Loan Societies Act 1840
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.
IISociety not liable to Penalties for Loans made before passing of Act.
IIIFormation of Loan Societies under Restrictions in this Act.
IVThree 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.
VNo confirmed Rule to be altered but at a General Meeting of the Society, &c.
VILimitation of Fee payable to Barrister.
VIIRules to be entered in a Book to be kept by the Officer of the Society.
VIIIProperty of Society vested in the Trustees thereof.
IXSocieties to issue Debentures.
XTrustees signing Debentures not personally liable unless specially undertaken.
XISums under 50l. deposited in any Loan Fund Society payable without Probate to the Representative of any deceased Debenture Holder.
XIITreasurer, &c. to give Security.
XIIIAmount of Loan.
XIVNo Note or Security liable to Stamp Duty.
XVSecurities not transferable.
XVIRecovery of Loans.
XVIIRecovery of Loans in Courts of Request.
XVIIIPower for Societies to reduce Demand to enable Courts of Request to adjudicate, provided they accept the same in full.
XIXTreasurer of any Loan Society to sue for Securities granted to his Predecessor.
XXSum to be demanded for Inquiries.
XXISum for Interest.
XXIINew Schemes must be certified by Actuary of National Debt Office.
XXIIISums herein stated to be in full of all Charges. Clerks, &c. overcharging liable to Penalties of Usary.
XXIVInstalments not to be paid in advance, nor Loans to be ballotted for. Penalty.
XXVMembers to be competent Witnesses.
XXVIForms stated in Schedule maybe used.
XXVIIAbstract of Accounts to be made out yearly, and sent to the Barrister. Copy thereof to be laid before Parliament. Trustees not personally liable.
XXVIIIExtent of Act.
XXIXInterpretation Clause.
XXXDuration of Act.
XXXIAct may be amended this Session.
SCHEDULE to which this Act relates.
(A.)FORM of NOTE to be given by BORROWER and SURETY or SURETIES.
(B.)
(C.)
(D.)FORM OF BOND.
(E.)

Loan Societies Act 1840

1840 Chapter 110

An Act to amend the Laws relating to Loan Societies.

WHEREAS an [5 & 6 W. 4. c. 23.] Act was passed in the Fifth Year of the Reign of His late Majesty, intituled An 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 in England and Wales, and to make other Provisions instead' thereof :

Be it enacted by the Queen's most Excellent Majesty, 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,