Section 11 Sums under 50l. deposited in any loan fund society payable without probate to the representative of any deceased debenture holder.C1C2

In case any debenture holder, depositor, or other claimant, entitled to receive any sum not exceeding F1£5,000 out of the funds of any such loan society, shall die, it shall be lawful for the trustees or trustee thereof, from and after the expiration of three calendar months after the death of such debenture holder, depositor or other claimant, if they shall be satisfied F2that no will of the deceased has been or will be proved , and that no letters of administration of the goods, chattels, rights, and credits of such deceased person have or will be taken out, to pay the same to any person who shall appear to the said trustees or trustee to be the person or one of the persons entitled. . . F3 to the effects of the deceased. . . , although no letters of administration shall have been taken out F4and no probate of any will has been granted ; and the payment of any such sum of money shall be valid and effectual with respect to any demand of any other person as next of kin of such deceased. . . , or as the lawful representative of such person, against the funds of such society, or against the trustee, treasurer, or officers thereof; but nevertheless such next of kin or representatives shall have remedy for such money so paid as aforesaid against the person who shall have received the same.