Friendly, Co-operative and Building Societies
- Friendly Societies
- Registration of Societies (The Industrial and Provident Societies Act 1893)
- Building Societies
The property of a registered Friendly Society vests in the trustees of the Society (Friendly Societies Act, 1896, section 49) and the trustees should in all cases be registered as the owners of the charges belonging to it. No inhibition restricting dealings by the trustees should be entered unless an application for such an inhibition is sought under Rules 64 or 69 of the Land Registration Rules 2012.
On the appointment of a new trustee of a Society, its property vests in the new and continuing trustees without any conveyance or assignment (Act of 1896, section 50).
The evidence required for the registration of a new trustee of a Friendly Society or a branch thereof is prescribed by Rule 84 of the L.R. Rules 2012 which provides that the name of a new trustee of a friendly society or of a branch thereof appointed pursuant to section 25(2) of the Friendly Societies Act, 1896, shall be entered in the register on production of a copy of the resolution passed pursuant to the said section, signed by the trustee so appointed and by the secretary of such society or branch. The copy of the resolution appointing such new trustee must be retained in the Registry for reference.
A registered Friendly Society may also hold and dispose of land if its rules so provide (Act of 1896, section 47).
The trustees of a Society may, therefore, be registered as owner of its lands if its rules, on inspection, provide for the holding and disposition of lands. The addresses of trustees on the register should be the registered office of their Society.
Societies registered under this Act are incorporated and have a seal. Co-operative Societies are registered under this Act, and should be entered on folios as owners of land or charges in their registered names.
A Society registered under the Act of 1893 may (if its rules do not otherwise direct) hold and dispose of lands and charges (1893, section 36).
Unless it is proved that the registry of a Society has been suspended or cancelled, an acknowledgement of registry signed by the Registrar of Friendly Societies is conclusive evidence that the Society has been duly registered under the Act.
A Society registered under this Act may (if its rules do not otherwise direct) hold and dispose of lands and charges (1896 Act, section 36).
Charges owned by a Society incorporated under this Act may be discharged on a receipt in the form prescribed by the Act, or the rules of the Society, signed by two members of the Committee and countersigned by the Secretary (1893 Act, section 43).
Transfers of lands and charges must be under the seal of the Society.
The Building Societies Act 1989 provides for the power of Building Societies to hold land and to lend on mortgage to its members.
A Building Society may lend on mortgage to its members and should be entered on the folio in its registered name as owner of the charge.
A receipt for or vacate of a building society charge must be under its seal and countersigned by its Secretary or Manager.
Registrar of Deeds and Titles,
21 April 1998
Updated 01 February 2013