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Investment of funds of friendly, societies, &c. in Scotland.
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9.—(1) Notwithstanding anything in any enactment to the contrary, it shall be lawful, when provision is made therefor by the rules of any friendly society or trade union registered in Scotland, or of any society approved by the Scottish Insurance Commissioners for the purpose of the National Insurance Act, 1911, or of any branch of such society or union, for any funds of such society or union or branch which may lawfully be invested in stock issued in connection with any loan raised for the purposes of the present war, to be invested in such stock in the name of the “Accountant of Court,” provided that pending the making of rules so providing it shall be lawful for the executive body of such society, union, or branch to invest any such funds in the said stock in the name of the “Accountant of Court” as if such provision were made by the rules.
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(2) When any funds of such society, union, or branch are so invested in any such stock in the name of the “Accountant of Court,” the exercise of any power or discretion exerciseable by the trustees or executive body of such society, union, or branch in relation to such funds, shall remain vested in such trustees or executive body, and the Accountant of Court shall concur in and perform all acts necessary to enable the exercise of any such power or discretion by the trustees or executive body, and shall not be liable for any act or default on the part of such trustees or executive body.
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(3) All sums payable by way of interest or dividend on such investment or in respect of the sale or realisation of the same, shall when received by the Accountant of Court be paid over by him to the trustees or executive body of such society, union, or branch, or to such person or into such bank to the credit of such person as the trustees or executive body may direct, and on such payment the Accountant of Court shall be exonerated from seeing to the application of such sums, and shall not be answerable for any loss or misapplication thereof.
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