§ MR. JACOB BRIGHTasked Mr. Attorney General, If Building Societies registered under the old Act (6 and 7 Will. 4, c. 32) are authorised to borrow money so as to bind the funds and property of said societies, or only on the individual responsibility of the trustees?
§ THE ATTORNEY GENERAL (Sir JOHN HOLKER)No express authority to borrow money is given to Building Societies by the old Act 6 & 7 Will. IV. c. 32. But any loans contracted prior to 1874 in accordance with the certified rules of a Building Society are declared by the 15th section of the Building Societies Act, 1874, to be valid and binding on the Society. The Building Societies certified under the Act 6 & 7 Will. IV. c. 32, have now the powers of borrowing money set forth in the Act of 1874, section 15, sub-section 4.