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Loan societies violating their rules, or the provisions of this Act, may be dissolved by order of loan fund board, subject to appeal to lord lieutenant in council.
Affairs of dissolved society to be wound up.
Appropriation of surplus assets.
Appeal against order of dissolution.
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45. In case it shall appear to the said loan fund board, after due investigation, that any such loan society as aforesaid has not adhered to its rules, or has applied any of its profits or funds, or done any matter or thing, contrary to the provisions of this Act, it shall be lawful for the said loan fund board to withdraw from such loan society the certificate so issued to them as aforesaid, and to order and direct that such society shall discontinue its operations, and shall be dissolved: and the said loan fund board shall cause such their order to be published in the Dublin Gazette, and also in some newspaper circulating in the county or place in which the office of such loan society is situate, and shall also notify such their order to such loan society, and also to the clerk of the peace with whom the rules of such loan society shall be filed; and from and after the expiration of six calendar months from the first publication of such order in the Dublin Gazette, or the expiration of such extended time as the said loan fund board shall allow and appoint in that behalf (and which the said board is hereby authorized to allow and appoint), such loan society shall be dissolved, unless the order of the said board shall be reversed upon appeal, as herein after mentioned; and upon the dissolution of such society all and every the property, monies, securities, goods, chattels, and effects which such society or any person or persons in trust for them shall be seised or possessed of or entitled to at the time of such dissolution shall immediately vest in the secretary of the said loan fund board for the time being, to be applied under the directions of the said board to the payment of all the outstanding debts and liabilities of the said society, and the residue (if any) to be applied to such purposes as are herein-after in that behalf mentioned; and the said loan fund board may, if they shall so think fit, after notifying such their decision to the said society, cause the affairs of such society to be wound up, and for that purpose appoint a fit and proper person to call in and receive all outstanding debts and demands due or payable to or on account of such society, and to institute and carry on, either in his own name or in the name of the secretary of the said loan fund board, or of the treasurer, trustees, or other officer or officers of such society, the necessary proceedings for that purpose; and such person shall have all the powers vested in the said treasurer, trustees, or other officer or officers of such society, under their rules or this Act, or otherwise; and after the appointment of such receiver as aforesaid it shall not be lawful for such society, or the treasurer, trustees, or any other officer or officers thereof, unless authorized in that behalf by such receiver, to receive, sue for, or recover any loan, debt, or demand due or payable to or for the use of such society; and in case after the appointment of such receiver any treasurer, clerk, or other officer or servant of such society, or other person whatsoever, by the order or for the use of such society, shall demand, receive, or sue for any loan, debt, or demand on account of such society, unless authorized as aforesaid, every person so offending shall for every such offence forfeit and pay a sum equal to the sum so demanded, received, or sued for, and in addition thereto a sum not exceeding ten pounds, to be recovered as herein-after mentioned; and immediately upon the appointment of such receiver as aforesaid all and every the trustees, treasurer, clerk, and other officers and servants whatsoever of such loan society shall deliver to such receiver, or to such person or persons as he shall appoint, all and every the books, accounts, securities, vouchers, papers, documents, monies, goods, chattels, and effects whatsoever of or belonging to such society, in their respective possession, custodv, or power; and if they or any of them, or any other person or persons whatsoever having in his or their possession, custody, or power, any such books or other of the premises aforesaid of or belonging to such society shall refuse or neglect to deliver the same, or any of them, on demand, to such receiver or person or persons appointed by him in that behalf, every person so neglecting or refusing shall for every such offence forfeit and pay a sum not exceeding the sum of ten pounds, to be recovered in manner herein-after mentioned; and it shall and may be lawful for any justice of the peace to issue a warrant authorizing the seizure of all and every such books and other the premises aforesaid of or belonging to such loan society, and the delivery of the same to the receiver so appointed by the said loan fund board, or such person or persons as he shall direct, and such warrant shall and may be executed according to the tenor and effect thereof; and it shall and may be lawful for the said loan fund board, after paying all lawful debts and demands, of such society, and all necessary expences incurred in winding up the affairs thereof as aforesaid, to appropriate the surplus effects and property (if any) of such loan society which may remain to the establishment of any other loan society or societies, or to increase the capital of any existing loan society or societies, in the same district or county, or to such dispensary, hospital, infirmary, or other charitable or useful local purpose as the said board shall think proper: Provided always, that it shall be lawful for any such society, within one calendar month after notice shall be given of any such decision as aforesaid to such society, to appeal against such decision to the lord lieutenant of Ireland and the privy council thereof, whose judgment in the premises shall be final and conclusive; and provided further, that no steps shall be taken towards winding up the affairs of any such society until the expiration of one calendar month from the date of such notice, nor, if any appeal shall be lodged within that time, until judgment shall be given on such appeal against the appellants; and provided further, that no such appeal shall be entertained unless notice in writing of such appeal shall have been transmitted to the secretary of the said loan fund board within one calendar month after the decision of the said board from which such appeal is made shah have been notified to the society preferring such appeal: Provided also, that no further loans shall be issued by such society until judgment upon such appeal be pronounced.
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