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 e-MC> 
 
 THE TOROITO 
 
 I I 
 
 ^atEQEiig §®(g[inrv, 
 
 9 
 
 INCORPORATED 
 
 in ^(cordmue tolti) an ^ct of tl)e |)iot)uuial ^^gblature, 
 
 IN 1846. 
 
B 
 
 IN 
 
 FO] 
 
THE 
 
 TOEONTO 
 
 BUILDING SOCIETY. 
 
 INCORPORATED 
 
 IN ACCOKDANCE WITH AN ACT OF THE PROVINCIAL 
 LEGISLATURE, IN 1846. 
 
 FOR THE PURPOSE OF ASSISTING THE MEMBERS OF THE 
 SOCIETY IN THE ACQUISITION OF FREEHOLD AND LEASE- 
 HOLD PROPERTY, AND IN THE REMOVAL OF INCUM- 
 BRANCES OR LIABILITIES UPON PROPERTY ALREADY 
 HELD BY THEM, AND TO ENABLE THEM TO RECEIVE 
 THE AMOUNT OF THEIR SHARES IN ADVANCE, UPON 
 FURNISHING GOOD MORTGAGE SECURITY. 
 
 TORONTO: 
 
 PRINTED BY SCOBIE & BALFOUR. 
 
 1846. 
 
 
^^■^Sis^^ 
 
 JUN13 1935 
 
PROSPECTUS 
 
 or THF 
 
 .TORONTO BUILDING SOCIETY. 
 
 »%^«<^»s»^^«^ 
 
 v^^t^^^^^^t^^ 
 
 INCORPORATED BY ACT OF PARLIAMENT. 
 
 SHABCS iClOO eacli. 
 
 MontKiy Svhscriptions, 10s. per Share,--Entrance Fee, Ss. per Share,- 
 Transfir Fee, 2s. 6d. per Share. 
 
 I* »^Sf ■^^^■»'l^V* 
 
 DIRECTORS. 
 
 HON. S. B. HARRISON, President, 
 
 T. W. BIRCH ALL, Ksqume, Vkt Presideni. 
 
 WILLIAM BOTSFORD JARVIS, Es<iv*M. 
 
 WILLIAM HENRY BOULTON, Eiq., M.P.P. 
 
 CHARLES BERCZy, EsquiaE. 
 
 LEWIS MOFFATT, Esquire. 
 
 HON. JAMES E. SMALL. 
 
 Treasurer and Secretary. 
 
 Sdkitor, 
 
 Bankere, 
 
 An association of this description may be consi- 
 dered as having two main objects. First, it affords 
 the easiest and ultimately the most profitable meang 
 of investing savings, small or otherwise: and secondly, 
 it gives a ready means of acquiring unincumbered 
 real property, without the capital usually necessary 
 for that purpose. 
 
 Building Societies, established in England, have 
 been in full and successful operation for the last 26 
 years, or thereabouts ; the benefits and advantages 
 arising from them having been fully developed and 
 ascertained during that period. The introduction 
 of the system into this country has been sanctioned 
 by the legislature, and an act has been passed to 
 
 I 
 
authorize the incorporation of auch associations. A 
 similar institution, in the city of Montreal, has 
 recently commenced its operations under the most 
 favourable auspices. 
 
 The shares of the society are ^100 each, and 
 are paid up by rcf^ular monthly instalments of 10s. 
 on each share. These monthly payments are com- 
 pulsory, and continue to the termination of the society, 
 which will be in about ten years. The money thus 
 paid in is allowed to accumulate for a few months ; 
 and, as soon as the amount is sufficient, a meeting of 
 the members takes place, and the money is offered 
 in loans to the highest bidders, who pay such bonuses 
 therefor as they may consider it worth while. ^ Any 
 member desirous either of building or purchasing a 
 house (whether for his own use or to rent,) or of pay- 
 ing for one already purchased, is thus enobled to 
 obtain funds from the society, to an .'Extent not 
 exceeding the amount of his share or shares sub- 
 scribed for. As security for such advance, he gives 
 the society a mortgage upon real estate j upon which 
 mortgage he continues to pay the interest merely 
 until the funds of the society, from bonuses and other 
 sources, have so increased,' that the full amount of 
 the shares subscribed for has been realized,«--and 
 the society consequently terminates. Then, without 
 having (apparently) repaid the principal, otherwise 
 than by the monthly subscriptions before mentioned, 
 the mortgage is given up to him, and his property is 
 thus freed from alt incumbrance. 
 
 To a party already possessing leasehold or freehold 
 property, having incumbrances on it, the society holds 
 out peculiar advantages ; for, instead of being liable 
 to be peremptorily called upon for the repayment of 
 the principal sum borrowed, and being subjected to 
 severe loss and expense if unable to meet the demand, 
 the mere payment of the interest (in addition to the 
 monthly subscription) absolutely exempts him from all 
 such liability. 
 
^j^Tfij^TS^i^**: 
 
 tioiit. A 
 
 Teal, has 
 
 the most 
 
 ?ach, and 
 ts of 10s. 
 i are com- 
 be society, 
 loney thus 
 
 months ; 
 neetingf of 
 
 is offered 
 ;h bonuses 
 lilc. Any 
 [•chasing a 
 
 or of pay- 
 iuobled to 
 extent not 
 hares sub- 
 , he gives 
 ipon which 
 Dst merely 
 J and other 
 
 amount of 
 ized, — and 
 sn, without 
 , otherwise 
 mentioned, 
 property is 
 
 or freehold 
 f>ciety holds 
 aeing liable 
 ipayment of 
 ubjected to 
 he demand, 
 iition to the 
 \iim from all 
 
 Again, to a [lerson becoming a member without any 
 intention cither of purchasing, buildiiij;, or borrowing, 
 a mode of investment is pre8onted which experience 
 has proved to be most profitable twJ satisfactory ; as, 
 from the united acctimulations arising from bonuses, 
 interest, «fec., the full amount of the shares will be 
 realized long before the same thing would take place 
 by means of the monthly payments. 
 
 Among other beneficial results to bo anticipated 
 from the establishment of a Building Society in 
 Toronto, may bo enumerated the following : — 
 
 1 . The permanent inijirovement of the city and its 
 vicinity, by increasing the number of buildings of a 
 superior class. 
 
 2. Enabling persons of small but regular incomes 
 to apply a portion of their savings towards the acqui- 
 
 I sition of pro[)erty and independence, with greater 
 I ultimate profit than can possibly accrue from a 
 I Savings Bank ; and with this additional advantage, 
 that they are at all times in a situation to take 
 advantage of any cheap purchase of landed property 
 that may present itself, by borrowing from the society 
 on the easiest possible terms, 
 
 3. Merchants, builders, mechanics, labourers, and 
 clerks in commercial, bunking and other establish- 
 ments, are among the classes most likely to be 
 benefitted, more or less, by the institution. 
 
 4. Proprietors of building lots will be enabled to 
 dispose of property which would otherwise remain on 
 their hands for years, without producing any rent or 
 interest whatever. 
 
 The shares being transferable, members who, from 
 various circumstances, cannot allow their deposits to 
 remain the requisite length of time, may assign or 
 dispose of their shares at any tims ; and the purchase 
 may sometimes be made to advantage by the society 
 itself, for the general benefit of the members. 
 
6 
 
 Ihc facilitiei in the way of loan are of iuch a 
 nature, that a person posseaaed of a Bmall sum, say 
 from JE50 to ,0100 (probably nacless to him for moat 
 practical purpofios,) may, by means of an ^vance 
 from the society, at once acquire a property of five or 
 six times the amount, or even upwards. 
 
 Ap institutions of this nature have Rtood the test of 
 a quarter of a cent try's experience in F'.gland ^where 
 abundance of money could always be haa at a low ra^ 
 of interest,) their principles having, during that penod, 
 been thoroughly and satisfactorily elucidated, it is but 
 reasonable to assume that in this country, where the 
 comparative scarcity of money increases its value in 
 direct proportion, the profits and advantages arising 
 from a society of the same description, properly con- 
 ducted, will place its success beyond a doubt. In 
 the confident expectation that such will be the case in 
 the present instance, the above prospectus is submit- 
 ted to the public and to intending subscribers. 
 
 Toronto, 19th June, 1846. 
 
 
 
 NOTICE. 
 
 Further information may, for the present, be I 
 obtained by applying to the President, or to the Acting 
 Secretary, at the office of Messrs. Haerison du 
 Foster, Wellington Building9, King Street, where 
 the names of intending subscribers wiU be received 
 and entered. 
 
 
^^S^Mg^fy^WBB^'^ g^;. j!^W8f»M m v- yi^ 4 Jt -i'g;y^'r^ n^OT».|« ^ »T^^ 
 
 _Mi^ 
 
 >f tttoh a 
 sum, say 
 1 for most 
 L advance 
 r of five or 
 
 the test of 
 md (where 
 a low rate 
 bat period, 
 d, it is but 
 where the 
 ts value iu 
 ^es arising 
 )perly con- 
 iloubt. In 
 the case in 
 is sfibmit- 
 ters. 
 
 
 • 
 
 1 
 >re9ent, be 4 
 
 >theActinc 
 
 Iaarison & 
 
 \reet, where 
 
 be received 
 
 AN ACT 
 
 To memmg€ the eitahli$hment of certain SodetUe, 
 commmly called JJuilding Societiee, in that pari 
 of the province of Canada formerly constituting 
 tipper Ci nada, 
 
 [Passed 18th Mr 1816.] 
 
 Whereas it is desrrablo to afford encouragement 
 and protection to the establishment of certain socie- 
 ties, commonly called Building Societies, for the 
 purpose of raislnj? by small periodical subscriptions a 
 fund to enable the members thereof to obtain unin- 
 cumbered freehold or leasehold property; — And 
 whereas, ly an act passed in tho eighth year of her 
 Majesty's rcigii, certain persons were incorporated as 
 a society for such purposes in the city of Montreal, by 
 the name and style of " The Montreal BuiMing 
 Society ;" and provisions were made for the conduct 
 and management of that society, and certain prin- 
 leges and immunities conferred upon it; — And 
 whereas it is expedient to encourage the formation of 
 similar societies throughout that part of this province 
 heretofore constituting the province of Upper Canada, 
 whenever the inhabitants of any particular locality 
 may be desirous of availing themselves of the provi- 
 sions of this act; — Be it therefore enacted, &c.. 
 That when, and so soon as, any twenty persons or 
 upwards, in that part of this province heretofore con- 
 stituting the province of Upper Canada, shall hav3 
 agreed to constitute themselves a building society, 
 and shall have signed and executed, under their 
 respective hands and seals, a declaration of their 
 wish and intention so to constitute themselves such 
 building society, and shall have deposited the same 
 with the Clerk of the Peace in the district in which 
 they shall reside (who for receiving such deposit shall 
 be entitled to receive a fee of two shillings and six 
 
 Wh«» tWMiT 
 pcrsoni (halt 
 agree to 
 cunstituta a 
 Uuilding 
 Society, th»y 
 glinll be a 
 Corporation 
 tor that 
 purpose, after 
 iiaving com- 
 plied with 
 crrtain 
 fw»ialiti(>t. 
 
 I 
 I 
 
 i 
 
 I*. 
 
 i 
 
f^^^'^-'lt^^rdre^rcrive executors, administrators 
 their several ""'l.\"^^';;^,,;„ed, constituted and de- 
 
 and assigns. « f ^^j"™ ^ eo/poration. body corpo- 
 clared to be, . d slwl be ^^^ ^^ 
 
 r*.tv" I'iltv IS ly sued, declaration so'deposited 
 building -^ 'V'^ty-f ^^y , '^, ,ieclared to be the name 
 as aforesaid shall ''•'^^ '^''^"^^^r^^^rthe same desire 
 by which the persons so ««;;""=; „f raising 
 
 f'' ^It «: lerp'^riotMci^H^tioi. of thi 
 
 not exceeding the value "f J"«7~e^ed twenty 
 each share («"«1' subscriptions not o excee ^ 
 
 .hillings per month '^..^^'^^^^Kjniberthereof to 
 
 receive ""'<«. fV""'"„, .^ares therein, to erect or 
 or value of ^'^^f ^;%"'j^"iiing house or houses, or 
 
 ErXS or Sou ^^^^^^^^^ 
 
 otner iretuui^ v» . i society until 
 
 way of mortgaoe or otbe^^^^^^^ ^ shares haU have 
 the amount or value ot ^^^^^^ a^^ ^^ ^^^^^ ,^^^ j^.terest 
 been fully paid o t^^e said ^^>^^^^^^^^ j^^,,,,,ed m 
 
 thereon, and u^ith all ^^^f . '^yX^^^^^ ,„^y be lawful 
 respect thereof; and that ^^ ^^^^" t\'V^^^^^ from 
 8ac..»ymy 7*1 f,.r the several members of such society, uou 
 makeiuu., to and tor tuc bcvcicti *^,Trthpr and to make, 
 
 tune to thne, ^o. assemble together ana ^^^^^^^^ 
 ordain and <^oi.^titute such piop^^^^^^^ 
 
 ^"^^^ oTVe^St't^tt^ ml of ;:rT of the men^bers 
 
 ,.eh rules shaU not ^-Pu^^^^^^^^^^^ -press p 
 visions ot this act or ^ ^^^^ ^^ .^^ ^^^^ 
 
 upon the several members o the ^^^^/^^^^ Ji, ,f 
 
 shall offend -S^i^^^\^^^^rfiT to e r^spect^^^^^^^^^ to 
 
 the members may f^^\f;^'\^' iZSjf^iB the 
 such uses for the benefit of the saia socie y, 
 
 I fb] 
 
 th 
 
 Vf] 
 
 ar 
 or 
 
 th 
 re 
 
 b\ 
 
 ai 
 I a 
 
 i ai 
 
 i rt 
 
 } a] 
 I ai 
 ai 
 si 
 b 
 o; 
 
 81 
 
 a 
 d 
 
 1^ 
 
sons aa may 
 ociety, and 
 ministrators 
 ted and de- 
 body corpo- 
 style, as a | 
 so deposited | 
 be the name :j 
 same desire ' 
 se of raising jj 
 itions of the j 
 ind in shares i 
 d pounds for j 
 iceed twenty | 
 stock or fund s 
 er thereof to 5 
 ty the amount | 
 I, to erect or ! 
 
 or houses, or 
 )e secured by 
 d society imtil 
 tres shall have 
 th the interest 
 3S incurred in 
 may be lawful . 
 I society, from I 
 and to make, ; 
 ,nd wholesome i 
 lent and guid- ■ 
 f the members ; 
 em meet, so as ) 
 tie express pro- j 
 il laws of this i 
 to impose and 
 and forfeitures, 
 lid society who , 
 1 the majority of \ 
 >ectively paid to \ 
 [ society, dS the ; 
 
 9 
 
 gaid society by such rules shall direct ; and also from 
 time to timu to amend and alter such rules as occasion 
 may require, or annul or repeal the same, and to 
 make new rules in lieu thereof, under such restrictions 
 as are in this act contained: Provided that no member p»,i». 
 shall receive or be entitled to receive from the funds 
 of such society any interest or dividend by way of 
 annual or other periodical profit upon any share or 
 shares in the said society until the amount or value 
 of his share or shares shall have been realized; except 
 on the withdrawal of such member according to the 
 rules of the said society then in torce. 
 
 II. And be it enacted, That it shall and may hef^^y'^f 
 lawful to and for every such society to have andb--f,o« 
 receive from any member or members, such sum or wj;5^-\^;i«t 
 sums of money by way of bonus on any share or shares, ?-£%, 
 for the privilege of receiving the same in advance "'ua «•'«• 
 prior to the same being reahzed, besides interest for 
 
 the share or shares so received, or any part thereof, 
 without being subject or liable on account thereof to 
 any of the forfeitures or penalties imposed by any act 
 or acts of parliament, or by any laws in force in 
 that part of the province heretolbre Upper Canada, 
 relating to usury. 
 
 III. And be it enacted, That every such society Joevetr^to 
 shall and may, from time to time, elect and appoint «j-^to^>i;ji» 
 any number of the members of the said society to be »i'ect«.. 
 a Board of Directors (who shall choose a President 
 
 and Vice President), the number and qualification 
 thereof to be declared in the rules of such society ; 
 and shall and may delegate to such Directors all or 
 any of the powers given by this act to be executed ; 
 and such Directors, being so elected and appointed, 
 shall continue to act for and during such time as shall 
 be appointed by the rules of such society, the powers 
 of such Directors being first declared in and by the 
 said rules ; and in all cases where Directors shall be 
 appointed for any particular purpose, the powers 
 delegated to them shall be reduced to writing and 
 

 t 
 
 i 
 
 If 
 
 
 10 
 
 entered in a book by the Secretary or Clerk of the 
 
 said society ; and a majority of the number of Bucb 
 Directors present at any meeting thereof shall at aU 
 times be necessary to concur in any act of such 
 Directors, and they shall m all thmgs delegated to 
 them act for and in the name of such society; and all 
 acts and orders of such Directors, under the powers 
 delegated to them, shall have the like force and eifect 
 as the acts and orders of such society at any general 
 meeting thereof could or might have had m pursu- 
 rr.^ ance of this act : Provided always, that the transac- 
 tions of such Director 1 shall be entered m a book 
 belonging to such society, and shall from tune to 
 time and at all times be subject and liable to the 
 review, allowance and disallowance of such society, m 
 such manner and form as such society shall by their 
 general rules have directed and appointed or shaU m 
 like manner direct and appoint. 
 iin.«t« IV. And be it enacted. That every such society 
 
 JSrror so established as aforesaid shall in or by one or more 
 r-Stlifflof their said rules declare all and every the intents 
 **• and purposes for which such society is intended to be 
 
 established, and shall also in and by such rules direct 
 all and every the uses and purposes to which tne 
 money which shall from time to time be subscribed, 
 paid or ffiven to or for the use or benefit of the said 
 iociety, or which shall arise therefrom or m anywise 
 shall belong to the said society, shall be appropriated 
 
 and applied, and in what shares or proportions and 
 under what circumstances any member ot such society, 
 or other person, shall or may become entitled to the 
 same or any part thereof; Provided that the apphca- 
 tion thereof shall not in anywise be repugnant to the 
 uses, intents or purposes of such society, ^^^^jf 
 them to be declared as aforesaid ; and all such rules 
 durin'T the continuance of the same shall be complied 
 with and enforced ; and the monies so subscribed, 
 paid or given, or so arising to or for the use or benefit 
 of the said Eociety or belonging thereto, shall not oe 
 
 1 
 
 Fro^U** 
 
 wh 
 the 
 ne> 
 to 
 sue 
 i ne^ 
 ma 
 tin 
 
 « 
 
 to 
 
 I 80< 
 
 \ be 
 
 ^ €ai 
 
 ] th( 
 
 \ an 
 
 •' an 
 
 • 
 ; in 
 
 \ or 
 
 i na 
 
 \ ev 
 
 I no 
 
 ; or 
 
 i M 
 
 I 
 af< 
 
 Ull 
 
 I so 
 
 \ si^ 
 
 ? s< 
 
 II 
 
11 
 
 erk of the 
 
 er of Bucb 
 shall at aU 
 ct of such 
 ^legated to 
 sty; and all 
 the powers 
 e and effect 
 my gener^ 
 I in pursu- 
 he transac- 
 l in a book 
 )m time to 
 iable to the 
 ii society, in 
 all by their 
 
 diverted or misapplied either by the Treasurer or 
 Directors, or any other officer or member of such 
 society entrusted therewith, under such penalty or 
 forfeiture as such society shall by any rule enforce 
 and infiict for such offence. 
 
 V. And be it enacted, That the rules for theR;.;«;o*^^ 
 management of every such society shall be entered b-fuept^f- 
 and recorded in a book to be kept for that purpose, 
 which book shall be open at all seasonable times for 
 the inspection of the members of such society, but 
 nevertheless, nothing contained herein shall extend 
 to prevent any alteration in or amendment of any 
 such rules, in the whole or in part, or making any 
 new rules for the management of such society in such 
 manner as by the rules of the said society shall from 
 
 rorshaUT; I lime to time be provided. ^ ^ 
 
 VI. And be it enacted. That all rules from timeR.«|;»t,^ 
 
 such society 
 one or more 
 r the intents 
 tended to be 
 1 rules direct 
 
 which the 
 3 subscribed, 
 t of the said 
 )r in anywise 
 appropriated 
 )portions and 
 such society, 
 ntitled to the 
 t the applica- 
 ignant to the 
 ety, or any of 
 ill such rules 
 
 1 be complied | 
 o subscribed, \ 
 use or benefit \ 
 ►, shall not b« i 
 
 to time made and in force for the management ot such .n-nb«^»«i 
 society and entered and recorded as aforesaid, shall f^iW- 
 be binding on the several members and officers of the 
 said society, and the several contributors thereto, and 
 their representatives, all of whom shall be deemed 
 and taken to have full notice thereof, by such entry 
 and record as aforesaid ; an^I the entry of such rules 
 in the book or books of the said society as aforesaid, 
 or a true copy of the same, examined with the origi- 
 nal and proved to be a true copy, shall be received as 
 evidence of such rules respectively, in all cases : and 
 no certiorari or other legal process shall be brought 
 or allowed to remove any such rules into any of Her 
 Majesty's Courts of Record. 
 
 VII. And be it enacted, That no rule entered asjui^tou 
 aforesaid shall be altered, rescinded or repealed, j;^«^;[^^ 
 unless at a general meeting of the members of such 
 society, convened by public notice written or printed, 
 signed by the Secretary or President of the said 
 Society, in pursuance of a requisition for that purpose 
 by not less tnan fifteen of the members of such society, 
 

 12 
 
 I 
 
 which requisition shall fitate the objects for whi^ the 
 meeting is called, and shall be addressed to the rresi- 
 dent and Directors ; whereupon each member shall 
 be notified of the proposed alterations through the 
 Post Office, within fifteen days; such meeting to 
 consist of not less than one-third of the shareholders, 
 three-fourths of which meeting must concur m such 
 alterations or repeal. 
 »«.« to VII I. And be it enacted, That the rules of every 
 StStSi!* such society shall specify the place or places at which 
 it is intended that the said society shall hold its meet- 
 ings, and shall contain provisions with respect to the 
 powers and duties of the members at large, and ot 
 Buch officers as may be appointed for the manage- | gee 
 ment of the affairs of the said society. 
 Dir,e»«r.to IX. Aud be it cuacted, That the Directors of 
 X«;of every such society shall and may from time to time 
 •*""• at any of their usual meetings, elect and appoint such 
 person or persons to be officers of the said society as 
 they shall think proper, and grant such salaries and 
 emoluments as they may deem fit, and pay such 
 necessary expenses attending the management ot the 
 said society as may be incurred 5 and shall and may 
 from time to time elect, when it shall be deemed 
 necessary to carry into execution the purposes of the 
 said society, for such space of time and for such pur- 
 poses as shall be fixed and established by the rules of 
 the said society, and may from time to time discharge 
 such person or persons, and elect and appoint others 
 in the room of those who shall vacate, or die or be so 
 discharged ; and all and every such officer or other 
 person whatsoever who shall be appointed to any 
 office in any wise touching or concerning the receipt, 
 management or expenditure of any sum of money 
 collected for the purposes of the said society, before 
 he shall be admitted to take upon him the execution 
 of any such office or trust, shall become bound m a 
 bond in such form and for such amount as the Direc- 
 tors may detennine, with two sufficient sureties, for 
 
 "» A 
 
 I 
 

 p which the 
 ) the Presi- 
 imber shall 
 hrough the 
 meeting to 
 lareholders, 
 ;ur in such 
 
 les of every 
 ;es at which 
 >1(1 its meet- 
 spect to the 
 Tge, and of 
 he manage- 
 
 Dlrectors of 
 ime to time 
 ippoint such 
 id society as 
 salaries and 
 ,d pay such 
 5ment of the 
 lall and may 
 , be deemed 
 ■poses of the 
 for such pur- 
 Y the rules of 
 tne discharge 
 ppoint others 
 • die or be so 
 Beer or other 
 inted to any 
 I the receipt, 
 im of money 
 >ciety, before 
 the execution 
 ) bound in a 
 as the Direc- 
 ; sureties, for 
 
 13 
 
 the just and faithful execution of such office or trust, 
 and for rendering a just and true account according 
 to the rules of the said society, and in all matters 
 lawful to pay obedience to the same. 
 
 X. And be it enacted, That it shall and may be ^-^;'y^^<'t 
 lawful for every such society to take and hold any real |'y,';',,"^». 
 estate, or securities thereon, honCi fide mortgaged, or|:MK.p,^^^^ 
 assigned to the said society, either to secure the P^^y- ;;;,;;;;;:;,7lf 
 ment of the shares subscribed for by its members, or >*»"*r^-. '^e- 
 to secure the payment of any loans or advances made 
 by, or debts due to such society, and they may also 
 proceed on such mortgages, assignments or other 
 securities, for the recovery of the monies thereby 
 secured, either at law or in equity or otherwise, and 
 that such society shall have the power of investing in 
 the names of the President and Treasurer for the 
 time being, any surplus funds in the stocks of any of 
 the chartered Banks or other public securities of the 
 province, and that all dividends, interest and proceeds 
 arising therefrom shall be brought to account and 
 applied to and for the use of the said society, accord- 
 ing to the rules thereof. 
 
 XT. And be it enacted. That if any person mo,w of pro- 
 appointed to any office by such society, and being .^.^Hic«r«f 
 entrusted with and having in his hands or possession, •^^;jj^«« 
 bv virtue of his said otSce, any monies or effects b»nk7upt or 
 
 -^- "***^ , •'■II 'i' iniwJvcol. 
 
 • belonging to such society, or any deeds or securities 
 relating to the same, shall die or become bankrupt or 
 insolvent, his heirs, executors, curators, administra- 
 tors or assigii&j or other person having a legal right 
 shall, within fifteen days after demand made by the 
 order of the Directors of such society, or the major 
 part of them assembled at any meeting thereof, deli- 
 ver over all things belonging to the said society, to 
 such persons as the said directors shall appoint. 
 
 XII. And be it enacted. That all real estate, 
 
 monies, goods, chattels, property and effects whatever 
 and all titles, securities for money or other obligatory 
 
Frapfity 
 
 veiled in 
 
 Pr«i 
 
 Treaau 
 
 •oclei 
 
 ttini 
 
 i! 
 
 tail 
 vHi 
 
 14 
 
 -. instruments and evidences or muniments, and all 
 
 int.nd other effects whatever, and all rights and claims 
 'r.v:rS. belonging to or had by such society, shall be vested 
 "•""* in the President and Treasurer of the said society for 
 the timo being, lor the use and benefit of the said 
 society and the respective members thereof, their res- 
 pective cxocutors, administrators or assigns, according 
 to their respective claims and iuterests, and after the 
 death or removal of any President or ri;easurer, shall 
 vest in the succeoding President and Ireasurer for 
 the same estate and interest as the former President 
 and Treasurer had therein, and subject to the same 
 trusts, Avithout any assignment or conveyance what- 
 ever ; and also shall, for all purposes of action or suit 
 as well criminal a^ civil, in law as in equity, m any- 
 wise touching or concerning the same, be deemed 
 and taken to be, and shall in every such proceeding 
 (when necessary) be stated to be, the property ot the 
 persons appointed to the offices of President and 
 Treasurer of the said society for the time being, m the 
 proper names of such President and Treasurer, with- 
 out further description, and such persons shall, and 
 they are hereby authorized to bring or defend, or 
 cause to be brought or defended any action, suit or 
 prosecution, criminal as well as civil, m law or m 
 equity, touching or concerning the property, right or 
 claim aforesaid, of or belonging to or had by the said 
 society, and in all cases concerning the property, 
 ri^ht or claim aforesaid of the said society, ma.y 
 sue and be sued, plead and be impleaded m their 
 proper names as President and Treasurer of the said 
 society, without other description, and no such suit 
 action or prosecution shall be discontinued or abated 
 by the death of such persons, or their removal trom 
 the offices of President or Treasurer, but shall conti- 
 nue in the proper name of the persons commencing 
 the same, any law, usage or custom to^ the contrary 
 notwithstanding ; and the succeeding President and 
 Treasurer shall have the same rights and liabilities. 
 
 and f 
 suit 
 name 
 funds 
 
 X] 
 suits 
 such 
 stanc 
 and ' 
 suit 
 
 X 
 
 Vice 
 shall 
 all r< 
 socie 
 
 X 
 
 such 
 
 prin 
 
 year 
 
 men 
 
 said 
 
 the I 
 
 ther 
 
 of n 
 
 the 
 
 peri 
 
 Stat 
 
 of t 
 
 pOS( 
 
 ters 
 soci 
 fron 
 mei 
 
 I 
 
 in t 
 Bui 
 
 the 
 
 44 
 
 ri 
 
s, and all 
 
 nd claims 
 be vested 
 society for 
 i the said 
 , their res- 
 , according 
 d after the 
 Hirer, shall 
 jasurer for 
 
 President 
 the same 
 aiice what- 
 tion or suit 
 ity, in any- 
 be deemed 
 proceeding 
 >erty of the 
 isident and 
 eing, in the 
 3urer, with- 
 s shall, and 
 
 defend, or 
 fion, suit or 
 a law or in 
 *ty, right or 
 
 by the said 
 le property, 
 aciety, may 
 ed in their 
 ' of the said 
 lo such suit 
 ?d or abated 
 emoval from 
 , shall conti- 
 commencing 
 the contrary 
 resident and 
 id liabilities, 
 
 16 
 
 and shall pay or receive like costs as if the action or 
 Buit or prosecution had been commenced in their 
 names, for the benefit of or to be satisfied out of the 
 funds of the said society. 
 
 XIII. And be it enacted. That in all such actions, J^;;;;;^^ 
 suits and prosecutions as aforesaid, the Secretary of *""** 
 such society shall be a competent witness, notwith- 
 standing he may also be Treasurer of the said society, 
 
 and that his name may have been used in such action, 
 suit or prosecution as such Treasurer. 
 
 XIV. And be it enacted, That the President, J-jf «;.»«• 
 Vice-President and Directors of every such society -p-^^ 
 shall, in their private capacity, be exonerated trom«f"«'«ty- 
 all responsibility in relation to the liabilities of such 
 society. 
 
 XV* And be it enacted. That the Rules of every Tr«j««««. 
 such society shall provide that the Treasurer or other ^^..jmen^trf 
 principal officer thereof shall, once at least in every y.«. 
 year, prepare or cause to be prepared a general state- 
 ment of the funds and effects of or belonging to the 
 said society ; specifying in whose custody or possession 
 the said funds or effects shall then be remaining, toge- 
 ther with an account of all and every the various sums 
 of money received and expended by or on account of 
 the said society, since the publication of the preceding 
 periodical statement; and every such periodical 
 statement shall be attested by two or more members 
 of the said society, appointed Auditors for that pur- 
 pose, who shall not be Directors, and shall be coun- 
 tersigned by the Secretary or Clerk of the said 
 society, and every member shall be entitled to receive . 
 from the said society a copy of such periodical state- 
 ment, without charge. 
 
 XVI. And be it enacted. That the word "society** J2««*«»«» 
 in this act shall be understood to include and to mean 
 Building Society and Institution established under 
 the provisions and authority of this act ; the word 
 *' rules " to include rules, orders, by-laws and regur 
 

 nAlteMt 
 
 1« 
 
 lations ! every word importing the singular number 
 Iwi citend -and be applied to several per«on« or 
 things, as well as one person or thing, and bodies 
 corporate as well as individuals , and every word 
 importing the plural «nn>ber, shall extend and be 
 applied to one person or thing as well as several per- 
 sins or things ; and every word importing the masca- 
 line gender only, shall extend and be applied to a 
 female as well a's a male ; the words " real estate 
 shall extend and apply to immovable estate and 
 property generally ; and the word " securities shall 
 Ltlnd and apply to privileges mortgages. (equ'taWe 
 as well as legal,) and incumbrances upon real and 
 immovable estate, as well as to other "ghts and pr - 
 vileges upon personal estate and property : iha* *>»» 
 act shall extend to aliens, denizens and lemales,both 
 to make them subject thereto, and to entitle them to 
 all the benefits given thereby ; and that this act shaU 
 be construed in the most beneficial manner for pro- 
 moting the ends thereby intended. 
 
 XVIL And be it enacted. That this act shall be 
 deemed a public act, and shall extend to all courts of 
 law or equity in this province, and be judicially taken 
 notice of J such by all Judges, Justices and other 
 persons whatsoever, without the same bemg specially 
 (Aiowii or pleaded. 
 
 ■I 
 
ir number 
 persona or 
 and bodies 
 jvery word 
 lid and be 
 everal per- 
 the masca- 
 )pUed to a 
 al estate ** 
 estate and 
 ties " shall 
 , (equitable 
 on real and 
 its and pri- 
 : That this 
 males, both 
 Itle them to 
 bis act shall 
 aer for pro- 
 act shall be 
 all courts of 
 icially taken 
 !S and other 
 mg specially 
 
 RULES 
 
 or THK 
 
 TOEONTO BUILDING SOCIETY. 
 
 I. That the hitents and p«rpos(»s for which this 
 Society is intended to be established, are, to assifjt 
 the members thereof in the acquisition of freehold or 
 leasehold property : and in the removal of iijcum- 
 brances or liabilities upon property already heid hy 
 them : and to enable them to receive the amount ot 
 their shares in advance^ upon furnishing good mort- 
 gage security. 
 
 II. That all monies which shall, from time t« 
 time,' be subscribed, paid, or given to or for the use 
 or benefit of the society, or which shall m anywise 
 belong to the society, shall be appropriated and 
 applied, in the first place, in loans or advances to the 
 several members, and towards the necessary expenses 
 of the society ; but no member shall be entitled to 
 receive, by way of loan or advance, more than the 
 amount of his share or shares subscribed for, except 
 as hereinafter provided for: if not taken up amonff 
 the members, any funds may be otherwise luv^tea 
 for tlie benefit of the society, at the discretion of the 
 directors, of which members may, nevertheless, avail 
 themselves. 
 
 III. That the stock of the society shall consist of 
 jshares of ^lOO arrency each, payable by monthly 
 instalments of 10s. each share, on the first Monday 
 <rfeach month. 
 
 rV, That the affairs of the society shall be under 
 ^^ control and management of a board of seven 
 Directors, (of whom four shall be a quorum,) who 
 
il 
 
 18 
 
 Bhall hold not less than five shares each, and who 
 ehall chocso from among thems<;lvc» a President ana 
 and Vice-President. 
 
 V In the absence of both President and Vice- 
 President, the Directors present at any meettng of 
 the Board, shall have power to appoint a chairman 
 pro tern., and with such chaimian, shall be competent 
 to transact the business of the society on board days. 
 
 VI That the election of Directors shall be by 
 ballot ; and at such election, members shall be enti- 
 tled to votes, (cither in person or by proxy,) upon the 
 foUowiug scale, viz : — 
 
 For 4 shares or less, ^f^' 
 
 For 5, 6, 7, 8, or nine shares 2 votes. 
 
 For 10 shares and less than 15 3 votes. 
 
 For 15 shares and less than 20 4 votes. 
 
 For 20 shares and upwards, » ^^^t®^' 
 
 But no shareholder shall be entitled to more than 
 five votes. 
 
 VII That the Directors elected at the formation 
 of the socletv, or hereafter to bc-elected, shall continue 
 in office till'the election of their successors, unless m 
 case of disqualification or resignation. 
 
 VIII That the Directors may make such arrange- 
 ments with any of the chartered banks doing business 
 in the city of ^Toronto, for the deposit of monies and 
 securities belonging to the society, and for conducting 
 Other financial concerns, as they shall Irom time to 
 time deem necessary. 
 
 IX That a general annual meeting of the mem- 
 bers shall be held at the office or rooms of the 
 society, or such place as the Board of Directors may 
 appoint, on the first Monday in the month of March, 
 in each year, for the purpose of electing Directors to 
 serve for the ensuing year, and for all other general 
 purposes relating to the management of the society ; 
 
 I 
 
 he 
 
19 
 
 md who 
 lent and 
 
 id Vice- 
 eeting of 
 'liairman 
 mipetent 
 ird days, 
 
 ill be by 
 [ be enti- 
 upon the 
 
 1 vote. 
 
 2 votes. 
 , 3 votes, 
 , 4 votes. 
 , 5 votes. 
 
 nore than 
 
 formation 
 1 continue 
 , unless ia 
 
 h arrange- 
 g business 
 lonies and 
 conducting 
 m time to 
 
 the mem- 
 ms of the 
 ectors may 
 . of March, 
 )irectors to 
 iier general 
 he society ; 
 
 and at each of the said general annual meetnigs, 
 ehall be Bubniitted a full and clear statement of the 
 aihvirs of the society for the previous twelve mouths. 
 
 X. That extra general meetings of the members 
 of the society, may be called by the Board of Direc 
 tors, for the puri)osc of supplying vacancies ui the 
 Board, and for other purposes, upon the members 
 being notifiod of such meeting through the post ottice, 
 or otherwise, at the discretion of the Board. 
 
 XL That all questions at the annual or other 
 general meetings of the society, (except the election 
 of Directors, as before mentioned,) shall be decided 
 by a majority of members pn-sent, cither in person or 
 by proxy ; the Chairman having a casting vote in 
 addition to his vote as a member. 
 
 XII. That a Treasurer shall be appointed, who 
 shall also perform the duties of Secretary, and who, 
 before entering upon his office, shall furnish security 
 to the satisfaction of the Board of Directors, for the 
 due performance of his duties. 
 
 XIIL That the Treasurer and Secretary shall be 
 empowed to receive and pay all monies for and on 
 behalf of the society, and his receipt shall in all cases 
 be a sufficient discharge. He shall also keep a cash 
 book, where all monies rccei A and payments made, 
 a e to be regularly and correctly entered i and he 
 shall deposit daily with the bank, all .. n onies as 
 he ahall receive. . 
 
 XIV. That no monies shall be di-awn from the 
 bank without the signature of the President (or in 
 case of his absence or illness, of the Vice-President,) 
 and of the Treasurer. 
 
 XV. That books shall be opened for keeping the 
 accounts, minutes, and other proceedings and trans- 
 actions of the society. 
 
 XVL That the proceedings of the society shall 
 be entered in a minute book, m detail, in such man- 
 
Ii 
 
 ner fts the Board of Director* may, from time to time, 
 direct : Biich eutricn to l>c Higncci by the Presidout, 
 Vice-President, or Chairiii'ui, as w«U an by the Sec- 
 retary Mid TrcMsurer. 
 
 XVII That the name und place of abode of 
 «ach sharehoUler, shall be cutcrcd in a rcgist^ book 
 i» be kept lor the purpose. 
 
 XVIII That there shall be two or moro Inspect- 
 ors whose duty it shall be to examine and dotermme 
 the value of all property ottered to the Bocicty, as 
 nccurity for loans or advances, and to report tUeir 
 ©pinions in writing : such reports to bo entered m 
 the books of the society. 
 
 XIX That every person becoming a member of 
 the society, (excci.t as trmisferee, Ic^jatee, or legal 
 representative,) shall pay an entrance ieo ol 5&. per 
 
 XX. That all persons, upon taking shares in the 
 society, shall sign the rules in a book to be kepi 
 for that puipose. 
 
 XXI That every member sliall, so long as he 
 
 •hall continue to be a memb-r. uvJ until tno objects 
 
 of the society be attained, pay ten shdUugs per sharo 
 
 per month, on or before the day appomted for that 
 
 purpose ; and in default thereof, shall pay a fine ol 
 
 3d. per share for the 1st month, 
 
 gj^ « «< 2nd month, 
 
 la' " «« 3rd month, 
 
 doublinff the fine for each succeeding month, till the 
 expiration of the first six months, and after that time, 
 if the same remains unpaid, the share or shares ot 
 guch member, or his representative, shall become 
 
 forfeited. » r t, 
 
 XXII. That at the time of paying each of the 
 monthly subscriptions, each member shall pay there- 
 with the sum of 7id. per share, towards the expenses 
 
 ."V 
 
« to tim«» 
 
 President, 
 ' tho Sec- I 
 
 abode of 
 istn book 
 
 • 
 
 p Inspect- 
 dotermin6 
 ociety, as 
 port their 
 jntered in 
 
 member of 
 e, or legal 
 of 6». per 
 
 ares in tbo 
 to be kepi 
 
 long as he 
 
 iho objects 
 js per share 
 Led for that 
 ay a fine of 
 
 h, 
 
 h, 
 
 ith, till the 
 
 iT that time, 
 
 or shares of 
 
 lall become 
 
 each of the 
 11 pay there- 
 the expenses 
 
 21 
 
 XXIII. That each member chaiigiuj;^ hiJ» rosidenc* 
 shall, within oiio calntKlar mouth thereafter, give 
 notice ill writitijr t<» the Secretary ot »uch chau^'e, ana 
 of his new phue <if abtwle and addroKs, or m detault 
 thereof be tincd 2«. Cd. 
 
 XXIV. That meetings shall be held on such days 
 as the B(»ard of Directors may from time to timo 
 appoint for that purpose, for tho disposal of Bucli 
 funds as the society may have to lend or adviuico, of 
 which due notice ehall be given. 
 
 XXV. That each purchaser or borrower, at every 
 Bwch meeting, shall, on or before the next day, 
 deposit with the Treasurer the sum ol £2^ lOs. ior 
 each share so purchased or borrowed ; whica deposit 
 Bhall be forfeited unless he produce, withm ten days 
 from the day of meeting, security satisfactoiy to tho 
 Board of Directors. 
 
 XXVI. That in ordinary cases, no property 
 situate beyond the liberties of the City of Toronto, bo 
 accepted as security for loans or advances to members 
 of the society; but the Board of Directors may, 
 at their discretion, and upon special application, 
 accept security on property situated not more than 
 ten miles from the Market-place. 
 
 XXVIL That after inspection of the property pro- 
 posed, the purchaser shall, if the security be approved, 
 execute a mortgage or transfer to the satishiction of 
 the Directors, and at his own expense, securing the 
 monies advanced, with interest, and also the due 
 payment of the ordinary monthly subscriptions, and 
 any fines or forfeitures that may be incurred ; which 
 mortgage shall contain a covenant by the mortgagor to 
 insure the buildings comprised therein from loss or 
 damage by fire, for the full amount of the advance, 
 and To assign over the Policy or Policies to the 
 society ; and also a power to the society, in case the 
 mortgagor shall neglect to pay his subscriptions, finsi* 
 
"j^^'""'"''m" » ''"* ,,,::•""'"'"•';*;'■ -.'«•».•«'■ 
 
 22 
 
 and forfeitures, for the space of six months succes- 
 sively, to take possession of the premises mortgaged, 
 to collect the rents and profits thereof, and to sell 
 such premises by public auction or private sale, on 
 the most advantageous terms, without any further 
 consent or concurrence of the mortgagor, and to apply 
 the proceeds (after deducting all c.vpenses,) to the 
 payment of whatever may be due to the society. 
 
 XXVIII. That after such mortgage or transfer 
 shall have been executed, together with such policies 
 of insurance and other securities as the Directors may 
 require, the mortgagor shall at once receive the 
 amount of the share or shares borrowed, purchased or 
 advanced, deducting the bonus agreed to be paid 
 thereon : or if one or more buildings be in progress of 
 erection, such amount shall be advanced upon one or 
 more certificates from the Inspectors, and from time 
 to time, as the Directors shall determine, according 
 to the progress of the work. 
 
 XXIX. That the Directors shall have power to 
 renew, from time to time, already effected insurances 
 from loss by fire of all buildings, and to pay the 
 ground rents of all premises mortgaged to the society ; 
 which payments may be made out of the funds of the 
 societv, as such insurances and rents become due, 
 and shall be charged to the mortgagor, and repaid by 
 him when the following monthly subscriptions fall due, 
 in default whereof a forfeiture shall accrue to the 
 society of 20 per cent, upon the amount so paid. 
 
 XXX. That any person entering the society after 
 its commencement or formation (except as transferee, 
 le^ratee, or legal representative,) shall pay the full 
 amount of subscriptions which shall have been paid 
 by the original shareholders from the date of such 
 commencement ; those joining Avithin six months shall 
 pav interest upon such subscriptions, and those join- 
 ing after that period a proportionate bonus besides, 
 according to a scale to be settled by the Directors. 
 

 
 3 succes- 
 ortgaged, 
 ud to sell 
 ( sale, on 
 y further 
 I to apply 
 5,) to the 
 iety. 
 
 r transfer 
 h policies 
 ctors may 
 ceive the 
 ■chased or 
 ) be paid 
 irogress of 
 )on one or 
 from time 
 according 
 
 power to 
 nsurances 
 ) pay the 
 e society ; 
 nds of the 
 come due, 
 
 repaid by 
 is fall due, 
 ue to the 
 > paid. 
 
 ciety after 
 transferee, 
 xy the full 
 been paid 
 te of such 
 onths shall 
 those join- 
 US besides, 
 'irectors- 
 
 23 
 
 XXXI. That any member, being desirous of with- 
 drawing from the society, may, on giving one calendar 
 month's notice in writing to the Secretary, be allowed 
 to do so; and may receive back (without interest) the 
 net amount of his monthly subscriptions paid up, 
 deducting any fines, interest or forfeitures that may 
 be due, and also a forfeiture of twenty shillings per 
 share. 
 
 XXXII. That any shareholder may transfer his 
 share or shares by causing an en ay of such transfer 
 to be made in the books of the society, in such man- 
 ner as the Directors may appoint, and upon payment 
 of the sum of 2s. Gd. for each share so transferred ; 
 and thereupon the transferee (after signing the rules) 
 shall be entitled to all the privileges of the original 
 shareholder. 
 
 XXXIII. That in case of the death of any member, 
 the legatee or legal representative of such deceased 
 member shall, before be( oming entitled to the privi- 
 leges of an original slmreholder, procure his place of 
 abode, and the particulars of his title to be registered 
 in the books of the society, and shall at the same 
 time exhibit the will or probate thereof, or grant of 
 letters of administration (as the case may be), for the 
 inspection and satisfaction of the Directors, and pay 
 for such registry the sum of 2s. 6d. per share. 
 
 XXXIV. That the Directors elected at the forma- 
 tion of the society, as well as those hereafter to be 
 elected, shall be indemnified out of the funds of the 
 society or otherwise, from all expenses in reference to 
 the formation, conduct, and management of the 
 society. 
 
 •' [Passed 13th June, 1846.] 
 
COVENANT. 
 
 For the due observance and performance of all and 
 every the foregoing Bye-Laws, Hules and Regu- 
 lations, and of all and every the future Bye- Laws^ 
 Rules and Regulations of '* The Toronto Build- 
 ing Society," we, the members of the said 
 society, who have hereunto subscribed and set 
 our hands and seals, do hereby severally, each 
 for himself, his Executors and Administrators, 
 and not jointly or the one for the other, covenant 
 iand declaim to and with the President and 
 Treasurer of the said society, and their micces- 
 sors in office, that we and our several and 
 respective Executors and Administrators shall 
 and will well and truly observe, perform, fulfil 
 an:id keep all and singular, the said foregoing a«4 
 future Bye-Laws, Rules and Regulations of tJM 
 said society, which on our several and respecti\«t 
 jparts are, or ought to be, observed, perfo}i9ed, 
 fulfilled and Jkejpt. 
 
of all and 
 and Regu- 
 Bye-Laws, 
 >nto Butld- 
 r the said 
 ;d and set 
 rally, each 
 inistrators, 
 r, covenant 
 ddent and 
 eir micces- 
 ^veral and 
 ators shaJl 
 form, fulfil 
 egoing and 
 ions of dM 
 respecti\«