Our noxt duty is to note that Section 1 (2) of the Act of 1911 provides that for the purposes of that Act and the ono of 1000, the assignee, or in the terms of the statute, " a person paying or transferring money " on the faith of the validity of e. contract between a money-lender and a third party, is included in the expression " purchaser " within the moaning of the Conveyancing Act 1882, Section 3, the provisions of which are expressly made applicable to him. This section of the Conveyancing Act 1882, which deals with " constructive notico," must therefore be dealt with.
The expression "purchaser " includes (Conveyancing Act, 1882, Section 1 (4) (ii.)) a lessee or mortgagee, or an intending purchaser, lessee, or mortgagee, or other person, who, for valuable consideration, takes or deals for property, and purchase has a meaning corresponding with that of purchaser.
" A purchaser shall not bo prejudicially affected by notice of any instrument, fact, or thing, unless " (declares Scction 3 of the Conveyancing Act, 1882), " (1). It is within his own knowledge, or would have como to his knowledge if such enquiries and in spectors had boon made as ought reasonably to have bcon made by him ; or (U.) In the same transaction with respect to which a question of notice to tho purchaser arises, it has come to the knowledge of his counsel, as such, or of his solicitor, or other agent, as such, or would havo come to the knowledge of his solicitor, or other agent, as such, if such enquiries and inspections had been made as ought reasonably to have been made by the solicitor or other agent." But, subject to a purchaser's right to indemnity from the monoy-lendor as above sot out, this section does not exempt him from any liability under, or any obligation to perform or observe, any covenant, condition, provision, or restriction contained in any instrument under a-hich his title is derived, mediately or hnmediately ; and such liability or obligation may be enforced in tho samo manner and to the same extent as if this section had not been enacted. And a purchaser is not, by
reason of anything in this section, affected by notice in any case where he would not have been so affected if it had not been enacted.
Money-lenders eanitot be registered ae Bankere.—No person can be registered as a money-lender under any name including the word " bank," or under any namo implying that ho carries on banking business, nor may a limited company carrying on business as monoy-lenders be registered as a company, or remain on the register of companies, under a title including the word " bank." Where a money-lender is registered under any such name, the none will be removed from the register and a notification to that efFsset sent to the money-londes. Nor may a money-lender, in the course of carrying on the money lending business, issue or publish, or cause to be issued or published, any circular, notice, advertisement, letter, account, or statement of any kind containing expressions which might reasonably bo hold to imply that he carries on banking business. Should he do so ho will be liable on summary conviction to the like penalties as if he had failed to comply with Section 2 of the Act of 1900 (for which see Vol. IV., pp. 185-6).