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Sums under 50l. deposited in any loan society payable without administration to the next of kin of deceased debenture holder.
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37. In case any debenture holder or other claimant entitled to receive any sum not exceeding fifty pounds out of the funds of any such loan society shall die it shall be lawful for the said society or the trustees thereof, and they are hereby authorized and permitted, from and after the expiration of three calendar months after the death of such debenture holder or other claimant so entitled, if they shall be satisfied that no will was made and left by such deceased person, and that no letters of administration have been or will be taken out of the goods, chattels, rights, and credits of such deceased person, to pay the same to any person or persons who shall appear to the said society, or such trustees as aforesaid, to be the persons, or one of the persons, entitled under the statute of distribution to the effects of the deceased intestate, although no letters of administration shall have been taken out; and the payment of any such sum or sums of money shall be valid and effectual with respect to any demand of any other person as next of kin of such deceased intestate, or as the lawful representative or representatives of such person, against the funds of such society, or against the trustees, treasurer, or officers thereof; but nevertheless such next of kin or representatives shall have remedy for such money so paid as aforesaid against the person or persons who shall have received the same.
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