581. Friendly societies.

In the bankruptcy1 of an officer of a friendly society2 who, by virtue of his office, has in his possession money or property of the society, the trustees of the society have a right to receive that money or property in preference to any other debt or claim against the officer's estate3. If the officer has received the money or property by virtue of his office4, it is immaterial that it cannot be traced5, or that he wrongfully omitted to pay it over after receipt