THE LORD CHANCELLOR, in presenting a Bill to amend the Building Societies Act, 1874, said, that he did not do so as a Member of the Government, but in accordance with a request which had been made to him by the Building Societies' Protection Association. 796 A decision had been lately pronounced in their Lordships' House that all questions connected with Building Societies, not only under their rules, but also under mortgages and other contracts between a Society and any of its members, must be determined by arbitration, and that they were excluded from ordinary remedies in Courts of Law and Equity. He had not himself agreed in that decision; but of course he accepted it as conclusive with respect to the present state of the law. It had been a surprise to those Societies; and they were unanimous in their desire to be restored to the position which, in this respect, they occupied before the Act of 1874. The Bill he now introduced had been prepared for the Societies; and as the matter was one of some urgency, he asked that the Bill should be read a first time at that late period of the Session. Of course, if it should turn out that there was any disagreement with regard to the Bill it would not be pressed forward; but as it had the unanimous support of the Societies he did not apprehend any opposition in either House of Parliament.
§ Bill to amend the Building Societies Act, 1874—Presented (The LORD CHANCELLOR.)
§ Bill read 1a. (No. 188.)