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Incorporated under the A.ct of tlie ISth Vlctoriat Cap* 6T« '■W<»*^*'^^^^^^^>'H -.% FOR THE PURPOSE QT ASSISTIKG THE MXMBXRS THEREOF IN THE ACQUISITION Or FRKEiHOLD OR liBASBHOLD PROPEBTY, fn the removal of Incumbran es or Liabilities upon Property already held by them, A-^'i to enable them to receive the amount of their Shares in advance., Upon furnishing good mortgage security. ¥■/ €tuei)rr : PRINTED BY GILBERT STANLEY, 4. St. AN^fE Street, 1850. PROSPECTUS or THX PEOPLE'S BUILDtNB SOCIETY. Incorporated vnixjer the Act of thi 12tb VicTORiAi Cap. 57. Shares, £40caelk. Monthly Subscriptions, Ss. per Share ; Entrance Fee, la. 3J. per Share ; Transfer Fee, Is, 3d. per Share. ■»., DIRECTORS: C. N. MONTIZAMBERT, ESQ., PRESIDENT. J. B. FRECHETTE, ESQ., VICErPRESIDENT. PAUL LEPPER, EDOUARD DUGAL, LOUIS PREVOST, JAMES O'CONNELL, MICHEL TESSIER, EsquiREs. SECRETARY & TREASURER-^. G. IRVINE, Esq. 5oK«7ors.— -Messrs. Holt & Irvike, Casault & Langlois. ^otories.— Messrs. J. Bte. Trttdelle, Noel H. Bowem. Im^eetors.—'M.csna. Archibald Eraser, & Chas. Huot. -Ban&m.—QUEBEC BANK. PROSPECTUS. In submitting to the public the Prospectus of a third Building Society in the District of Quebec, it would ap- pear proper, apart from the acknowledged benefits which accrue to society from the establishment of similar Insti- tutions, to enter into some of the reasons that have sug- gested its formation. At the time the first Building Societies were instituted in this District, the public generally, but more especially the WORKING CLASSES and MECHANICS, were not conversant either with their principle or operations, (being entirely new here), and consequently many hesi- tated to become members who would gladly have availed themselves of the opportunity of joining them, had they but understood their nature and advantages. This impediment is now in a great measure removed, as the principles and working of such Societies have been more generally understood, in addition to the still more practical proof of the benefits afforded by their successful operation in this City. But still, the very fact of their having been in successful operation for some time renders it necessary to pay up the back instalments, together with a premium upon the paid-up capital, in all a considerable sum, and thus creates a difficulty of ano. ther character, which effectually precludes many from joining, who would otherwise be disposed to do so, a difficulty only to be removed by the formation of a Third Society. A feature peculiar to this Society is, that the shares are only half of that of the other Societies in this District, being FIFTY POUNDS; the monthly payment like- wise one-half, or FIVE SHILLINGS ; the evident ef- fect of this is that its benefits may be felt and participated in by the working classes and others of limited means, who could pay the sum of 5s. per month, although una- ble to pay 10s. [• r Experience has amply shown, both in Canada and elsewhere, that the success of a Building Society mainly depends upon the majority of its members being com- posed of parties desirous of borrowing from the Society, or who will probably at some time require its assistance, and not of those who intend merely to invest in it ; it being notorious that in Societies of this kind, when fairly managed, the greatest advantage to be obtained from them under any circumstances will certainly accrue to the borrower. Shareholders are permitted to advance money to the Society and to receive interest in return, thereby affording an opportunity to parties safely and profitably to invest capital which might be otherwise lying dormant in their hands, at the same time that it is a manifest benefit to the Society, which receives a high rate of compound interest for the money, while it only allows simple interest. Owing to the depressed state of the times, the greatest difficulty is ezperienced in obtaining money for any length of time, so much so indeed, as in many instances to in- volve the most serious sacrifices of property ; thus will the number of borrowers, and consequently the profits of the Society be increased, while, from the fact of nothing but the best LANDED SECURITY being received, the utmost safety from risk is off'ered. The profits of the Society will proceed from the invest- ment, at a high interest, of the funds, and from the conti- mial and repeated investment of the intcest itself, toge- ther with the bonuses, fines, &c. The strictest economy will be observed in its management, and much of the ex- pense, in advertising, &c., necessarily incurred when such Societies were not thoroughly understood, will he avoided. From these various characteristics it is considered that- the institution will combine all the advantages respectively offered by other Societies in Canada. It is so constructed as to enable men of limited means to participate in its benefits, and designed to carry out t!ie original intentions of such instilutions, which were intended not so much, for speculators as for Mechanics, Artizans, Farmers, &.i;,. ▼i and to enable thrse latter to apply a portion of their aav. ingt towards the acquisition of property and indepen- dence, with the advantage of being at ail tinneain a situa- tion to take advantage of any cheap purchase of landed property that may preKent itself, by borrowing ftom the Society on the ensienl possible terms. Nothing tends more to strengthen the bonds of society than the erttahli^shmv^nt of these institutions, as the more the people hive at stake the less will they seek for any change; stk) tiie c I lief design of the promoters of thia Society, in every respect, has been to make it popular, so that its benefits tnav he general, its influence extended, and thus to render it in fact, as well as in name, THE PEOPLf-rS ECILDING SOCIETY. Proprietors ot Building Lots will be enabled to dispose of or build npon property, which would otherwise remain on their hands lor years, without producing any rent or interest whatever. The Shares ()eing transferable. Members who from various ctrcuaistances cannot continue their subscriptions without inc(inv'enience, may dispose of their shares at any time, or avail themselves of the By-Law, which en- ables them to wi^thdraw on certain and very easy condi- tions. The Monthiv Meetings of this Society are fixed bv the By-Laws for the THIRD MONDAY EVENING of each month, at which nteeting all monies on hand will be offered for Loan, by public competition, to the Share- holders. To those unacquainted with the "working of these Societies, the payment of a Bonus of 20, 30 or 40 per cent., appL\T:s an enormous and ruinous sum, for the advance ot' money, but if they will take the trouble of lookingat., and inspecting the arcompanying Tables, they will at once see the comparative advantage of borrowing from a Society of this kind, over that of borrowing in the ordinary nay. These tables are the result ofexpeFience, and can therefore be relied on, and the attention of all Members is earnestly invited to thcin. Parties i (tending to borrow, are requested to make 4* ■■I- VII application of the Sccretaryi at least ten days preciou.* to the day of Loaning, when the necessary form of ap- plication will he given them. A regular monthly meeting of the Hhareholders will he held, when the money in hand will be loaned by compe- tion. So ably have the leading advantages of these Societio» been laid before the public in the Prospectuaes of tiir-*>*(c*^. ^» iaiHA®? •> Preamble. >•>*■« When twenty pernotis shall agree to con- stitute a Build- ing Society, they shall be a (corporation for that pur- pose, after liavidg com- plied with cer- tain formali- ties. TO ENCOURAOr THE ESTABLtillMCNT OF BtTILDING SOCIETIES IN LOWER CANADA. 25^ .^pril, 184.9. TI7HEREAS an Act was pawed in the ninth *' year of Her Majesty's Reign, for the pur- pose of encouraging the estabhshmcnt of Building Societies in Upper Canada, and it is expedient to rncourage tiie formation of sinnilar Societies in Lower Canada, whenever the Inhabitants of any particular locality may he desirous of availing themselves of the provisions of this Act : Be it therefore enacted by the Queen's Most Excellent Majesty, by and with the advice and consent of the Legislative Council and of the Legislative Assembly of the Province of Canada, constituted and assembled by virtue of and under the authority of an Act passed in the Parliament of the United Kingdom of Great Britain and Ireland, intituled : ^n Act to re^unite the Provinces of Upper and Lower Canada^ and for the Government of Canada, and it is hereby enacted by the authority of the same. That when and 80 soon as any twenty persons or upwards in any part of Lower Canada shall have 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 Fuch Building Society, and shall have deposited the same with the Clerk or Prothonotary of the Court of Queen's Bench of the District wherein such Building Society is to t)e formed, and to have its principal Office or place of Business, (who for receiving such deposit shall be entitled to receive a fee of two shillings and six pence) such persons and such other persons as may afterwards become members of suchSooiety, and theif 1 •> ?in ive ho to ch ond fide » the said It of the rs, or to advances and may ments or I moneys equity or lave the 'resident surplus d Banks ce, and arising applied cording person td being posses. )nies or eeds or )ecome I cura> person having a legal right, shall, within fifteen days tifter demand made by the order of the Directors of such Society, or the major part of them, aslMm. bled at any meeting thereof, deliver over all things belonging to the said Society, to such per- sons as the said Directors shall appoint, and shall pay out of the estates, assets or efiects of such persons, all sums of money remaining due which such person received by virtue of his said office, before any of his other debts are paid or satisfied, and all such, assets, estates and effects shall be bound to the payment and discharge thereof accordingly ; Provided always, that the same be pj^^jgo, not paid or satisfied to the prejudice of mortgages or privileges on real estate, or of liens or privileges on personal estate only, duly executed previous to the appointment of such^ officer. XII. And be it enacted, That all real and Property of heritable property,, moneys, goods, chattels and *^®t^j"®*^ effects whatever, and all titles, securities for p^ggjjjjnt g^^ money or other obligatory instruments and eviden- Treasurer for c€8 or muniments, and all other effects whatever, the time being, and all rights and claims belonging to or had by such Society, shall be vested in the President and Treasurer of the said Society for the time being, for the use and benefit of the said Society, and the respective members thereof, their respective heirs, executorSjCurators, administrators or assigns, according to their respective claims and interests^ and after the death or removal of any President or Treasurer, shall vest in the succeeding President and Treasurer for the same estate and interest as the former President and Treasurer had therein, and subject to the same trusts, without any assign- ment or conveyance whatever \ and also shall tor all purposes of action or suit, as well criminal And shall b« as civil, in law as in equity, in any wise touching lieemed their or concerning the same, be deemed and taken to P'^P^'^ty for be, and shall in every such proceeding (when poses. »ece!»sar yy m8 Si«i€u \\i uc, liic piupciiy ui the President and & c. personi appointed to the officer of President and Treasurer of the said Society for the time being, in the proper names of such President and Trea- surer, without further description, and such persons shall, and they are hereby authorised to bring or defend or cause to be brought or defended any action, suit or prosecution, criminal as well as civil, in law or in equity, touching or concern- ing the property, right or claim aforesaid, of or belonging to or had by the said Society, and in all cases concerning the property, right or claim Treasurer may aforesaid of the said Society, may sue and be bring actions, sued, plead and be impleaded in 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 from the offices of President or Treasurer, but shall continue in tne proper name of the per- sons 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 shall pay or receive like costs as if the action or suit 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, suits and prosecutions as aforesaid, the Secretary of such Society shall be a competent witness, notwithstanding he may also be Trea- surer of the said Society, and that his name may have been used in such action, suit or prosecution as such TreaiuFer. XIV. And be it enacted, That the President, Vice-President and Directors of every such Society, shall in their private capacity be exon- erated from all responsibility in relation to the liabilities of such Society. As to their Buccessors. Secretary, a conn pe tent witness. Non-liability of tiie Presi- dent, Itc. ei 81 ai P] cu fii -A Bsident and time being, and Trea- and such thorised to >r defended al as well r concem- 'aid, of or ty, and in t or claim e and be 'ir proper the said 1 no such ntinued or I or their Veasurer, ' the per- usage or and the have the r receive tion had 5 benefit the said ill such laid, the mpetent Trea- ne may ^cution Jsident, such exon- to the 10 XV. And be it enacted, That the Rules of Treasurer to every such Society, shall provide that the Trea- l^^^^H ^^^jj/ surer or other principal Officer thereof shall once the fund/ of" at least in every year prepare or cause to be the Society. prepared a general statement of the funds and effects of and belonging to the said Society y spe- Particiilars. cifying in whose custody or pos^ssion the said funds or effects shall then be remaining, together with an account of all and every the various sums of money received and expended by or on account of the said Society since tbe publication of the preceding periodical statement ; and every Attestation, such periodical statement shall be attested by two^*^- or more members of the said Society appointed Auditors for that purpose, who shall not be Di- rectors, and shall be countersigned by the Secre. tary or Clerk of the said Society, and every member shall be entitled to receive from the said Society a copy of such periodical statement with- out charge. XVI. And be it enacted, That nothing herein Saving of th« contained shall affect or be construed to affect or rights of the interfere with any of the rights or privileges con- ^'^.?!^^*' ferred upon the "Montreal Building Moiety ^^^ Q^\^niot' the under the Act passed in the eighth year of Her Act 8 V. c. 94. Majesty's Reign, and intituled, ^n Act for the incorporation of certain individuals under the name and style of " The Montreal Building Societj/i^'' nor in any wise to affect the said Act. XVII. And be it enacted. That the words Interpretation *' Lower. Canada" in this Actshatl be understood clause. to mean that part of the Province which formerly constituted the Province of Lower-Canada ; the words '* Upper-Canada,'' that part of the said Province which formerly constituted the Province of Upper.Canada ; and the word "Society" shall be understood to include and to mean Building Societies and Institutions established under the provisions and authority of this Act ; the word *• Rules" to include Rules, Orders, By-Laws and. 11 Regulations ; every word importing the singular number shall extend and be applied to several persons or things as well as one person or thing, and bodies corporate as well as individuals ; and every word importing the plural number shall extend and be applied to one person or thing as well as several persons or things; and everf word importing the masculine gender only, shall extend and be applied to a female as well as a male ; the words ** Real Estate'*^ shall extend and apply to immoveable estate and property generally ; and the word *' Securities" shall extend and apply to privileges, mortgages, (equi- table as well as legal,) hypotheques and incura- brances upon real and immoveable estate, as well as to other rights and privileges upon personal* estate and property : That this Act shall extend* T-t^u^iT 1^^ ^^ aliens, denizens and females, both to make them subjiect thereto and to entitle them to all the benefits given thereby ; and that this Act shall lie construed in the most beneficial manner for promoting the ends thereby intended. XVIi. 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 9s such by all Judges, Justices and otlier persons whatsoever without the same being specially shown or pleaded.. Act shall ex< tend. public Act. 3 singular to several or thing, iials ; and iber shall r thing as ind everf )nly, shall wail as a \\\ extend property is" shall ;es, (equi- id incuna. estate, as n personal' all extend' to make I to all the pt shall t)& anner for Act shall end to all e, and be II Judges, without ed.. THE -I PEOPLE'S BUILDIN6 SOCIEH. mm^ SiMi wE®m,Si.nmQ*. I. — That the intents and purposes for which Preamble, this Society is intended to be established, are, to assist the members thereof in the acquisition of freehold or leasehold properly ; and in the re- moval of incumbrances or liabilities upon property already held by them ; and to enable them 'o receive the amount of their shares in advance, upon furnishing good mortgage security. II.— That all monies which shall from time to How subscrip- time be subscribed, paid or given to or for the use lions to l>e ap~ or benefit of the Society, or which shall in any propriated. wise belong to the Society, shall be appropriated and applied in the first place, in loans or advan. ees to the several members, and towards the necessary expenses of the Society : but no mem- ber shall be entitled to receive, by way of loan or advance, more than (he amount of his share or shares subscribed for, except as hereinafter pro- vided for : if not taken up among the members, any funds may be otherwise invested for the benefit of the Society, at the discretion of the directors, of which members may nevertheless avail themselves. III. That Shareholders who may be desirous Interest to be of making an immediate deposit of money, (at allowed upon the rate of not less than dE2 10 per share, for jJ^PJ'^'*" J^**^« each share subscribed for) for tlie purpose of ^*ftce. meeting Ln advance their monthly dueff, be allowed 13 f^hares to be of the value of jt50 each, how to be paid, and at what peri- ods. Directors ; their quorum ; President ^nd Vice-Presi- dent , how to be chosen. In the absence of principal officers a Chairnnan pro. tern, may be appointed. Election of Di- rectors to be by ballot; scale of votes. interest upon the amount so deposited at the rate of six per centum, per annum, for the first three months, the amount that will have become due to the Society by the shareholder in payment of his monthly dues, interest &c., upon such number of shares as he may have subscribed for, to be de- ducted from the collective amount of such deposit and of the interest thereon ; and that interest at the rate of six per centum per annum, be then allowed upon the balance at hi^ credit, for the next ensuing three months, and so on until the whole amount of his deposit shall have been taken up in the payment of his monthly dues to the Society. IV. — That the stock of the Society shall consist of shares of JC50 currency each, payable by monthly instalments of 5s. each share, on the third Monday of each month. V. — That tlie affairs of the Society shall be. under the control and management of a Board of seven Directors, (of whom fourshill be a quorum) and who shall choose from among themselves a President and Vice-President VI. — In the absence of both President and Vice-President, the Directors present at any meet- ing of the Board shall have power to appoint a Chairman, ^ro. tem.f and with such chairman shall be competent to transact the business of the Society on board days. VII. — That the election of Directors shall be by ballot, and at such election members shall be entitled to votes upon tlie following scale, pro. vided always that no shareholder be permitted to vote by proxy, unless such shareholder be female, or a person absent from the District Quebec, viz : — For 4 shares or less, - - 1 « 5 to 10 shares - - 2 11 to 20 - - . - 3 a of t< vote. voi^s. votes. BU rei « 20 and upwards ■V yoicB. I at the rate i first three ome due to nent of his number of ', to be de- ich deposit interest at n, be then lit, for the 1 until the been taken ues to the ml! consist ayable by ■e, on the Y shall be _ I Board of a quorum) mselves a ident and iny meet, appoint a chairman ess of the s shall be i shall be ;ale, pro. mitted to er be a isirict of ote. 0l?9. otes. Dies.. H But no shareholder shalt be entitled to more than four votes. Vllf. — That the Directors elected at the forma, tion of the Society, or hereafter to be elected, shall continue in office till the election of their successors, unless in case of disqualification or resignation ; and the Directors shall, annually, take one week's turn of duty, in rotation, in supervising the affairs of the Society. JX. — That the Directors may make such ar- rangements with any of the Chartered Banks doing business in the City of Quebec, for the deposit of monies and securities belonging to the Society, and for conducting such other financial concerns, as they shall from time to time deem necessary. X. — That a General Annual Meeting of the members shall be held at the Court of Appeals Room in the Court House of the City of Quebec, on the third Thursday in the month of August in each year, provided sueh day be not a holiday, (in which case the Meeting shall take place on the day following) for the purpose of electing Directors to serve for the ensuing year, and for all general pnrposes relating to the management of the Society : — and at each of the said general annual meetings shall be submitted a full and clear statement of the affairs of the Society for the previous twelve months ; and every such peri, odical statement shall be attested by two or more members of the Society, appointed auditors for that purpose, who shall not be Directors. Xi.-— That extra general meetings of the So. ciety may be called by the Board of Directors, upon the members being notified of such meeting through the Post Office, or otherwise,, at the dis- cretion of the Board : that vacancies in the Board of Directors by death, insolvency, bankruptcy, or otherwise, shall be supplied, by the actual Directors (to fill such vacancy or vacancies during Duration of office of Direc- tors, Directors may make arrange, ments with any chartered Bank in Que* bee. General annual meet- ing for the election of Directors, when to be held. Extra general meetings for the purpose of supplying vacancies in the Board kc. how to be called. 15 the Pemnind*»r of their period of Office only) at their nexte/intuing Meeting, out of the shareholders of the Society. XII.' — That all questions at the annual or other general meetings of the Society (except the elei'tiofi of Directors as before mentioned) shall be decided by u majority of members present ; the chairman having a casting vote in addition to hav. a acting j^j^ ^^^^ ^^ ^ ^^^j^^^^ XIII. — That a Treasurer shall be appointed who shall also perform the duties of Secretary, and who before entering upon his office shall furnish two securities to the satisfaction of tlie Board of Directors, for the due performance of his duties. XIV. — That the Treasurer and Secretary shall be empowered to receive and pay ail monies for and on behalf of the Society, and his receipt shall in all cases be a sufficient discharge. He shall' also keep a canh book, where all monies received ^^P^' '"°"cy and payments made, are to be regularly and cor- ^eSdailyr"*' ^^^'^^^ entered, and he shall deposit daily with the Bank all such money as he bhall receive. XV. — That no money shall he drawn from the Bank without the signature of the President (or in case of iiiti absence or illness, of the Vice. President) and of the Treasurer. Minute and XVI. — ^That books shall be opened for keeping Account books the accounts, minutes or other proceedings and to be kept. transactions of the Society. Proceedings of XVII. — That the proceedings of the Society Society to be shall be entered in a Minute book, in detail, in- M-'^'^t'^ 'b *k ^^^^ manner as the Board of Director& ».. , H)fc t ; be kept for that purpose. Majority of members to deo»«t«4. Society, OS security for loans or ai,»anr,cs and to report their opinions in writin{.r; such Report to be entered in the Books of tho Society. XX. — That evory person becoming a member Members to of the SorieiVi Cexcept a3 transferee, legatee orP^y •"•'^" legal ref.."»ef.talive) shall pay nn entrance fee J^'^J^'^^j^^ ' of O.t. : I' !li and three pence, per share. aXi. — 'liiatall persons taking shares in the Rules to be Soriol^ , «;hall sign the rules in a book to be kept *'?"*',^* ^V * or that purpose. XXIT. — That every member shall po long as Monthly pay- he ahal' continue to be a member, and until ihement per objects of the Society be attained, pay five shil- ^l^**^** ^'"'^ lings per share, per month, on or before the day appointed for that purpose ; and in default thereof «halt pay a fmo of 3d. per share for the 1st month. -ed. <( ti 2nd Is. i< u 3rd 2>. M M 4tli 39. W «< 5lh and 4r» withdrawing from the Society, may, on giving one Jrawingfrom calendar month's notice in writing to the Secre-f'';"""^'..*^®^" . tary, b. allowed to do so; and may receive back subscript^kms*^ ^without interest) the net amount of his monthly to be returned, subscriptions paid up, deducting any fines, interest or forfeitures that may he due, and also a forfeiture of ten shillings por share. XXIV. — That each member changing his Change of residence, shall, within one calendar month there- residence to be ex • X- • •!• ^ .u r» M /•notlned tnthfi after, give noti'^o in v^Miting to the Secrelery ofggj.yg^jj„ — such change, and of his new place of abode and Fine. 17 {disposal of .li'unds. it may be forfeited. address, or in default thereof be fined Is. 3d. per share. XXV. — That meetings shall be held, on sucli Meeting to be day as the Board of Directors may fnmi time to lield for tlie time appoint for that purpose, for the disposal of such funds as the Society may have to lend or advance, of which due notice will be given. XXVI. — That each purchaser or borrower, at Purchaser to every such meeting, shall on or before the next inakc deposit ; day deposit with the Treasurer the sum of JSI. 5a for each share so purchased or borrowed: which. deposit shall be forfeited unless he produce, within fourteen days from the day of meeting, security- satisfactory to the Board of Directors. XXVU. — That in ordinary cases, no property !Limits in situate beyond the limits of the County of Quebec, Iwhich proper- be accepted as security for loans or advances to ty ?iven as inembers of the Society; but the Board of Direc- ^ie^""*^ ^^^^ '"^y* ^^ ^^'^^^ discretion, and upon especial application, accept security on property situated anywhere within the limits of the District of Quebec. XXVIII. — That after inspection of the proper- ty proposed, the purchaser shall, if the security be approved, execute a mortgage or transfer to the property to be satisfaction of the Directors, and at his own ex- pense, securing the monies advanced, with interest, also the due payment of the ordinary monthly subscriptions and any fines or forfeitures that may be incurred, and shall also bear the cost of enregistration ; which mortgage shall contain a covenant by the mortgager to insure the buildings comprised therein from loss or damage by fire, for the full amount of the advance upon such build, ings, and to assign over the policy or policies, to the Society. XXIX. — That after such mortgage or transfer chaser or par- shall have been executed, together with such pol. % n"^^*^'"^ ^^'®® ^^ insurance and other securities as the Di- that amount^ rectors may require, the mortgager shall at once I>urcha8ed. reaeive the amount of the share or shares borrow- Mortgage or transfer of property to made to the Society ; Insurance. When pur- ed agi in( be \hS rec of to ■':f. I 18 3d Is. 3d. per held, on such fnmi time to he disposal of ive to lend or 1)6 given. • borrower, at ifore the next umof jei. 5s owed: whicK oduce, within eting, security irs. .no property ty of Quebec, •r advances to 3ard of Direc- upon especial perty situated e District of )f the proper- le security be ransfer to the his own ex. anced, with the ordinary or forfeitures bear the cost all contain a he buildings ;c by fire, for such build. policies, to or transfer th such pol. 8 as the Di« lall at once ires borrow- ed, purchased or advanced, deducting the Bonus agreed to be paid thereon ; or if one or more build- ings 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 Di- rectors shall determine, according to the progress of the work. XXX. — That the Directors shall have power Directors may to renew, from time to time, already efiected in- renew Policiea Burances from loss by fire of all buildings, and to ^o^nlren^a- pay the ground rents of all premises mortgaged to amount to be the Society ; which payments may be made out charged to of the funds of the Society, as such insurances "^"''^p?^'' J and rents become due, and shall be charged to P^'^'^^y* the mortgager and repaid by him when the follow- ing monthly subscriptions fall due ; in default whereof a forfeiture shall accrue to the Society of 20 per cent, upon the amount so paid. XXXI.— That any person entering the Socie- Members join - ty after its commencement or formation, (except ing after com- as transferee, legatee or legal representative) shall menceinent of pay the full amount of subscriptions which shall ^^- Society, to liave been paid by the original shareholders from ^/ ' the date of such commencement: those joining within six months shall pay interest upon such subscriptions, and those joining after that period, a proportionate bonus besides, according to a scale to be settled by the Directors. XXXII.-— That any shareholder may transfer Shareholders his share or shares by causing an entry of each may transfer transfer to bo made in the books of the Society, ^^^^^ shares. in such manner as the Directors may appoint and upon payment of Is. 3d. for each share so trans- ferred, and of all arrears then due ; and thereupon the transferee (after signing the rules) shall be entitled to all the privileges of the original share- holder. XXXIII.— That in case of the death of any ^ mpmber^ member, the legatee or legal representative of of moceedhi^ such deceased member, shall, before becoming for a legatee 19 I I f| i < ! or le^al repre- sentative to become a Shareholder. "Directors not to be liable for responsibili- ties of Society. Termination of Society; arrears of subscriptions, &c., payable iru mediately. entitled to the privileges of an original shareholder, procure his place of abode, and the particulars of his title, to he registered in the Books of the Society and shall at the same time exhibit the will or probate thereof, or grant of letters of ad- ministration (as the case may h"*) for the inspec- tion and satisfaction of the Directors, and pay for such registry the sum of Is. 3d. per share. XXXIV.— That the Directors elected at the formation of the Society, as well as those here- after to he elected, shall be indemnified out of the funds of the Society or otherwise, from all ex- penses in rclbrence to the formation, conduct and managfment of the Society. XXXV.— That when it shall appear by the Books of the Society that there is sufficient to pay each share, then all arrears of subscriptions, redemptions, fines and other payments shall become due, and shall be payable immediately j and the Directors shall enforce the payment. COVENANT. For the due observance and performance of all and every the foregoing By-Laws, Rules and Regulations, and of all and every the future By-Laws, Rules and Regulations, of " The People's Building Society," we the members of the said Society, who have hereunto subscrib- ed and set our hands and seals, do hereby severally, each for himself, his Kxecutors and Administrators, and not jointly or the one for the other, covenant and declare to and with the President and Treasurer of the said Soci- ety and their successors in office, that we and our several and respective Executors and Administrators shall and will well and truly observe, perform, fulfd and keep all and singular, the said foregoing and future By-Laws, Rules and Regulations of the said Society, which on our several and respective parts are, or ought to be, observed, performed, fulfilled and kept. 20 »al shareholder, e particulars of Books of the ne exhibit the ' letters of ad- for the inspec- rs, and pay for ler share, eleeted at the as those here- ifiedout of the 5 from all ex- ij conduct and ippear by the iflicient to pay subscriptions, lyments shall imnnediately j payment. nd every the indof all and gulalions, of le members to Bubscrib- )y severally, strators, and and declare e said Soci- our several shall and nd keep all By-Lavi^s, lich on our ■i observed, PEOPLE'S BUILDING SOCIETY. TARIFF OF THE LEBAL, NOTARIAL, ^ INSPECTOR'S CHARGES. SOLICITOR'S FEES. s. d. For the investiojalion nnd examination of all Deeds and Documents relative to Landed Property, offered as security for the Loan or advance of One share ; 10 Do. do. for the advance of two Shares 12 6 Do. do. for the advance of three shares and upvi'ards 15 With a Report in every case. NOTARIAL FEES. For executing a " Deed of Mortgage" to secure the loan or advance of One share ; and copy of the same,.. 10 Do. do. for the advance of two shares ; and Copy, 12 6 Do. do. for the advance of three shares and upwards ; and Copy 13 9 INSPECTOR'S FEES. For examining and valuing vacant Lots within the City Limits, 5 For examining and valuing vacant Lots without the City Limits and within the Banlicue 7 6 For examining and valuing Lots and Buildings within the City Limits 7 6 For examining and valuing Lots and Buildings without the City Limits and within the Banlieue 10 For examining, valuing and giving a Certificate of the Progress of Buildings in the City 5 For examining, valuing and giving a Certificate of the Progress of Buildings out of the City and within the Banlieue 7 6 Beyond the Banlieue, the owner of the property to be in- spected shall provide a conveyance for the Inspectors ; and the Inspector's Fees in all such cases shall be the same as those established above for visiting, inspecting, &c., without the City Limits, and within the Banlieue — with a Certificate or Report in each case. fi 21 AN EXAMPLE Of a Subscriber wishing to build, and paying 20 per cent, bonus, at which rate it is supposed the Society would take ten years to run out. Five Shares of £50 £250 Deduct 20 per cent Bonus, 50 £200 One year is allowed for bmlding his house ; he would consequently re- ceive nine years' rent, or have nine years' oc- cupation rent free, which, computed at £30 per annum, would give 270 £470 Payable Ss. per Share, or £1 5s. Od. per month— or per annum, £15 Ten years' payment of £15 will amount to 150 Ist year's interest, payable monthly, as per annexed Table. £14 11 9 2d do do 13 13 9 3d do do 12 15 9 4th do do 11 17 9 5th do do 10 19 9 6th do do 10 1 9 7th do do 9 3 9 8ih do do 8 5 2 9th do do 7 7 9 10th do do 6 9 9 £105 7 6 Amount actually paid into the Society, £255 7 6 Balance,.... 214 12 6 £470 ^^'^v^f^^^^^ The actual advantage is the House itself, which the Subscri- ber, pays for in this e-^sy manner, and, at the end of ten years is his own ; the balance of £214 12s. 6d. meets the difference of Interest, between the amount he receives for rent and the amount he pays monthly into the Society, besides leaving a pro- fit. 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