§ House in Committee (according to Order).
§ Clause 1 agreed to.
§ Clause 2.
§ THE LORD CHANCELLOR (Lord HERSCHELL)said, ho had some drafting Amendments on this clause, but they made no alteration in its substance.
§ Amendments agreed to.
§ THE LORD CHANCELLOR (Lord HERSCHELL)said, that at the end of Clause 2 he proposed to insert this section—
Shall not come into operation until 12 months after the passing of the Act.That was to comply with a pledge that was given in the other House that that provision should be inserted.
§ Amendment agreed to.
§ Clause, as amended, agreed to,
§ Clauses 3 to 9, inclusive, agreed to.
§ THE LORD CHANCELLOR (Lord HERSCHELL),after Clause 9, moved to insert a new clause, which provided that on the dissolution or winding-up of a Company the persons who had received an advance should only be required to repay under the conditions of the Society the money which had been advanced. This also was in accordance with a pledge given.
* LORD BALFOUR OF BURLEIGHasked if the clause proposed to be inserted was in the terms of either of the clauses on the Paper?
§ THE LORD CHANCELLOR (Lord HERSCHELL)said, No; it was a combination of Amendments put down by Mr. 1371 Williams and himself. It was in these terms—
In the dissolution or winding-up of a Society under the Building Societies Acts, a member on whose shares an advance has been made shall not be liable to pay the amount payable under any mortgage or other security, or under the Rules of the Society, except at the time or times and subject to the conditions expressed in the security or Rules.
§ Amendment agreed to.
§ Verbal Amendments in Clause 10.
§ Clause 11.
§ THE LORD CHANCELLOR (Lord HERSCHELL)said, his Amendments were merely with regard to providing voting papers.
§ Amendments agreed to.
§ Clause, as amended, agreed to.
§ Clause 12.
§ THE LORD CHANCELLOR (Lord HERSCHELL)proposed, in line 35, after "Scotland," to insert "Ireland." This also was to fulfil an undertaking given in the other House.
§ Amendment agreed to.
§ Clause, as amended, agreed to.
§ Clause 13 agreed to.
§ Clause 14 agreed to, with drafting Amendment.
§ THE LORD CHANCELLOR (Lord HERSCHELL)said, that then there was a new clause extending the powers for investments, which also was practically agreed upon in the other House. Its object was to give, in addition to their powers of investment, powers to Trustees to invest. Substantially, it was the same as the proposal made by Mr. Bill.
§ Amendment agreed to.
§ Clauses 15 to 19, inclusive, agreed to.
§ Clause 20.
§ THE LORD CHANCELLOR (Lord HERSCHELL)said, he had to propose several drafting Amendments which had been made with a view to making the clause workable.
§ Amendments agreed to.
§ Clause, as amended, agreed to.
§ Clause 21 agreed to.
1372§ Clause 22.
LORD BALFOUR OF BURLEIGHsaid, he understood the noble and learned Lord did not object to insert 1856 for 1855 in this clause.
§ Amendment agreed to.
§ THE LORD CHANCELLOR (Lord HERSCHELL)said, that then there was a new clause proposed after 22—
The forms in the Schedule to this Act shall, after the commencement of this Act, be used under the Building Societies Acts.
§ Amendment agreed to.
* LORD BALFOUR OF BURLEIGHasked the noble and learned Lord whether he objected to the insertion of the new clause suggested by Lord Wemyss, which would come in after Clause 23 if at all?
§ THE LORD CHANCELLOR (Lord HERSCHELL)did not think it was possible, to accept this clause. It was a provision that Building Societies might register under the Companies Acts, but it provided they might do so notwithstanding that neither the amount of capital nor the number of shares was fixed. Those were two things which went to the very root of the Companies Acts. It was proposed that the Companies Acts should apply with such modifications as might be found necessary, but there was no provision as to who was to determine the modifications, and it would not work without the requisite machinery.
§ Amendment negatived.
§ Clause agreed to.
§ Clauses 23 to 26, inclusive, agreed to.
§ THE LORD CHANCELLOR (Lord HERSCHELL)moved to leave out the first Schedule and insert a new Schedule in the form of a table containing particulars to be set forth in the case of a mortgage where the repayments are not upwards of 12 months in arrears, and the property has not been upwards of 12 months in possession of the Society, and where the present debt exceeds £5,000; also particulars to be set forth in the case of property of which the Society has been upwards of 12 months in possession, and in the case of a mortgage where the 1373 repayments are upwards of 12 months in arrear and the property has not been upwards of 12 months in possession of the Society.
§ Amendment agreed to.