Excerpt from Industrial Investment and Emigration: Being a Practical Treatise on Benefit Building Societies and Local Enterprise Encouragement Companies

A great number of Terminating Societies have, consequently, been converted into Permanent associations; and rules and tables have been adopted, by which all previously existing and subsequent members are placed on the same footing as if the new clauses had been in force from the beginning. The legal impediments, which borrowers might have thrown in the way of improvement, have been obviated by due care having been taken that the conversion should proceed in so impartial a manner, that neither their just interests should be disregarded, nor ther cause favoured to the disadvantage of the general body.

This was all the more necessary, as several societies, that have been converted without proper precaution in this respect, have become involved in litigation, with its consequent endless expenses, which might have been easily avoided if the requisite conditions had been attended to at the time of the conversion.

II. - In the present Edition, opportunity has been taken to insert a concise Alphabetical Digest of the leading Law Cases on the subject of Benefit Building Societies, not so much with the view of furnishing a Law Book as with the object of giving the general reader such an idea of the present state of the Law of Building Societies, as will enable him to estimate the importance of the Amendments necessary therein.

In the first place, consolidation and codification are very much required. The unfortunate provision of the Building Societies Act of 1836 (s. 4) by which all the clauses of the old Friendly Societies Acts are incorporated with it, but only so far as they are applicable to the purposes of Building Societies, has introduced much complication and uncertainty. Those Acts have since been all repealed as far as regards Friendly Societies, but their obsolete and inconvenient provisions still apply to Building Societies. Thus the rules of Building Societies still require to be deposited with the Clerk of the Peace, while those of Friendly Societies have merely to be deposited with the Registrar. Again, till lately, that excellent and learned official was of Opinion that the dissolution of Building Societies might be arranged according to the plan prescribed for Friendly Societies by the old Act of 10 Geo. 4 (1829) but recent decisions would seem to show that that clause is one of thosenot applicable to the purposes of Building Societies, which are bound to adopt the costly process of registration and winding up as Public Companies under the Act of 1862.

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