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Loan Societies Act 1840
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- 1840 c. 110
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Repeal of 5 & 6 W. 4. c. 23. except as is hereinafter provided.
Provision to be in force for Recovery of all Sums lent previous to passing of this Act.
II.Society not liable to Penalties for Loans made before passing of Act.
III.Formation of Loan Societies under Restrictions in this Act.
IV.Three Transcripts of Rules to be submitted to a Barrister, &c. Barrister &c. to certify the Transcripts. Fee payable to Barrister. One Transcript to be kept by the Barrister, another returned to the Society, and the Third sent to the Clerk of Peace. Justices to confirm Rules. Rules, &c. to be binding when certified by Barrister.
V.No confirmed Rule to be altered but at a General Meeting of the Society, &c.
VII.Rules to be entered in a Book to be kept by the Officer of the Society.
X.Trustees signing Debentures not personally liable unless specially undertaken.
XI.Sums under 50l. deposited in any Loan Fund Society payable without Probate to the Representative of any deceased Debenture Holder.
XVIII.Power for Societies to reduce Demand to enable Courts of Request to adjudicate, provided they accept the same in full.
XIX.Treasurer of any Loan Society to sue for Securities granted to his Predecessor.
XXII.New Schemes must be certified by Actuary of National Debt Office.
XXIII.Sums herein stated to be in full of all Charges. Clerks, &c. overcharging liable to Penalties of Usary.
XXIV.Instalments not to be paid in advance, nor Loans to be ballotted for. Penalty.
XXVII.Abstract of Accounts to be made out yearly, and sent to the Barrister. Copy thereof to be laid before Parliament. Trustees not personally liable.
SCHEDULE to which this Act relates.
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