Devolution on death, &c.

(4.) Upon the death, resignation, or removal of a trustee, whether of a society or branch, the property vested in such trustee vests in the succeeding trustees of such society or branch either solely or together with any surviving or continuing trustees, and until the appointment of succeeding trustees in such surviving or continuing trustees only, or in the excutors or administrators of the last surviving or continuing trustee, as personal estate (whether the same be real or personal), subject to the same trusts, without conveyance or assignment, except that funds invested in any debentures, bonds, or Treasury bills issued under any Act of the General Assembly shall be transferred into the names of the succeeding trustees, either solely or jointly with any surviving or continuing trustees.

(5.) Every society or registered branch shall forward from time to time to the District Land Registrar of every district to which its operations extend a return setting forth the names of the treasurer, trustee, or other officers in whom the property of the society or registered branch may by law be or become vested, and also notice in writing of the death, resignation, or removal of existing and the appoint- page 24 ment of new officers; also a copy of the rules of the society or registered branch. Every such return and notice shall be accompanied by a statutory declaration made by the treasurer, or one of the trustees or other officers of the said society or registered branch is vested, in whom the property of such society or registered branch is vested, stating that the declarant is the treasurer or one of the trustees or officers in whom the property of such society or registered branch is vested, and verifying the statements contained in such return or notice.

How property subject to Land Transfer Act, 1870, to be dealt with.

Land under "The Land Transfer Act, 1870, shall be transferred, leased, mortgaged, or incumbered to such societies or registered branches only by memorandum of transfer, lease, mortgage, or incumbrance made to such officers, denoted by their official denomination and not by their own proper names, and the persons in whom the property of the society or registered branch shall for the time being be vested, shall be deemed to be the registered proprietors of the land so transferred, leased, mortgaged, or incumbered. When any instrument shall be presented for registration affecting the land included in any such transfer, lease, mortgage, or incumbrance, and shall purport to be executed by the persons in whom the property of the society or registered branch appears to the District Land Registrar to have been vested at the time of the execution of such instrument, he shall register the same; and no person claiming under any such instrument shall be affected by notice, direct or constructive, that the property of the society or registered branch was not vested in the persons executing the same, nor that such instrument was executed in contravention of the rules of the society or registered branch, or the terms of the mortgage, lease, or incumbrance; and no claim on the Assurance Fund shall arise from the fact that the property was not so vested, or that such instrument was so executed as aforesaid.