The Short Title of this Act shall be “The Building and Land Societies Act 1866 Amendment Act 1867.”

This Act shall be read and construed as part of “The Building and Land Societies Act 1866” hereinafter referred to as “the said Act.”

A person under the age of twenty-one years may be elected or admitted as a member of any society established under the said Act or the Ordinance and Acts thereby repealed the rules of which do not prohibit such election and may and he is hereby empowered to execute all necessary instruments and to give all necessary acquittances Provided always that during his nonage he shall not be competent to hold any office of director trustee treasurer or manager of such society.

The rules and regulations of any such society as aforesaid heretofore in force or in force at the time of the passing of this Act and which would have been valid if the provisions contained in the third section of this Act had been contained in the said Act and the Ordinance thereby repealed shall be deemed to be valid and all acts matters and things done by any such society as aforesaid or any trustee treasurer or officer thereof or any other person under any such rules or regulations as aforesaid and which act matter or thing would have been valid and binding in law if the provision contained in the said third section of this Act had been contained in the said Act and the Ordinance thereby repealed shall be deemed to have been and to be valid and binding in law.