If any number of persons shall be desirous of having the benefit of the provisions of this Act, and shall have formed or shall form any institution in any part of Scotland, for the purpose of receiving deposits of money for the benefit of the persons depositing the same, and of returning the whole or any part of such deposit, and the produce thereof, to the depositors themselves, or to their heirs, executors, assignees or other persons entitled thereto under the provisions of this Act, deducting only out of such produce so much as shall be requisite for the payment and discharge of the necessary expences attending the management of such institution, according to such rules, orders and regulations as shall or may be established for that purpose; such persons shall cause the rules, orders and regulations, established or to be established for the management of such institution, to be entered, recorded and deposited in manner hereinafter directed, and thereupon shall be deemed to be entitled to and shall have the benefit of the provisions contained in this Act.