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Property of loan society vested in the trustees for the time being, in trust for the society and its members.
Property to be laid in trustees in legal proceedings.
Trustees may sue and be sued on behalf of society.
Costs.
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18. All monies, goods, chattels, effects, and property whatsoever belonging to such society shall be vested in the trustee or trustees of such society for the time being, for the use and benefit of such society and the respective members thereof, their respective executors and administrators, according to their respective claims and interest, and in case of the death, resignation, or removal of any trustee or trustees shall vest in the surviving or succeeding trustee or trustees for the same estate and interest as the former trustee or trustees had therein, and subject to the same trusts, without any assignment or conveyance whatever, and also shall, for all purposes of action or suit, as well criminal as civil, in law or equity, in anywise touching or concerning the same, be deemed and taken to be, and shall in every such proceeding (where necessary) be stated to be, the property of the person or persons appointed to the office of trustee or trustees of such society for the time being, in his or their proper name or names, without further description; and such person or persons shall and they are hereby respectively authorized to bring or defend, or cause to be brought or defended, any action, suit, or prosecution, criminal as well as civil, in law or equity, touching or concerning the property or right of claim aforesaid of such society, and to sue and be sued, plead and be impleaded, in his or their proper name or names, as trustee or trustees of such society, without other description; and no suit,, action, or prosecution shall be discontinued or abate by the death of such person or persons or his or their removal from the office of trustee or trustees as aforesaid, but the same shall and may be proceeded in by the succeeding trustee or trustees in the proper name or names of such person or persons commencing the same, any law, usage, or custom to the contrary notwithstanding; and such succeeding trustee or trustees shall pay or receive like costs as if the action or suit had been commenced in his or their name or names, for the benefit of or to be reimbursed from the funds of such society.
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