AnTicua. 2 Building Societics. No. — of 1955.
“the Court”? means the Supreme Court;

“the Registrar”? means the Registrar of the
Court, who shall, for the purposes of
this Ordinance, be the Registrar of
Building Societies.

Tricor poration 8. Every society shall, upon receiving a

of societies . 7 : y ‘ :
certificate of incorporation under this Ordinance in
the form set forth in Schedule’ A, become a body
corporate by its registered name, having 2 common
seal and perpetual succession, until terminated or
dissolved in manner herein provided.

Pe 4. (1) Any number of persons may establish

eave a society for the purpose of raising by the sub-

lished. scriptions of members a stock or fund for making
advances to members ont of the funds of the
society.

(2) A society may be either a terminating
society or a permanent society.

(3) Advances made by a society out of its
funds shall be made upon the security of a mort-
gage of a freehold or a leasehold estate or upon
the security of the withdrawal value of shares
held by members of the society.

(4) Any society shall, so far as is necessary
for the purpose of advances made upon the
security of a mortgage, have power—

(a) to hold land, with the right of
foreclosure;

(6) from time to time to raise funds by
the issue of shares of one or more denomina-
tions either paid up in full or to be paid by
periodical or other subscriptions, and with or
without accumulating interest; and

(c) to repay such funds when no longer
‘required for the purposes of the society:

Provided always that any land to which
a society may become absolutely entitled by
foreclosure or other extinguishment of the
right of redemption shall, as soon after as
may be conveniently practicable, he sold or
converted into money.