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SOCIETIES' BORROWING POWERS ACT 1898
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CHAPTER XV.
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An Act to empower certain Societies to borrow Money from Persons and Corporations other than Members. [25th July 1898.]
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Provision for borrowing.
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1. A society may by rule provide that it may receive deposits and borrow money at interest from its members, or from other persons, and upon the registry of such rule the same shall be valid.
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Interpretation.
59 & 60 Vict. c. 25.
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2. The expression “society” in this Act means a specially authorised society registered, or seeking registration, under the Friendly Societies Act, 1896, having for its object the creation of funds to be lent out to the members of the society or for their benefit, and having in its rules provisions—
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(a) that no part of its funds shall be divided by way of profit, bonus, dividend, or otherwise among its members;
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(b) that all money lent to members shall be applied to such purpose as the society or its committee of management may approve.
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Short title.
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3. This Act shall be cited for all purposes as the Societies’ Borrowing Powers Act, 1898.
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