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 moneys; such Deposit Receipts or Debentures to bear the common Seal of the Association, to be signed by two Directors and countersigned by the Manager for the time being. And, for any sum so deposited with or borrowed by Association it shall be lawful for the Board of Directors to pay interest out of the funds of the Association at any rate not exceding £7 per centum per annum; and the funds tor the time being of the Association, and all property being vested in the Association, shall be security for, and primarily liable for all moneys so borrowed.