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Existing securities in the name of the clerk of the peace to be transmitted to loan fund board.
Such securities may be sued on in name of clerk of the peace.
Loan fund board may require new securities to be given.
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22. Where the treasurer or other officer or officers of any loan society now established shall have given security by any bond or bonds to any clerk of the peace, under the authority of the said recited Acts of the sixth and seventh years of the reign of King William the Fourth, and first and second years of the reign of Queen Victoria, or either of them, such clerk of the peace shall, on being required so to do, transmit such bond or bonds to the said loan fund board; and it shall and may be lawful for the said loan fund board, or for any society for whose security any such bond or bonds shall have been given, or for the trustees or managers of any such society, to sue upon such bond or bonds in case of the forfeiture thereof, in the name of such clerk of the peace, in like manner as the trustees of such society are by said recited Acts authorized to sue thereon; nevertheless it shall be lawful for the said loan fund board, in such cases as they may deem expedient, to require that new securities shall be perfected by a bond or bonds to be executed to the secretary of the said board in the manner directed by this Act, and thereupon such new securities shall be perfected accordingly.
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