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Power for loan societies to compromise debts.
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4. A loan society acting under the principal Act, may, if they think fit, accept any composition on any security, real or personal, for any debt, and may allow any time for payment for any debt, and may compromise, compound, abandon, submit to arbitration, or otherwise settle, any debt, account, claim, or thing whatever, arising under the principal Act or this Act, and for any of those purposes may enter into, give, execute, and do such agreements, instruments of composition or arrangement, releases, and other things, as to them seem expedient without being responsible for any loss occasioned by any act or thing so done by them in good faith.
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