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On failure of trustees of a society and in default of appointment of new trustees, the property to vest in the secretary of loan fund board, in trust to pay all debts, &c.
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19. In case all the trustees of any loan society shall be removed by death or otherwise from their trust, and no new trustee or trustees shall be appointed in their place, then and in every such case, and so often as the same shall happen, all and every the monies, goods, chattels, effects, and property whatsoever of the said society shall vest in the secretary of the said loan fund board for the time being, in trust to apply the same, under the direction of the said board, to discharge all outstanding debts and demands due by such society, and to dispose of the residue of such property to and for such purposes in furtherance of the objects of this Act and in such manner as the said loan fund board shall direct.
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