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The Pamphlet Collection of Sir Robert Stout: Volume 88

XVII.—Borrowing Powers

XVII.—Borrowing Powers.

As often as it shall be deemed advisable it shall be lawful for the Board of Directors to accept money on deposit, borrow money pursuant to the power and up to the limits conferred by section 12 of the "Building Societies Act, 1876," and to issue deposit receipts or debentures in respect of such monies, or to execute or cause to be executed any such document or documents as may be necessary or expedient for giving security to the lender over any of the property or securities of the Society, such deposit receipts, debentures or documents to bear the common seal of the Society, to be signed by two Directors, and countersigned by the managing Director, Secretary, or Manager for the time being. And for any sum so deposited with or borrowed by the Society it shall be lawful for the Board of Directors to pay interest out of the funds of the Society at any rate not exceeding Ten Pounds per centum per annum, and the funds for the time being of the Society, and all property of or belonging to the Society shall be security for and primarily liable for all monies so borrowed.