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QUEBEC : PRINTED AT L'^VJtNEMENT 1875 M B Y - L A. ^V S ^s\T OK TIIIO ) i BDiuffiG socm »^'' ADOPTED AT THK General Mettiny held the Ibth Janaarij 1875 QUEBEC : PRINTED AT L'EV^NEMENT 1875 IT.b^O^Q > I BY-LAAVS or THE Artisans' Permanent Building Society ADOPTED AT TIIK General 3Icetin^ held the 15/A January 1875. ARTICLE I —NAME. This Society shall b3 called '* The Artisans' Permanent Building Society," and shall hav.j its principal place of business in the (Jity and Dis- trict of Quebec. It is incorporated under Chap. 69 of the Cons. ) Stat,, L. C, entitled " An Act respecting Building Societies, " and shall form a Permanent B lilding Society under the said Act. article II. — OBJECT. The oVjject of this Society &hUl ba to offer to its members a secure and advantageous meo,us of in- vesting their savings ; to aid them in the acquisi- tion of property, in freeing their holdings from debt and mortgage, and in improving their real estate; and to offer easy terms of loan and paymmt to borrowers, on mortgage, public and other secu- rities. ARTICLE III. — STOCK. The Capital Stock of the Society sh\ll be divided into Permanent, Accruing and Appropriation Stock. ARTICLE IV. The amount of each species of Stock shall be de- termined from time to time by the Directors, each increase of Perrnanciit Stock shall b.> designated as " First Issue, " *'Socoiid Issue," and so on. The Accruini? Stock sKrII be divided into classes, ^nd shall bo dosi<^nated by the Jjotters of the alpha- bet, as : Class " A, " Class »' 15, " i^cc. The Appropriation Stock shall be known as "1st Appropriation Stock," "2nd Appropriation Stock, " and 60 on, and each issue shall be divided into Books designated as "Book No. 1," ''Book No, 2," and so on, each Book to consist of Ten Shares. ARTICLE V.— SHARE-*. The Shares in the different kinds of {Stock shall be of one hundred dollars each. ARTICLE VI. — PEiiMA^^ENr SHARES, HOW PAYABLE AND WHEN. Permanent Shares shall be payable at the office of the Society, by instalments of ten per cent, at the call of the Directors, who shall giv^e one month's notice of such call. Holders of Permanent Stock shall not bo obliged to pay, nor the Society to receive, more than four inslaluientsper year, on each Share of Permanent Stock. AP.TICLB VI r. — ACCRUING SH^RE^", HOW PAYABLE AND WHEN. Accruing Shares are payable at the office oi the Society by monthly instalments, payable in ad- vance, of one per cent, on such days as :nay be designated from time to time, by the Directors. ARTICLE VIIL— DURATION OF CLAIlSES. The length of time during which payments are to be made, on Accruing Shares, is indeterminate ; as soon as the realized profits in addition to the monthly payments, are sufficient for the payment of the amount of such Accruing Shares, it shall be the duly of the Directors, after providing for pro- bl t( 5 — bable losses, to lix the date of such payment, and to notify the Shareholders thereof. If, on the closing ofthe Class, the profits added to monthly payments bo more than suflicient for the payment of Ihe amount ofthe Accruing Shares of such Class, the surplus shall be paid to the Sha- reholders of such Class, in the form of a bonus, proportionate to the amount of the Shares of each of them. ARTICLE IX.— AP?r.OP:^IATION SHAUES SHOW PAYABLE AND Wtll-N. The Subscription of the Appropii.itions Shares, shall bo of fifty cents per week for each book, payable at the otfico of the Society, on such days as the Directors shall iix. On payment of twenty- fire cents, the Appropriation ShiirohoUlers shall be entitled to an entry book, in which shall be en- tered all payments made by them on their Shares. ARTICLE X —DURATION OF PAYMENTS. The time during which such payments shall be made is indeterminate ; as soon as the interest and realized profits added to the weekly payments, are sufficient to form the amount of the subscribed Shares, it shall bo the duty of the Directors, after providing for probable losses?, to iix the date on which such weekly payments shall cease, and the amount of their siibscriptibn shall be payable to the Shareholders who may not have yet received an approbation. ARTICLE XL — FINE) OR PAYMEN'T IN ADVANCE FOR AIHiEAhS. If the subscription be net paid, a fine of ten cents a book, per week, shall be charged, and in no case shall arrears of subscription be received without the accrued fines, unless as many weeks be paid la advance as may have been in arrears. — 6 — ARTIOLK Xir. — MEMBERS IN ARREARS. Appropriation Shareholders, whoso accounts With the Society are in arrears, ohall not be per- mitted to participate in the ballots for appropria- tions. AKTICLK XIII. An Appropriation Shareholder, whose subscrip- tion and iinos are six months in arrears, shall be notilied thereof by the Secretary : and unless the same be paid in full within three months from the date nf such notification, together with the amount sabscqiiently accrued, the Directors may declare that such membt-r shall cease to belonjr to the So- ciety, and ihiit all amounis, paid by him fehall bo forfeited lor the benelit of the Society. If he have p lid more thin one's years subscrip- tion the Directors may, however, allow him the amount of weekly payments made by him, less arrears and lines, with interest, v 'mcIi must not, however, exceed six per cent per annum. • ARTICLE XIV. An Appropriation and Accruing Shareholder, wishing to cease his connection v:ith. the Society, may do so on such condition as the board may fix. ARTICLE XV. The funds accumulated in each departement, shall be used for the purposes of the department, linless the Directors otherwise decide by special resolution. ARTICLE XVI.~ APrROPRIATION AND BALLOT. When a sulhcient sum has accumulated to form one or more Appropriations of a thousand dolJars each, the Directors shall call a meeting of the Sh'irc- holders in this department, by a notice to be posted in the office of the Society, at least two weeks before such meeting. -7- iccounts be per- propria- nbscrip- shall be less the •orn the amount declare fhe So- ihall bo ibscrip- im the m, less st not. Siolder, ociety, lay fix. 3ment, trnent, pecial OT. form olJars ^h'irc- )0St»3(l veeks Such Appropriations ehall bo disposed of alter- nately by ballot and by purchased ; the first Ap- propriation must be by b illot. The ballot shall bo' hold in tho manner which the Directors shall deem most expedient. ARIICIE XVII. — DEPOJIT OP ArPllOPUIATION WITH SOCIKTY. An Appropriation Shart'holdcr, who has received a!i Appropriation by ballot, and who does not wish to receive the amount thi^reof immediately, caa pve notice in writing, and he is bound to do so, to the Secretary-Treasurer, within ten days following such ballotting, of his intention not to require his Appropriation at once; and when heshall be ready to received it, ho shrill pive at least fifteen days notice in writing to thi^ Secretary-Treasurer; but all Appropriations which may have been declared before such last notice, shall be paid before his Appropriation, and he shiU commence to pay his instalment from the month following such notice. ARTICLE XViri. Every member, who has » right to an Appropria- tion, wishing to leave the amount thereof with the Society, hm a right to interest on the amount thereof, at the rate granted to the Society by thos Banks where its deposits are made, or at such rate as the Directors may fix ; such interest to run from the month following the Appropriation, provided he regularly pays his instalments on said Appro- priation. ARTI.^LE XIX— BY PURCHASE. The Appropriation, by purchase, shall be sub mitted to tender, verbal or written, and the Appro priation shall be adjudged to the last and bidder. highest wgsa^g gM^Trftii t WB B I! I — 8 — ARTICLE XX. — TENDERS FBOM NON-MEMBF.llS. The Diieclors may accept tenders from members holding shares in other departments, and even from persons not membe^-; of the Society, on their depositing, previous to tendering, with the Secre- tary, if requin:d, two per cent on such Appropria- tion, as security of their good taith, which sum shall be forfeited to ^he Society, in the event of their re- fusinjj to accept an Appropriation which may have been adjudged to them : but in the event of a per- son, not a member in this department, being ad- judged an Appropriation, ho shall not receive the amount thereof, until such time as he shall have fulfilled th3 conditions determined by the Direc- tors, and have paid up a sum of money equal to the amount of fees and weekly subscriptions alrea- dy paid by the other members, and also profits and interest thereon at such rates and on such condi- tions as the Directors may determine. ARTICLE XXII. — BONUS. The bonus or premium, made on such Appro- priation, by purchase, shall be carried to the fund of the Appropriation department. ARTICLE XXII. The mode of making all Appropriations, and the conditions upon which they shall be made, shall be determined by the Directors. ARTICLE XXIII.— DEPOSIT BY BECEIVEaS OF APPROPRIATION. The Appropriation Shareholder, who has. re- ceived an Appropriation by purchase, shall imme- diately deposit, in the hands of the Secretary- Treasurer, two per cent on such Appropriation, to secure the Society the fulfilment of his obliga- tions as bidder ; and, if he neglect to give the secw- tics required, within such delay as the Directors BmaMc wy q n' ' • mv ti ^mm ^n**w - r- vp - -i n*' » > -m n ' -9- lay fix, such sum shall be forfeited, and the Ap- [propriation shall be sold at his rick aud peril \{dfol/e enchere). Previous to receiving the amoant of an Appro- [priation, the receiver must pay all charges fixed, the l)irectors for notarial, lef]fal, inspyction and >ther fees, writh a bonus oa the amount of each [Appropriation, if tho Directors so determine. ARTICLE XXIV. — SECUaiTX- FOR PAYMENT OP AlTKOP?.IATIOM. An Appropriation can only be paid orer, on the 'security of paid up Permanent Shares or of real I estate ; and the same must bo of a sufhcient value, I in the opinion of the board and valuators, i^ secure to the Society repayment of the sum so advanced, and of all tine?, weekly dues accrued, and to accrue. ARTICLE XXV.— SECURITY FOR REPAYMENT OF APPROPRIATION. The Appropriation Shareholder, who Heglects to pay all instalments due on an Appropri.\tion granted to him, shall pay a fine of two and a half per cent per month, on the instalments due, until full payment, in addition to the tines due for non- payment of weekly dues. He shall, however, be exempt from all fines on paying in advance as many instalments as may have been in arrears. auticle XXVI. — discharge of securities. The Permanent Shares, advanced as security and the real estate mortgaged, for the payment of the amount of the Appropriation so advanced, shall not be refunded, nor freed from the mort- gage, until the full payment of all fines, charges, ten per cent, instalments and weekly dues, payable upon each Appropriation Share. w m ill I 1! ,« iren -10 — ARTICLE XXVII. — INSTALMENT ON APPROPRIATION, The member who has obtained nn Appropriatioj shall, without discontinuing his weokly paymenta have to re-imburse the amount thereof to thl St)ciety, in the foim of interest, by one hundred and twenty equal monthly consecutive instal raents, which bhall be paid at the office of th^ Society, commencinj^ on the first payment day ol the second month, after iho ballot, or sale, of sucl appropriation. However, when all the members shall have received their Appropriations, the issue shall b( considered fully paid up, and all payments, not yet due on such issue, shall be extinguished ; bul all arrears and finei<, due by members, shall b( collected amongst the members, pro rata, aftei provision for all the dobts due on account of thi-s department, and after th. same shall have been! paid. No member can receive more than one| Appropriation per book. • ARTICLE XXVIII. — CAPITAL. EMPLOYMENT OF CAPITAL. The Capital shall be used as follows : 1st. The cost of management ; 2nd. For buying' up of Accruing and Appropriation Shares of mem-; bers ceasing to belong to the Society; 3rd, For J loans from the Society to the Shareholders, and to^ ordinary borrowers; 4lh. For the payment of semi- annual dividends on the Permanent Shares, pro- vided such dividends bo not paid out of the prohts produced by the Capital of the Accruing and Ap- propriation Shares; 5th. For the payment of the amount of Accruing and Appropriation Shares : aad if at any time there be funds of the Society which may not be used, or required for the above pur- poses, the Directors may otherwise dispose of them b( ini ml m — 11 — JOPRiATiON.lfor the benefit of the Society, according to the Act respecting Building Societies. ARTICLE XXIX. — INTEREST. "When fands b9longing to one department shall be used for the purpose of another department, interest thereon shall bo due, by the latter depart- ment to the former, at such rates as the Directors may fix. AUTICLE XXX. — MEMBERS. The Society shall b? composed of an undeter- mined number of members, as follows : 1st. Per*' manent Shareholders ; 2nd. Accruing Sharehold- ers ; 3rd. Appropriation Shnreholders ; 4th. Bor- rowing Shareholders, persons who being pro- prietors of Permancuit, Accruingand Appropriation stock, borrow from the Society, on the security of such stock, or on other securities ; 5th. Borrowers who, without being Shareholders or members, borrow from the Society, and are by reason thereof subject to the rules of the SDciety. AUTICLE XXXI. — NUMBERS OF SHARES LIMIIED. No Shareholder shrill possess more than ten thousand dollars in the Permanent stock; twenty in the Accruing, nor more than thirty thousand dollars in the Appropriation stock. AUTI.LE X::XIt. — SIGNATURE OP MEMBERS TO SUBSCRIPTION BOOK. Every person, wishing to become a Shareholder or member of the Saciety, shall sign l>y himself or Attorney, and if he cannot sign, shall approve by his usual mark, in the prese f^e of a witness, the book in which are entered the rules of the So iety, with the promise to conform to the f^ame, as also to ENT OF or bnyingi s of mem- 3rd, For 'rs, and to it of semi- ares, pro- ^0 profits :and Ap- ^t of the ires: aid y which 5ve pur- of them •^12 — the amendments, changes and modifications, whicl may, from lime to time, be made to the same. ARTICLE XXXIII. — EN'JOYMENT OF EIGaiS OF MEMBERS. To be a member, and to exorcise the rights of member, ho must have paid his entrance fee, au( at least made one payment on his shares. ARTICLE XXXIV. — ENTRANCE FEE Every person becoming a member (except h] succession), by reason of his having an Accruing Share on or about the issuing of such share, or becoming a Permanent shareholder as a subscriber at the issuing of capital stock,or by reason of chan- ging of his Accruing or Appropriation Stock unto Permanent Stock, must pay an entrance fee of one- per cent, for each share ; but this entrance fee may be diminished or increased by resolution oi the Directors : and every person becoming a member, by reason of his having an A{)propriation Share, at the issuing of such stock, shall pay an entrance fee of live centa per share. ARTICLE XXXV —BONUS. Every Permanent or Accruing Shaieholder, bor- rowing iV )[n the Society, on other security than that of his i?harcs, sh.\ll pay a bonus of one per cent, immediately on receiving his loan. ARTICLE XXX /I. — OTHER BONUS. The Directors may, moreover, if they think proper, require from every borrower, wh^>ther he be a Shareholder or not, another bonus of an amount to be fixed by them ; and the amount of such bonus is assessed on the duration of the loan, and added to the interest payable by such borrower on the amount advanced to him. -13 tions, vvhicJ 5 same. GQTS OF ' rights of ICO fee, ari( *s. CE (except by! 1 Accruing share, or^ J^^iibscriberl J>n ofchaii >fO(.'k untoi fee of one 'e fee may on of the I niember, I Share, at trance fee Mer, bor- fity than ' one per y think i-^ther ho I amount 5h bonus d added f on the lUTIOLE xxxvii.— fines payable by permanent BHABEUOLDERS. Every Permanent Shareholder, neglecting to piy le amount of a call, shall have to pay a fine of ten >er cent, on the amount of such call ; and if ho K'glect to pay, within six months, such fines and [11 other tines a' d calls, which may thereafter >corae due, his block in th'3 Society may be sold )y the Directors and the i)roceeds thereof shall be haid to him, after deduction of all dues, fines, inte- rests and costs. ABTIOLE 2XXVin.— FINES PAYABLE BY ACCEUINO BIIAREtlOLDERS. Every Accruing Shareholder, whoso monthly payments shall not have been made within the pidermentioned delays, shall pay the following lines : — 1 cent por share for 1st month. 2 " " " 2ml 4 " " *' 3rd " 8 V " " 4th " li) ^.th Or, on 1 share 1 month, 1 cent. " 2 " 3 •' i( g (( y i( <( 4 « j5 ti •' 5 " 31 " 31 cents, total for five months. Total for five months, 31 cents. For the sixth month tho tino ceases to 'double, laud begins again, as at the first month, on the above scale doubling ibr the following months, and thus isac jcssiveiy for each complete period of five months. ARTICLE XXX IX. -BE \IISSION OF FINES. Kvery person who shall not, at the time fixed, have paid the interest and bonus upon the shares, which shall have been advanced to him, shall pay, in addition for such default, a similar line for each saire, until jadg:iientfchall have been obtained, in case of hi^ being sued. I3ut the above fine, on tho Accruing Shares, having been fixed more for the purpose of enfor- cing on the members punctuality in their engage- ments to the Society, thaa to create a revenue, it -14- I 1 1 if bri laif \ei Will be at the option of members in arrears, exempt themselves by compensation, by makinj besides the payments due, as many pnym^mts advance, as they may hare b-en in arrears; bi this exemption cannot take place in any case which the member in arrears, shall h;ivo bc( legally sued, or whose Shares shall have been el tinguished in the manner provided. ARTICLE XL.— EXTINCTION OF SHARER When a non-borrowing member, in the Accruin Stock, shall be in arrears six months or more, thBp| Directors may, without previous notice being giveiMj^ extinguish his Shares, and finally close his accoun either by putting to his credit, or by returning thi payments which he may have made on his Share with interest, after deducting all the claims of th Society against such member, for arrears, interes fines, or other rights, whatever. ARTICLE XLI— CLOSIN'Q ACCOUNTS OF BORROWING MEMBERS. To close finally the account of a borrowin? member indebted for a balance, before or after s\\\ and forced sale of his effects, the Directors maf extinguish, or sell his Shares, in such manner ai they shall judge fitting, and the value of sacl Shares shall bo established according to the prei ceding paragraph, unless the Directors shall jiidmpaiiy. S'TS. disbursed borrowers urns (!»f Ins shall beari that stipulaj 'iTovvers. an at XhQ ilr; to ffgrel or of a pal he UirectoJ 50, estab'i> ipmy, wil Insured, ^\^ claims li |ect of such damai^cs or losses, and also obtain the Insurance Company or Companies, all Is 1 hen CO arising- ; in all cases (he receipt of the [('tary-Treasnrcr thall be a valid and binding [liari^o, as ret^ards such Insurance, for all mo- which shall be so obtainotl. AivriCLE LVJ. \: '. Direclois may, at thoir discretion, either oy, in whole or in part, the money which they 1 collect, in virtue of the tran'::!fer8 of the insur- er mad'e by borrowers or members in repairing ai^os done to the property, or retain and employ Ih moiit'y, cither wholly or parlially, as thoy 11 jadg'ei proper, in I'quidation ol the amount by such borrowers, or members, to the So- y; and the surplus it' there beany, bhall be Id over to the borrowers or lo whom it belongs Iriglit. -ARTICLE LVil —BOARD OF DIRICrORS. f he afiprtirs of the Society shall be under the con- |1 and govi^rnment of a Board of Directors, to number of nine, 80 long as Article 63 shall be put in force, and only live as soon as the Id article shall come into effect. The Directors ill elect their President and Vice President, and \i quorum at their meetings shall consist of three, le President Vice-Presidnnt and Directors shall, their private capacity, be exonerated from all !ponsibility in relation to the liabilities of the [ciely. ARTICLE LVIIL — ELECTION. [The Directors are elected each year, at the An- Lul (t r'neral Meeting of the Society, by an abso- |te m jority of th^ vot^s cast at said meeting. The Directors once elected shall remain in office itil replaced by th.eir successors, unless they cease »t*i.TWr<*i f WMMim r, 1 ^ .< — 20 — !l! ml Idl 11 10 (1 to be Directors by one ot the followinj? cat namely: death, rosigiiation, povssossion of less the require I nunil>or of Shares, innlveiicy, bJ ruptcy, or conviction for crime or serious offej Directors must possess at least live Shares in Permanent, ton in (hi> Accruing, or thirty in Appropriation stock ol' the Society. ARTICLE LIX. — VACANCIES IN DOAHD. When a Director sh'\ll absent himself from meetings ot the l?oarJ of Directors, during till consecutive months, the raajoiity of the quorf of the other Directors may, by resolution, declj his oflico vacant. ARTICLE LX — RKSIGNATIO^IP. Every Director has a right to give in writing] resignation of the ollice, and he shall be imracc tely replaced in the manner hereinafter provil] ARTICLE LXI. — VACANCY INBOARD. Every vacancy in the Board of Directors, h: pening in the course of the year, from whate cause, shall be filled by the choice of the remn ing Directors, and the substituted Director shI remain in office until replaced at the election Directors, by the Annual Greneral Meeting. ARTICLE LXIT.— NO DIREQTOR TO BE EMP1.OYED. No Director, so long as he shall be in office, iR'f^} before the expiry of six months after leaving it ci fill any lucrative office in the Society. ARTICLE LXIII.-.FEE TO DIRECTd.'',3. Every Director, duly named by virtue of tl above prescribed rules, has a right to two dollal for each meeting of the Board of Directors, wlie there is a quorum, and at which he shall be preseil during the whole sitting; but no Director shaj lR' 1( e u c til 01 Ilowinnr cat sioii of less olveiicy, bj serious offel Sharos in I' thirty in r BOAUD. nsolf IVom , dnring- tlJ >i' m what CM the rem III )i rector shI e election loting-. EMPLOYED. '0 more than sixty dollars, in any one yi\ir ich service, even when the niiuiber oi' ineet- |during such year, shall be more than thirty. .RTICL^ IXIV.— INDSMNITY TO Pi;E5'ID3Nr. •^, the Society may vote to Ihe dv)nt, (mav and above what is allowed to b'm Director, an indemnity on account of the [or amount of time and attention which ho jrive to the business of the Society. 10 above two Articles shall not come into force a period fixed by special resolution, and passed General Annual Meeting of the Society. AUTIOLE LX v.— ISSUE OF STOCK. le Directors shall fixed the date at which each issue of the stock shall be made, and the first lent shall be made on the day appointed by )irector(:i. iRTICLB IXVJ— ARaANdEMENT WITH BANK< le Directors may make, with one or more of >anks, holding a charter and doing business >uebec, fuch arrangements, for the deposit of ley and funds, belonging to the Society, for the ling of credit and the transaction of all other iuess, as thall seem to them advantageous. ARTICLE LXVII.— POWERS OF DIEi!JDT0R3. eaving it c vor.s. in ofBce, nlhe Fresidont, and, in his absence, the Vice ident, and Secretary-Treasurer, on deliberation e Beard of Directors, thereto authorizing them, , in the name of the Society, negociate all sales urchases ol Bank Stock or Public Funds, lend contract all loans deemed necessary and usi f al he Directors, on such conditions, and under restrictions, as may bo approved by thom ; may, in the same manner, and on sirailur irtue of t two dolla ctors, wh il be prese: rector eh .i 22 — ) m- iii! liil;; deliberation, accopt, acquire, hold, sell, alien] transfer, bind and mortgage for and in the m of the Society, all real cstato, heritages, moni merchandize, moveables and effects whatsoe] # j^:\d all titles, deeds, and other instruments bear / y/obligations, for moneys, transfers; cessioiL^ .aTidl ^ brogations, acts or titles, and all the oliier effe| and all rights and claims, which the Society lawfully accept, acquire, hold, sell, alienate, tri fer, bind and mortgage, in virtue of the law, ml abatements in part, and com pound with all persJ w^hatsoever, for claims of which they may c| sider the recovery doubttnl, or more or less unc tain or distant, make abatement, in certain ( of fines incurred ; an I all acts required to gireef to the above, shall be signed by the President] in his absence, or if he be personally interested,] the Yice-President, and also counter signed by Secretary-Treasurer, and if the latter be absent! personally interested by the As'^istant-Secretaj Treasnrjr, or by any other person specially autf rized by resolution of the Directors. AKTICLE LXVIII —ADVANCES TO MEMBERS. The Directors may, at any time, make advancl members wishmg it, on theirshi^res, on suchmef bers giving such security to the Society as Directors may deem sufficient, and on their detJ mining, with such members, the terms and coj ditions of repayment oi such advances, the whc without liability as to the profits or losses of t| business of the Society. ARTICLE LXIX — RA.TE OF INTEREST. The Directors shall determine the rate of interc which shall be charged on loans or advances rad , to or by the Society. EMg»jSociefy ilienate, 'tn the law, ml ith all persJ hey may c] ■ or less line certain cag d to gireel. ! President,! interested,! siofned by r be absent] ant-Secret{ ecially aulj :t3mber3. ke advniK n such mod ciety as their detj ms and col ^ the whc osses of tl .EST. e of intere auces mid — 23 — ARTICLE LXX. — RESERVE FUND. 'he Directors may create a Reserve Fund, ont [ho profits of the Permanent Stock, and thoy |y declare what shall be the object and employ- Int of such Reserve Fund. ARTICLE LXXI. — EXPENSES. he Directors shall, by resolulion, determine as larly as possible the manner in which the (leral and s-pecial expenses and profits shall be ided amongst the Permanent and other Share- iders. ARTICLE LXXII. — DIVIDENDS. 'he Directors shall determine, at the proper e. the amount of each semi-annual dividend, to accorded to Permanent Shareholders irom the c.^pital of the Perrannent Stock, loans and ler transactions of the Society, deduction being ide therefrom of the amount required for the ierve fund, and for a proportionate amount of ex[)enses. They shall also deterraine the time which such dividend shall be payable at the Lce of (he Society. . ARTICL2 LXXIII. ~ NOTARY. lOn the passing cf every deed, to which the joiety shall be a party, the Directors shall have right of choosing the notary, before whom such |ed ibhall be passed. ARTICLE LXXIV. — SECRETARY-TREASTRER. |Immediately on the passing of the By-laws, the smbers present shall name a Secretary-Treasurer, LO shall be authorized to act for the Society, itil the election of the Board of Directors. ARTICLE LXXV. [On their election, tho Directors shall name a jcretary, who shall at the same time be Treasurer, n iv III! — 24 — and who shall manage the business of the SociotI under the control oi' the Directors, lie shall obliged within one month oi* such nomination, famish such security as the Directors may deej sufficient. ARTICLE LXXVI — DUTY OB' SLCUETARY-TfiEASUiil The Secretary - Tr-^asurer is authorized to pa and receiv^e all moneys duo by and to the Society] and his receipts shall discharge all debts for J legal purposes. He shall deposit with the bank, early as possible, all sums of money received f^ the Society. ABTICLB LXXVII — CHECKS. All checks on the Bank and all notes given I) the Society, shall be signed by the SecretarJ Treasurer and by the President, and in his absencj by the Vice-President, and in their absence any two Directors. ABTIC^E IXXVlir.— SECRETARY OF GENERAL MEETINC The Secretary-Treasurer shall ex officio be Se crelary of all General Meetings of the Society. ARTICLE LXXIX. — BX VM IN ATI ON OF BOOKS. The President, and in his default, one of i\\\ Directors, shall examine the books, and verify i\\\ cash, once a month, and certify tosuchexaminatioi| and verilication. ARTICLE LXXX. — OFFICERS. Besides the Secretary - Treasurer, tlid Directors] may at their discretion nainj : Irft. A?i Assistant Secretary-Treasurer to aid ih( S.'erolary - Treasurer in the performance of hi^ duf the SociotI Uq shall omination, ["s may dee| lY-TREASUB] >rized to pa > the Society! debts for a| the bank, received f^ tes given ij e Secretarj his absenci absence b| AL MEETINfl f/irin be Se| Society. BOOKS. one of thti verify thj xaminatioil DirectorsJ to aid the ice of hi> ?ame timtJ Socretaiy-i ^ - 25 - reasurer,) to make all searches and to examine )1 deeds, relative to real estate and other property, lered as security for loans, and for all other legal isiness of the Society. 3rd. Inspectors to visit and value all property Tered as security for loans. 4th Aj^ents in the coujatry parts ; and they may [so establish Branches in the Province of Quebec. 5th. Three Auditors from amongst the members, examine at any time, the books and accounts the Society, and to attest the Annual Report of le Secretary-Treasurer. 6th. A book-keeper and all other clerks and leers and agents that they find necessary. Any person named by the Directors may fulfil id discharge the duties cf two or more offices in le Society, provided the same be not incompa- Ible. ARTICLE LXXXI. — REPORTS OF AUDITORS. The Reports of the Inspectors shall always be in writing, and must be sworn to, if the Directors jquire it. ARTICLE LXXXII. — FEES. The Fees of the Attorney, Notaries, Inspectors, id Agents, shall be determined by the Direc- )re, and must in all cases be paid by the bor- )wers and the salaries of the various officers, to [e paid by the Society, shall be determined by the lirectors. ARTICLE LXXXIII. — SHARES POSSESSED BY OFFICERS AND SECURITY. Every officer must have, at least, three shares in le Permanent or five in the Accruing, or ten in Appropriation Stock of the Society, and he lust give such security, when deemed necessary — 26- as may be required by the Directors for the tailhfi] discharge of his duties. ARTICLE LXXXTV. — SBAL. The Society may possess a Seal, which shall bJ affixed to the deeds, titles a.id proceedings of th| SDciety or of the Directors, whea the latter shat deem it necessary. ARTICLE LXXXV-~LOAN RFGISTER AND BOOK OP DELIBBRATIOSS. Besides all the books necessary for the propeJ management of the business of the Society, ihi Directors shall have a Register, where shall b( entered their resolutions on all loans and advances; made by the Society, and on all applications foj loans and advances ; such Register shall be calleij the " Loan Register. " They shall also have another Register, in whicl shall be entered the minutes of all other deliberaj tions of the Directors, and such Register shall bJ called the "Book of Deliberation ;" in ihisMast Rej gister shall be entered all the minutes of the G-ej neral Meetings of the members of the Societyj whether ordinary or special meetings. ARTIOLB LXXXVL— HONORARY DIRECTORS. The Society may have Honorary Directors, th^ number of whom shall not be more than seven noij less than three, they shall be chosen, each year, bj the ordinary Directors, from amongst the member^ of the Society. When the Honorary Directors are present at thd meetings of the Ordinary Directors, they can, ij they so wish it, take part in the proceedings ol such meetings, on all aflairs ot the Society, anc they shall have a consultative voice, without in| curring any responsability ; they shall not, how] ever, have the right to vote. D BOOK OP — 27- At any of said meetings, where there are at least ro Honorary Directors, and a quorum of the Or- hnary Directors, there shall be chosen from longst the Honorary Directors, by a majority of the Directors present, an Honorary President the Society. When such Honorary President shall be present any of the meetings of the Directors or of the [ociety, he shall sit at the right of the presiding leer. ARTICLE LXXXVII.— GENERAL MEETINGS. There shall each year, be a G-eneral Meeting of le Members of the Society, at its office in the 'ity of Quebec, or such other place as the Direc- )rs may decide upon, i.i the said city, on the first 'hursday of May, to begin in the year 1875, for le election of Directors, or for any other object If general interest relating to the Society. At each If these Annual Meetings, there shall be read and lubmitted by the Secretary-Treasurer, an exact [eport of the state of all the affairs of the Society, ip to the last day of February, preceding, which Jhall be attested by the three Auditors, or a ma- jority of the three. ARTICLE LXXX VIII. — SPECIAL MEETINGS. Extraordinary Meetings of the Members may )e called by the Directors, when unforeseen cir- mmstances render such necessary. ABTIOLK LXXXIX. The President, or in his absence, the Vice-Pre- sident, or in del'ault or refusal of them, the Secre- tary-Treasurer shall be bound to call a Special or '^iXtraordmary general Meeting, on a written de- land to that effect, signed by at least fifteen mem- )ers. — 28 II il Every demand for such meeting shall expressl] point out its object, and at such meeting no othei| business shall be transacted, but that for which the notice has been given. ARTICLE XO. — VACANCY. If, from any cause whatsoever, all or a majoriti of Directors, should cease to be Directors, the Se] cretary-Treasurer shall be bound to call immej diately, a general meeting to proceed to the elecJ tion of new Directors, or to the election of succesJ sor, to those whose office shall have become val cant; and the Directors so elected shall remain iiil office, until replaced by the election of Directors,] at the next Annual Meeting. ARTICLE XCI.— GENERAL MEKTINGS HOW CALLEDJ All Greneral Meetings, whether ordinary or s] cial, shall be called by the Secretary-Treasurerj and in his absence, by the Assistant-Secretary-Trel surer, and that by notice inserted twice a week] for two weeks, in at least two newspapers, pul blished at the City of Quebec, in the English and| French languages. ARTICLE XOII. — ADJOURNMENT Every Greneral Meeting of the Society, as welll as all meetings of Directors, may be adjournedl from day to day, or to any subsequent day, whichl shall be considered proper and suitable to decidcl and terminate the business submitted to delibe-| ration. ARTICLE XCIII. — PLACE OP MEETING. All meetings of the Society, or of the Directorsl shall take place in the City of Quebec, at the place] indicated m the notice calling such meeting. ill! W CALLED — 29 — They shall be presided over by the President, id in his absence by the Vice-President, and if )th be absent by a President pro tempore, chosen the majority of members present, [The Secretary shall be ex-officio Secretary of every ^neral meeting; in the absence of the latter the [ssistant-Secretary-Treasurer shall take his place, id the minutes of these Greneral Meetings which lust be made and inscribed in the book of deli- [eration ot the Directors shall be certified, attest- and signed by the Chairman of the Meeting, id by the Secretary of such Meeting. ARTICLE XCIV. — VOTE At all General Meeting, whether for (he elec- [on of Directors, or for any other business, the lembers shall vote according to the number of [hares they may possess, in the following propor- lons : In the Permanent stock. Members possessing en shares shall have three votes, with three votes )r every twenty addition 1 shares. In the Accruing stock, luembers possessing ten Ihares shall have two votes, with two votes for jvery twenty additional shares. In the Appropriation stock, members possessing [en shares shall have one vote, with one vote for jvery twenty additional shares. Members possessing any fractional part of the ibove scale of shares, shall not be entitled to any 7ote for such fractional part, unless they possess |ess than ten shares, in which case they shall have »ne vote only. ARTICLT^ XCV.-VOTE T^Y PROXY. No one can vote by proxy with the exception )f members residing out of the district of Quebec, md female shareholders, and also minors under I — 30 — fifteen years of age, who may be represented bj their guardians. In the event of any questions arising as to thd age of a minor, proof of age must be furnished t^ the satisfaction of the Directors, whose decisioii shall bo final. ABTIOLE XOVi;— VOTS OF FIRM'S, &o. When shares are owned by a Company, firnnl or partnership, the members thereof must authoi rize one of th^Mr members ; by special power ol| attorney, to vote for them. ARTICLE XCVII. — CASTING VOTE OF PRESIDENT, ATI GENERAL MEETING. At all general meetings of members the Chair| man shall have only a casting vote. VOTE AT MEETINGS OF DIRECTORS. At meetings of Directors, the President, like thol others Directors, shall vote upon all questions,! each Director having one vote, but no Director] shall vote as such, upon any qu(\stion in which bel shall be personally interested; in the event ofa| tie, the Chairman shall also have a casting vote. ASTICLE XvJVIII.— NON-JURIDICAL. When a day fixed by the By-Laws, for a meeting,! the payment of dues, or for any other purpose,! happens to be a non juridicial day, the business] shall be performed on the next juridicial day. ARTICLE XCIX.— CHANGE OF RESIDENCE. All members must notify the Secretary-Trea-I surer of any change in their place of residence, or] address, failing which, any notice sent to the place! of residence, or to the address, entered in the] books shall be sufficient to all intents and pur-| poses. ^31 — ARTICLE C— INTERPRETATION. Tn the interpretation and application of all the ly-Laws, and of all amendements, which may be Lade, the decision of the Directors shall be hnal, |ut a member may appeal Irom such decision to a reneral Meeting of the Society. ARTICLE (JI.— RULES. The Directors may make all Rules and Regula- ions, and give all orders for the due execution of le By-Laws. ARTICLE CIL-NEW BY-LAWS. In the event of any matter arising, for which le By-Laws may not have provided, or may not ^ave sufficiently provided, the Directors shall have le right of deciding at one, according to the Ipirit of the By-Laws and of the Law ; and they [hall, at the next General Meeting, whether )rdinary or special, present a By-Law to meet all Inch cases in future. ARTICLE cm. The By-Laws can be changed, abrogated or imended, only in conformity with the provisionB )f Chapter 69 of the Consolidated Statutes of iOwer Canada. ARTICLE CIV. , No new By-Law, or amendment to the By-Laws, shall be presented, unless notice thereof shall be dven in writing one month previous to the meet- ing, at which amendments to the By-Laws must be presented, to the Secretary-Treasurer, who s^hall immediately post up the same in the office of the Society. T— — 82 — ARTICLE CV. The Society cannot, be dissolved, unless by a two-thirds majority of the votes cast at a Grent ral Meeting-, and notice of any motion of dissolution must be gjiven, at least, three months previous to the same being presented, to the Secretary-Trea- surer, who shall immediately post up the same in the office of the Society. ^ A. J. AUGER, Secretary. JOS. G. BOSSf:, Chairman. ss by a rem ral solution, ious to y-Trea- sarae in SSfi, airman.