(3.) The trustees shall not be liable to make good any .deficiency in the funds of the society or branch but shall be liable only for sums of money actually received by them respectively on account of the society or branch,
Devolution on death.50. Upon the death, resignation, or removal of a trustee of a registered society or branch, the property vested in that trustee shall, without conveyance or assignment, and whether the property is real or personal, vest, as personal estate subject to the same trusts, in the succeeding trustees of that society or branch either solely or together with any surviving or continuing trustees, and, until the appointment of succeeding trustees, shall so vest in the surviving or continuing trustees only, or in the executors or administrators of the last surviving or continuing trustee, except that stocks and securities in the public funds of Great Britain and Ireland shall be transferred into the names of the succeeding trustees, either solely or jointly with any surviving or continuing trustees.
Description in legal proceedings.51. In all legal proceedings whatsoever concerning any property vested in the trustees of a registered society or branch, the property may be stated to be the property of the trustees in their proper names as trustees for the society or branch without further description.
Investments with the National Debt Commissioners52.—(1.) A registered society or branch may pay to the account Investments of the National Debt Commissioners at the Bank of England or the Bank of Ireland, as the case, may require, any sum of money not Commissioners, less than fifty pounds upon a declaration of the trustees of the society or branch, or any two of them, that the money belongs exclusively to the society or branch.
(2.) The cashier of the Bank shall receive all such sums of money and place them to the account of the Commissioners in the book of the bank named " The Fund for Friendly Societies."
(3.) A sum of money paid in upon a false declaration shall be forfeited to the Commissioners, and applied by them in the manner directed by section twelve of the Savings Banks Act, 189154 & 55 Vict. c. 21.
(4.) The provisions of sections twenty-one, twenty-two, twenty-four, twenty-five, twenty-six, twenty-seven, and twenty-eight of the Trustee Savings Banks Act, 1863, as to the regulation of receipts, certificate, and orders, shall apply to money paid under this section. (5.) A society or branch so investing money with the Commissioners shall be entitled to a receipt entitling to interest at the following rates: —
| To a friendly society or branch legally established before the twenty-eighth of July one thousand eight hundred and twenty-eight, which had invested funds with the Commissioners before the twenty-third of July one thousand eight hundred and fifty-five, a rate of interest in respect, of any assurance made before the fifteenth of August one thousand eight. hundred and fifty of | Threepence per centum per diem. |
