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Loan societies may issue debentures, transferable by endorsement in presence of two witnesses, and registered in books of society.
Transfers to be in form in schedule (A.)
Debentures not to be for less than 20l.
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35. It shall and may be lawful for every such society established or acting under this Act, which shall be desirous of raising funds for the purposes of such society or of increasing the funds of such society, to issue debentures in a form and on paper or parchment to be supplied by the said loan fund board; and the debentures issued under former Acts, or which may be issued under this Act, shall be transferable in the manner herein-after mentioned, and not otherwise; (that is to say,) by endorsement upon the said debenture, to be executed by the person or persons entitled to the sum thereby secured in the presence of two credible subscribing witnesses, at the office of such loan society, and to be registered in the books of the loan society by whom such debenture shall be payable; and after such endorsement shall have been so executed and registered as aforesaid, but not before, the person or persons to whom such transfer shall be made shall thereupon stand possessed of and be entitled to the amount of such debenture, and of all interest, benefit, claims, and demands whatsoever due or to grow due thereon, as fully as if he or they had been the party who had originally advanced the sum secured by the said debenture; and every transfer of such debenture shall be in the form Number 4. in schedule (A.) to this Act annexed, or to the like effect; and after the thirty-first day of December after the passing of this Act no debenture shall be issued for a less sum than twenty pounds, unless it be in lieu of one previously issued.
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