............................ expenses, and stationery, &C., &C.. ...................

Receipts from other sources (distinguishing nature of same) . . Other payments, Bank Balances, Cash in hand, &C., dis-

7- tinguishing same ..................................

we, the undersigned, being auditors of the Building Society, do hereby certify that we have examined the books and vouchers of this

society, and compared the same with the above statement of receipts and expenditure, and that the same is correct.

Secretary. 1 Auditors.

A General Statement of the Assets and Liahililies of the Building Society on the day of 188 .

DR. f: S. d. CR. f: S. d.

To amount received on subscription shares ..............................

By amount due upon 6: advanced upon shares and freehold and

Profit to credit of ( L .............................. leasehold security to sharehclders (interest to date only included) . .

Loans-General deposits and interest ................................ Amount due on mortgages (not shareholders'). .......................

"

Bank overdraft (if any) .................................... Amount invested in Go~erntnent stock8 or securities, or securities

Reserve account (if any) ........................................ guaranted by Government ....................................

Cheques outstanding (if an ) ......................................	Office buildings--freehold or leasehold. .............................
Other liabilities (distingui&ng nature of same) ......................	Balance in bank (if any). .........................................
Cash in band ..............................................
Other assets or securities (distinguishing nature of same) ..............

---

£2

We, the undersigned, being the auditor^ of the Building Society, do hereby certify that we have examined the securities held by the

said society, and compared the same with the books and vouchers of the said society, and that the above statement of assets and liabilities is correct.

3

% Secretary. 1 Auditors.

Projt and Loar Account for [year, hv-year, or partar] ending 188 .

DR. f, S, d. ;6 S. d. CR. S. d:

To Current expensea, ss above .............................. By Rent, fines, premiums, inter&, to., as above ............

Intetest paid as above .................................. (Here state my other sources of profit, eueh as eubscrip-

" accrued on loam (if any) ........................ tion, or profit forfeited on withdrawals, redemptione,

h m w on d e e of property (if any). ..................... &C., and distinguishing nature of aame.) --

All &er losses (if any), di5tinguishing nature of same ......

Balance net profit (the allotment of such profit may follow here)

--

S

The directors have to inform the shareholders that the profits will allow of a division of per share of six months old, and the'

carrying forward of & to the credit of profit and loss.

Profit on Shares for Half-year.

S. d.

............................................ Sharesat ...................................... c c ....................................

Shares 69 years old..

6 " ..............................................

" 6* " ..............................................

5 " ............................................

" 44 :: ............"................................ 4 ..............................................

,g IC ..............................................

4 c 3 " ..............................................

L	......................................
<<	.....................................

:: 2% :: ..............................................

............................... S.....

.1..

c I

c c 14 c. .............................................. ......................................

c<

. . . . . . . . . . . . . ... . I . . . . . . . . . . . . . . . . . . . . .

I' 1 " ............................................. G<

............................................. ......................................

.. 6 months..

.............................................. not entitled.. ..................................

'I not entitled

- --

Chairman. Secretary.