Section 24 Instalments not to be paid in advance, nor loans to be ballotted for. Penalty.

It shall not be lawful for any such society to receive from any borrower any sum by way of instalment or otherwise, (except the said sum of F17½p , or so much thereof as shall be taken for the form of application and expenses of inquiry,) before the day when the loan shall be actually advanced and paid to such borrower; nor shall it be lawful for any such society to cause the applicants for loans to ballot for precedence, or in any way to make the granting of any such loan to depend upon any chance, lot or other gambling device whatsoever; and every society which shall offend against this enactment shall forfeit all the benefit of the provisions of this Act.