A registered society which has invested any part of its capital in the shares or on the security of any other body corporate may appoint as proxy any one of its members although such member is not personally a shareholder of such other body corporate. The proxy shall, during the continuance of his appointment be taken in virtue thereof as holding the number of shares held by the society by whom he is appointed for all purposes except the transfer of any such shires, or the giving receipts for any dividends thereon.