The Short Title of this Act shall be “An Act to amend the Laws relating to Building and Land Societies.”

Any society formed pursuant to the said Ordinance may by its rules provide that the treasurer or trustee of such society may and in such case such treasurer or trustee is hereby authorized at any time after the expiration of two years from the commencement of such society to invest such part of all sums of money received by him as such treasurer or trustee as shall not be required for the immediate purposes of the society in advances to any member or members of such society upon security of and by way of realizing any share or shares held by such member or members and upon such terms as in the rules shall be prescribed as well as in the manner directed by section XIV. of the said Ordinance Provided that such advances shall not in any case exceed the current value of the said shares and also that such advances with accumulations of interest and fines thereupon shall be taken as a part payment in respect of such shares at the close of the society.

Provided that when there are more than one series of shares in any such society the power to invest on the security of shares in the last section contained shall begin with respect to every such series after the expiration of the period of two years from the commencement of such series of shares and the foregoing provision shall be applied to advances upon shares of any series of funds only arising from shares of such series.

And whereas by section XIII. of the said Ordinance every such society was authorized to appoint a committee for general purposes the number thereof to be declared in the rules and it was enacted that a majority of any committee should at all times be necessary to concur in any act and whereas when a committee is composed of a large number of members such regulation is inconvenient and obstructive of business—

Be it therefore enacted that all acts that the committee are empowered to do may be done by a majority of the members present at any meeting of which such notice shall have been given as the rules of the society prescribe Provided always that no business of any kind shall be transacted unless a quorum of the committee be present such quorum to consist of not less than two-thirds of the whole number of such committee the chairman of the meeting being entitled to a deliberative as well as to a casting vote.

And whereas doubts have arisen as to whether section V. of the said Ordinance requiring the rules of any society to be submitted to a revising officer and deposited with the clerk to the Magistrates applies to Building Societies and Land Societies partaking of a permanent character—

Be it therefore enacted and declared that the said section does and shall relate to all such societies whether the constitution and regulation thereof be of a permanent or terminable character and notwithstanding there may be provision in the case of permanent societies for the reservation of a portion of the profits as a rest or reserve fund.

And whereas it is desirable that the rules of all Building and Land Societies should be deposited in some public office of record in which they might be accessible to shareholders and others—

Be it enacted that a copy of the rules of all such societies when certified to by the Revising Officer shall be deposited with the Registrar of Deeds for the district in which the office of the society is situated and such rules shall be open for inspection on payment of a fee of one shilling.