IMAGE EVALUATION TEST TARGET (MT-3) 1.0 I.I ■ 50 ™^™ ■^ I 12 Ui Si 2.5 l" lis III 2.0 1.8 1.25 1.4 1.6 ^ 6" _ ► m m /a ''^/A :>> /A 'm Photographic Sciences Corporation 23 WEST MAIN STREET WEBSTER, N.Y. 14580 (716) 873-4503 \ v 4 % v 4^ '(>*■ M # CIHM/ICMH Microfiche Series. CIHM/ICMH Collection de microfiches. Canadian Institute for Historical Microreproductions / Institut Canadian de microreproductions historiques Technical and Bibliographic Notf>s/Nota« tachniquaa at bibliographiquas The Institute has at«^smpteo to obtain the best original copy available for ii'!!ming. Features of this copy which may be bibliographically unique, which may altar any of the images in the reproduction, or which may significantly change the usual method of filming, ara checked below. L'Institut a microfilm* te n.eilleur exemplaire qu'il iui a t)tt possible de se procurer. 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Whenever possible, these have been omitted from filming/ 11 se peut que certaines pages blanches ajouties lors d'une restauration apparaissent dans le texte, mais, lorsque cela *tait possible, ces pages n'ont pas it* filr/:*os. D D D n Pages discoloured, stained or foxed/ Pages d,ithsueh Insurance Company hm the Directors may consider suitrble, and that for Ln amount at least equal to that which shall then be due: and the policy of such insurance shall invariably be made in the name of the Society, or duly transferred to it, in order to enable it to collect the amount, should cause arise. And in the same way it shall be allow- able tor he Society at all time to effect such insurance itselt, in Its own name or in the name of the borro- wer at the expense of the latter, without necassitv on the part of the Society lor any notification or mise en deraeure whatever. In all cases, the Society shall have possession of the policy of insurance. But the Society shall be in no way responsible towards the borrower or representatives for any delay or neglect in the renewal of any insurance nor tor any loss which may result either from the insolvency of the Insurance Company which it shall have chosen or from the noij -execution, in whole or m part, of the ingagements and obliga- tions of such Insurance Company. At- 1 of titles, expenses iri ber is deemed nt of the nees, etc. 1 shall be levor the borrower . ith such consider equal to policy of e in the to it, in , should )e allow- isurance 16 borro- lecassity sation or Society nee. ponsibie tor any lurance, rom the hich it ion, in obliga- p # Art. XL The Directors i^ay, at their discretion, either T? ''^'r5,y^«l« *''* ^" P^^'^» the money which they shall uplift m virtue of the transfers of insurances inade oy borrowing members in repairing damages done to the property, or retain and apply such money, eithp- wholly or partially, as fhey Pball judge proper, in liquidation of the amount due by such borrowing members te the SocieLy; and the surplus, if there be any, shall be transmitted to the borrower, or to whom it be'ongs as of right. Apt. XII. All money which shjill have been disbursed by the oociet-^ on account of its borrowing members, either n ^-,;^ect of premiums of insurance, expenses tor loand, or otherwise, shall bear interest until repaid, at the same rate as that stipulated in the act olobligationof such borrowers, and shall be reco- vera be from the latter at the first application, or periodically, according to agreement, on any ad- vance of money in which the case will not have been stated m the act of obligation, the Directors shall stipulate the rate of interest, which shall not be less than seven per cent. Art. Xlir. In case of fire in buildings insured, or in a part ot them, or of damages caused by fire, the Directors may, but without being bound to do so, establish aud liquidate with the insurance, without the i>nnsent or concurrence of the insured all claims in respect of such damages or losses, and also to obtain xrom the Insurance Con.puni-s all sums of money 1 8 Art, XIV. monthTvpaymZ^if n„ ff -"^ «ix consecutive iiim being jjut ew cfe»iew/ «. -^ necessity for Art. XV. *o or by the Soctty^ '''^"' •"■ ^•*^«"'=«« "-""e Aet. XYI. the'' coutrof ''an/^'.ov' ^""'"'^ «''«" ^ "»ieeting, by an absolute majority offitSii?rpred%rtn,:'!?.ii'..«^»'' ---„ in x- -^ v..^.^ „^4^^^-j3g^^.y^ uiiie«s they Eve above for ea there ; during receiv such 8 during Presid ipt of the id binding all moneys found, at onsecutive a-nd bonus ahall have t sum, or til become essity for f interest ces made 3 under oard of s Article 3 put in cle shall ect their orum at f at the majority nain in 3«s they rf cease to become so by one of the following causfls namely: death, resignation, possession o^fessZn SetoXncr^^^^^' banLuptcyanfatVt'f:^ consecutive months, the maioritv of fil ^ ^^'^l 6. Every vacancy in the Board of Direction Cduse, shall be filled by the majority of the remaining Directors. And the substituted D°rect«r ofDr'e'cZsbvt^h?' '^'""'■«P'«r >** theelS 01 x.irectors by the annual general meeting. „„ C7 ^'fr*"""' '"^ '°"g ^» he shall be in office can fill any lucrative office in the Society ^ ' ,♦1 ?/ ?" ?*" '^ I^irector, unless being a holder ot at least forty shares in the stock of the Society XTII. abovpZ3f *:?'■ 1"'\ "'""^'^ "^y virtue of the above prescribed rules, has a right to two dollars for each meeting of the Board of Directors wher" auring the whole sitting; but no Director shall rece.ve more than sixty dollars in any oneyear for Buch service even when the number of meetinffs ^rJ:L«"°^.y«''^.«hall be more than thltf Pw^'"'T"""'8' "'" «ociaty may vote to the President over and above what is allowed to hi m 'I 1 I! f hi 1 ! 10 Shan give to the buein"s:orttsS;" "'""^ ""' Abt. xyiii. I. The Directors mav makn •aritt, «_ Banks holding a charter ^hL;, ""^ "'' ^^^ei-"! real, such arrfneement^f„^tK 'f ^ business in Mont- funds belonX/rthe wff''T''^^'"''"«y'»n t^^e acquire, hold sfll) „i;! / deliberation, accept, moVge, fo 'knd ^ tteme J'^t^^J'''^ M estate, heritaffes mnr^^^r. i. Society, all real and 'Effects wCLrer^'^/XtitZ'^T' 7''^"^"«« instruments bearing oblLation lotl\1^^,' "'' °,'^'^'" other effects, and ail rS ?^h i ^' *'"*" ^'^'^ »" Society may lawf ,11-^ „„ ^ "'*""« ^^icb the alienat^e, Sansfer MnJ ITd"^^ '1°1"'''«' ^"M, sell, the Iaw,'make abatemits f„ ^^^^T/" ^''■'"^ "* ^ith all persons whatever /or &« "f wrr.S"'' may consider the recovery doubtf.^n"'' ^^^ uncertain and distflr,r^.i ^"""Y"'- or more or less cases, of fines w!f^l'."'*i?/''^*«'"«nt«- in certain """' «"" aa acts required to ,(,. at of the which he into force passed at ►r several J ill Mont- oneyand pening of business ^he Yice- iberation ng them, 1 purcha- lend and iseful by trictions J in the accept, nd and J all real oveables or other I and all fiich the Id, sell, irtue ot npound eh they > or less certain Liredto 11 \ give effect to the above shall be signed by the Pre- sident, or, m his absence, or if he is personally interested, by the Vice-President, and also coxi- tersigned \ij the Secretary-Treasurer, or, it the latter is absent or personally interested, by the Assistant Secretary-Treasurer, or by any other K^ectef'''''^ authorised by resolution oi the Art. XIX. The Directors shall name and appoint a Treas^ 3r who shall al^o be the Secretary, and who shall manage the business of the Society under the con- ^ trol of the Directors. ' He shall not enter into the duties of his office before he has furnished such security as the Direc- tors may deem suficient. Art. XX. The Secretary-Treasurer is authorised to receive and pay all moneys due by and to the Society, and his receipts shall discharge all debts for all legal purposes. ^ He shall deposit with the bank as early as possible, all suras of money received for the Society, and to post a statement of the cash in the office of the bociety on all payment days. All orders or cheques on the bank shall be signed by the President or the Yice-President and another x)ir ector and the Secretary-Treasurer ; and all notes given by the Society shall be signed in a similar manner. The Secretary-Treasurer shall ex-nm.nro hA s«r.,.a tary of all general meetings of the Society. 12 Aet. XXI. The President or, in is deiault, one of the Direc- tors shall examine the books of the Society, and verify the cash once a month, and certify such examination and verification. Art. XXII. I Besides the Secretary- Treasurer, the Directors may at their discretion name : lo. An Assistant-Secretary-Treasurer to aid the Secretary- Treasurer in the performance of his duties and to replace him in is absence ; 2o. An attorney to make all s<^arches and to exa- mine all deeds relative to real estate and other property offered -as security for the reimbursements of loans and for all other business of the Society : 3o. A notary to draft all deeds and documents of the Society; 4o. Inspectors to visit and value ail properties oflPered as security ; 5o. Three auditors amongst the members, to examine, at any time, the books of the Society, and to attest the annual report of the Secretary- Trea- surer. And all other clerks, book-keepers, and officers that they may find useful for the good management of the Society. The reports of the inspectors shall always be in writing, and sworn to if the Directors deem it necessary. The fees of the attorney, notary and inspectors shall be determined by the Directors. Art. XXIII. JEvery officer must have, at least, ten shares in the 13 rectors aid the of his to exa I other lements ociety : lents of capital stock of the Society, and he must give suffl- cient security for the faithful discharge of his duies if required to do so by the Directors. Art. XXIV. There shall be a general meeting of all members of the Society, at its office, in the City of Montreal, or such other plaje as the Directors may decide upon, on the first we f'at effect, for the benefit a7d ,', m of T'^i'^"!" "^^ ^'"•^'«i'«d latter shall not be boiZ Lrff ^^°«>*y' ""d the and close Wsaccoun^in^fCrm" tor''""^'"^''*^ Aar. XLII. Shareholders in arrnn,. <■„ shall not be entitled to comn«f'"'"'^.J''T ""^ '^eek appropriations in conn«^r^ "? .""^ "^a'loUng of numbers in arrear ^"""^^^n with his or tEeir H ■ Art. XLIII, n,emT:r?by1h"e" s:^i:t'''S l' ^1r« ^-*«d to and sales. '^'^lety, shall be allowed by ballot Society. rained to the profits of tho Art. XLIV. allPttXitt-thaHr^ t-^e Society wil, ballot of an appropriation i 'j?**'™""' the sale or the shareholders TeZifill.t ''*'* """"y ^' and posted during two wLk«it\ *''i'"^''^ "^^ a notice or by an advertisement L.w'' °®''* "^'^^^ S'^'iiety Directors will ju^^rmtrco„7e„LT^^P«"' *^ *^^ r*" t \9 Art. XLV. No shareholder shall obtain more than ono appro- priation on the same account or number. Art. XL VI. The purchaser of an appropriation, shall imme- diately deposit in the hands ol the Socretary-Trea- •irer, twenty-five dollars on each apprepriation to secure to the Society the fulfilment of his obliga- tions as bidder; and if ho neglects ''o give the sec- urities required by article fiftieth within such delay as the Directors may fix, the latter may cause the said appropriation to be sold at his risk and peril (a lafolle enchire). Art. XLYII. The member who has obtained an appropriation shall only have to reimburse the three-fourth or 75 per cent to the Society without interest, in ninety equal monthly consecutive instalments which shall be paid at the office of the Society on the first payment day in each month or during the next seven days commencing on the first payment day of the second month after the ballot or sale of such appropriation. Art. XLVIII. The shareholder who neglects or fails to pay, when due, his monthly instalments in reimburse- ment or any other obligati is by him due to the Society, with the exception of his weekly inL':al- ments, shall pay a fine of two and a half per cent rkOT* r>-»rvn+Vi mn i-lna i-ncfnlTn ATif.S HllA. Until fnll TJaV- ment. m so P»y.ng in advance a«manvin^"?P'«'^ ^~™ fine b° lor arrears. *' '"""J' instalments, as he owes Abt. XLIX. „ ' . ""Tsements of annron,^;.;-^ '"stalmenfes or for gatione become due i^^^T"''""*' ^^'^'■e his obn '^^o up to the time ir^iet "^ "" P^yin^all arrS anotLr%:!f,;,-t:Uof?, "* ^« <>-" expense -t Of a,i .isii^^ziz'X' tri^'^p'^y- Abt. L. Every member entit)fl,i ♦« previous to his receivw th """ '^PP'-opHation shall Mortgaged guarantee on In? ,'"»°"nt thereof, ^te Aet. LI. df«?T '^''^t'torSf th^ ? appropriation who --.. ---otice%XX"ret^!¥rSr; tl within ten days following the balloting (jtirage) ol such appropriation, of his intention not to receive his appropriation at once. In that case, when he shall be ready to receive it, he shall give notice thereof to the Secretary- Treasurer ; but all appropri- ations which have been granted or simply declared before such last notice, shall be paid before his a propriation, and he shall commence to pay hia reimbursements on the first payment day of ^ae month following such last notice. However the directors will always have the right to oblige the winning members to draw their appro- priations whenever they will deem it proper. Aet. LII. Every mem.ber who has a right to an appropria- tion, wishing to leave the amount thereof with the Society for a certain time, has a right to interest on the amount thereof at the rate granted to the So- ciety by the banks where its deposits are made ; said interest to d«te from the first day of the following month afte' .ne sale or balloting (tirage) of such appropriations, provided he regularly paya his monthly instalments on said appropriation. Aet. LIII. Shareholder d are bound to give notice of their removal of residence or address. LIV. When all the members shall have received their appropriations, the Society shall be dissolved, and all obligatiouf? not yet due by the members towards the Society shall be extinguished. 22 But all arrears and fines due by the members shall be collected, and the amount thereof distri- buted prorata amongst the members, after the payment of the debts of the Society. ACCBUmG, AKD PEKMANBNT STOCK. LY. The accruing capital will be divided in classes ; each one being designated by the date of the year in wich it will be formed ; and every year at the same period, a class will be opened. But the Directors may allow shares to be taken in the class then open, and to begin to make monthly- payments at any other period of the year ; and when the interests of the Society shall require it, they may also, at any time, close the subscription books to the non-borrowing members. Aet. LYI. The permament stock is fixed, trom time to time, by the Directors, and every increase of this Stock is recorded as ;^ special issue, with number, as 1st. issue, 2nd issue &c. Art. LYII. Pei-manent Shares shall be payable at the office of the Society, by instalments of ten per cent, at the call of the Directors, who shall give one month's notice of such call. Holders of Permanent Stock 23 shall not be obliged to pay, nor the Society to receive, more than four instalments per year, on each share of Permanent Stock. Art. LYIII. The accruing shares shall be payable at the Society's office, at such hours as shall be fixed by. the Directors, by monthly payments of one dollar per share, on the first day of each month, always a month in advance; but every Stockholder shall be exempt from the fine hereafter imposed, provided he shall make such payment during the first eight days of each month inclusive. Art LIX. The duration of the accruing classes is indeter- minate. So soon as the profits realised, added to the instal- ments paid, shall be sufficient to allow the payment of the unadvanced shares of a class and to allow the members of the remaining classes such guarantee as shall be considered sufficient to cover all the losses which may result from the operations of the Society during the continuance of the expi- ring class, it shall be the duty of the Directors to declare such shares realised, and to pay to the members their stock as well as the surplus which may be granted, as soon as the funds of the Society shall permit. But the class shall remain open for the members who may not have begun to pay their instalments at the first month of the class, until they shall have paid the same number of instal- ments 8 the members who shall have begun at the opening of such class. 24 Aet. JDX. All deliberations and declarations of the Board of Directors relative to the duration of classes, to the realisation of shares, to thoir payment, to the granted surplus, to the reserve made for probable losses, and, in general, to the liquidation of the shares of each class, shall be final, and shall form ysoof prima facie f until contrary proof shall be made, of the truth and propriety of their contents, and shall be p^igatory on all interested, without the necessity in any case of producing the books or statements from the books of the Society, or any other proof whatever. Art. LXI. All the capital obtained for the use of the Society and belonging to it shall be employed. 1. To cover the expenses incurred for its admi- nistration. 2. To pay all sums of money lent to it by its members, or which it shall have obtained on the personal guarantee of its Directors. 3 To pay the extinguished shares or realised. 4. To pay semi-annual dividends on sliares ot permanent Stock ; such dividends however hav- ing to be taken from the net profits produced by the capital of the periranent Stock deduction made of the amount kept for the reserve Stock in the manner provided here after. 5. For the purchase of the shares of members who shall withdraw in the manner hereafter pro- vided. 6. To advance to the members upon their mortgages guaranteed ; public funds or monthly payments already made. 25 7. To acquire ground on which to build houses and dependencies, which it shaU sell to its members or to any other persons, on such conditions as the Directors shall deem proper. When the funds shall not have been disposed of for the above purposes, the Directors may dispose ot tiiem otherwise for the benefit of the Society. Art. LXIl. Every person becoming a member of a class ot accruing Stock, except by title of succession, shall pay an entrance fee of one dollar per share, or one per cent. ^ , v/ « Art. LXIII. 1. Every member, whose monthly payment shall not have been made within the above named delay, shall pay the. following fines ; §2 Cents per share for the 1st month 4 « " « 2nd « 8 « '. « 3rd « 16 « <. u 4ti^ „ 32 « « u Qtij „ Or one share, 1 month, 2 cents '' 2 « 6 '• " 3 « 14 " " 4 " 30 « " 5 « 62 « Total for five months, 62 cents | Total tor hve months, 62 cents. 2. For the sixth month the fine ceases to double and begins again as at the first month on the above scale, doubling for the following months, and thus successively for each complete period of five montbP hia -7 ??^"l^^^ ^-« «Jiall not, at the time fix^ , ba^e paid the interest and bonus upon the shares 26 which shall have been advanced to him, shall pay in addition for such default a similar line for each share until jugment shall have been obtained in case of being sued. ^ , ^ 4 But the above fine having been fixed, more tor the purpose of enforcing on the members punctuality in their engagements than to create a revenue, it will be to the option of members in arrears to exempt themselves by compensation, by making, besides the payments due, as many payments in advance, provided he has no more than three months arrears, but this exemption by compensation cannot tako place in any case in which the member in arroar shall have been legally sued, or whose share shall have been extinguished in the manner provided hereafter. Art. LXIV. At the expiration of a delay deemed sufficient by the Directors, the Society may sue any shareholder or borrower in arrear for the payment of his arrears or all other obligations or conditions the debtor may have consented. ^i -n .i. And, at the expiration of four months, if the harrowing shareholder has not satisfied to the payments of all his arrears in capital, fines, interests, bonus and expenses, upon a resolution to this effect, the Directors may then confiscate the shares posses- sed by him, and finally close his account in remit- ting the balance to him, if there is any. Art. LXV. The Directors may declare forfeited of all his rights as member of the Society any permanent or temporary shareholder who will have failed to make %1 his semi-annual, or monthly instalments according to the case, during four months ; and if such shareholder is owner of shares in the perma- nent Stock, after a month's, notice in the office of the Society is shares will be sold, by submission, by the Directors to the benefit of the Society and if he owns shares in the accruing stock, they are extinguished and sold again to the benefit of the Society, and he receives in every case the amount or produce of such shart sold or extin- guished as above specified, less the expenses encur- red for the settlement as above specified. Art. LXVI. 1. Every member, having made at least four pay- ments; and against whom the Society shall have no claim, may transfer, his shares in the manner orde- red by the Directors. 2. Kvery member, having made at least twelve monthly payments, may withdraw from the Society by giving a month's notice in writing to the Secre- tary-Treasurer, and from the date of such notiee shall be understood to be no longer a member. 3. All his payments shall be refunded ; neverthe- less, every member so withdrawing, shall be bound to wait until the funds of the Society shall permit the repayments of the instalments made Art, LXYII. Every member making application for a loan, otherwise than on the guarantee of payments made on his shares, shall deposit, Wxih his written applica- tion, in the hands of the Secretary-Treasurer a sum of money, the amount of which shall be previously fixed by the Directors, to secures the repayment I 28 to the Society of the expenseo incurred by such application in case the borrower may not give, at the proper time, the guarantees deemed sufficient by the Directors, or in case his titles might be consi- dered defective. Art. LXYIII. Upon all loans or a-^vances whatever, made by thf Society, the Directors may require and accept for the profit of the Society, as interest and bonus, a sum which shall not be less than twenty- five cents, nor more than fifty cents for each month, for the use of each sum of fifty dollars advanced or lent ; the whole without prejudice to the entrance fee, fines, &c., prescribed by the by-laws. Art. LXIX. 1. Payments made on shares shall be sufficient guarantees for loans, provided that the said pay- ments amount to sixty dollars for each fifty dollars to be advanced. 2. Every member borrowing on this guarantee shall give his obligation or recognisance by which he shall bo engaged to reimburse the Society, at the expiration of a term which shall be agreed and fixed by the Directors, all sums thus borrowed from it and to pay it, for, the use of the same, the interest aid bonus of which the rate shall be fixed according to article LXYIII of these by-laws ^ 3 And every such borrowing member who shall not'fulfil the obligations which he shall have con- tracted towards the Society, by such obligation or recognisance, shall be subject to all the fines impo- sed by article LXIII of these by-laws. V 29 Art. LXX, A borrower desiring to have his property dischar- ged of a mortgage created in favor of the Society, before the expiration of the time for which he has contracted an engagement, is free to do it by pay- ing all the arrears due, in form of fines or otherwise, up to the day of such payment, and to such other conditions the Directors will judge proper. Art. LXXI. The proprietors of accumulating shares and bor- rowers, who desire to make an immediate deposit of money, in order to provide in advance for payment of their monthly instalmeiits (this deposit must not be less than the sum required for six instalments in advance, by share or loan,) have a right to interest on the amount thus deposited, at the rate fixed by the Directors. Art. LXXII Every borrowing member may, at any time, reim- burse and pay the amount which shall have been advanced and lent to him ; by giving to the Society, at least a month's notice of his intention to make such reimbursement; provided always that this shall not be before six months from the date of the loan. Art. LXXIII. In case a borrowing member shall l)e found, at any time, to have failed in making six consecutive monthly payments of capital, interest and bonus Upon the shares, the amount of which shall have 30 been advanced than the whole Capital sum, or whatever may remain due at the time, shall become immediately exigible, without any necessity for him '^ being put en demeure. Aet. LXXIV. The Directors may, at any time, make advances to members wishing it, on their shares, on such mem- bers giving such security to the Society as the Di- rectors may deem sufficient, and on their determin- ing, with such members, the terms and conditions of repayment of such advances, the whole without liability as to the profits or losses of the business of the Society. Art. LXXV. The Directors may create a Eeserve Fund, out of the profits of the Permanent Stock, and they may declare what shall be the object and emyloyment of such Reserve Fund. \ y Art. LXXYI. The Directors shall, by resolution, determine as clearly as possible the manner in which the. general and special expenses and profits shall be divided amongst the Permanent and other Shareholders. The Directors shall determine, at the proper time, the amount of each semi-annual dividend, to be accorded to Permanent shareholders from the net capital of the Permanent Stock, loans and other transactions of the Society, deduction being made therefrom of the amount required for the reserve fund, andlor a proportionate amount of the expen- ses. They shall also determine the time at which such dividend shall be payable at the office of the Society. or Qe Lm ^