Whereas by sub-section one of section one of the [54 & 55 Vict. c. 43.] Forged Transfers Act, 1891, it is provided that such company or local authority as therein mentioned " shall have power to make compensation by a cash payment out of their funds for any loss " arising from the transfer of any such shares, stock, or securities " in pursuance of a forged transfer, or of a transfer under a forged " power of attorney," and it is expedient to remove doubts as to the application of the Act to losses and forgeries before the passing of the Act: Be it therefore enacted as follows :—
“The Forged Transfers Act, 1891, shall have effect as if at the end of sub-section one of section one of that Act there were added the words " whether such loss arises, and whether the " transfer or power of attorney was forged before or after the " passing of this Act, and whether the person receiving such " compensation, or any person through whom he claims, has " or has not paid any fee or otherwise contributed to any fund " out of which the compensation is paid."”