^, '^4^^'il. ^^A"^^ IMAGE EVALUATION TEST TARGET (MT-3) // Ay, w A% % MU. ■^ mi/x ^ M. Z. ^ LO I.I •^ 1^ 1 2.2 2.0 lit lie 140 1.25 1.4 1.6 V] v^ V. '^ > >^ '^y u/^. Hiotograpiic Sciences Corporation 23 WEST MAIN STREET WEBSTER, NY. 14580 (716) 872-4503 ^ ^o if CIHM/ICMH Microfiche Series. CIHIVI/ICMH Collection de microfiches. Canadian Institute for Historical Microreproductions / Institut Canadian de microreproductions historiques \ ;V '^ Technical and Bibiiographic Notaa/Notaa tachiiqum at bibliographiquaa Tha Inatituita haa attamptad to obtain tha baat original copy availabia for filming. Faaturaa of thia copy which may ba bibliographically rniqua, which may altar any of tha imagaa in tha raproduction, or which may significantly changa tha uaual mathod of filming, ara chackad balow. Colourad covars/ Couvartura da coulaur r~~| Covara damagad/ Couvartura andommagi* Covara rastorad and/or laminatad/ Couvartura restauria at/ou palliculAa Cover title missirg/ La titre da couverture manque Coloured mapa/ Cartea giographiquaa mn couleur Coloured ink (i.e. other than blue or black)/ Encra da couleur (i.e. autre que bleue ou noire) Coloured platea and/or illuatrationa/ Planchea at/ou illuatrationa 9n couleur Bound with other material/ Reli4 avec d'autrea documenta n D n Tight binding may cauae shadowa or distortion along interior mergin/ La re liure serrie peut cauaer de I'ombre ou de la diatoraion le long de la marge intirieure Blank leaves added during restoration may appear within the text. Whenever possible, these have been omitted from filming/ II se peut que certainea pagea blanches ajoutAea lors d'une reatauration apparaisaent dana le texte. maia. lorsque cela 6tait posaible. cea pagea n'ont paa ixA filmAes. 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Tous lea autras exemplairas originaux sont filmAs un commenpant par la pramiire page qui comporta une empreinte d'impreasion ou d'illustration et en terminant par la dernlAre paga qui comporte une telle empreinte. Un dea aymboloa suivanta apparaltra sur la darnlAre image de cheque microfiche, seion le cas: le symbols — ► signifie "A SUIVRE". le aymbole V signifie "FIN". Les cartes, planches, tableaux, etc., pauvent Atre filmAa A dea taux da rAductlon diff Arants. Lorsque le document est trop grand pour Atra reproduit en un aaul clichA. 11 est filmA A partir de Tangle supArieur gauche, db gauche A droite. et de haut en baa. en prenant lo nombre d'images nAcessaire. Les diagrammes suivants illustrent la mAthode. 1 2 3 4 5 6 1 1 (Pfjlpl I -- '-^ HMM»i'WWWf«W *" *'i'''«' a « iSw *lt w ' W » M w ^ WijptmpaMW j r MM I' P l pi lii i W f i HMMMUl POMimf BUILDINC SOCIETY, Tmmffirai^ iM^jkmwmi ki A(f ^ ParHammt, BIB1070E8- ITOQH ALI " ', fiici., - PBMoirr. WM. WOBKMAN, BiQ., ViOB-PBumnn. JOHH SWAKSiON. Bbo. I A. MoOIBBON, Bat). (IBORaB B. MUIB, ScosnAAT-TBiAacBUt. T^ W. BXTCHIE, SouoROB. aiBB, HUSTTlEB k DOUOBT, Notabxss. J. W. H0PKI2irS> iMPBOtoB. Thp Stpck Book is op«n for fortlttr Sksres. A]^pUoBfi rxiKTBB, veiinp4i». f*;,. S'UliSSi 1 . This Society shall be called the pRoviNcr \l Per- MANENT BuiLDiNQ SOCIETY, having itB chief place of busi- ness in the City of Montreal, duly incorporated in pursuance of the provisions m that behalf, of the Act of the Legislature ot the Province of Canada, passed in the twelfth year of Her Majesty 8 Reign, and entitled "an Act to encourage the establishment of Building Societies in Lower Canada " and the intents and purposes for which it is established ire to assist the Members thereof and others in the axjquisitionof real estate ; in the erection of Buildings ; and otherwise improving tho same ; and in the removal of incumbrances or liabilities upon property already held by them; and to enable the Members to receive the amount of their shares m advance, after furnishing good mortgage Pecurity ; and to tacihtt ie the accumulation and the borrowing and re- demption of capital, and to provide a means of safe invest- ment for small sums; and for all the purposes mentioned in the said Act. 2. The Capital Stock ofthe Society shall consist of the unadvanced shares ofthe Members thereof, either fully paid up and invested as fixed or permanent capital, or in course of accumulation. Each member shall pay thereon a month- ly subscription ofonc dollar per share for 50 months to commence and be paid on and from the first day of any month m or after which he shall be admitted, in respect of each share, making the total payments on each unadvanced share fifty dollars. After each share shall have been paid up the amount so paid, veith the net accumulated profit thereon shall be due and payable to the holder thereof, and may then either be withdrawn from the Society or invested therein a« fixed or permanent capital. 3. All persons upon taking Stock in the Society shall sign the rules, in a book to be kept for that purpose. The JJirectors shall have the power, from time to time, to limit the number of new shares taken, or to charge a premium thereon such premium to form a part of the general funds ot the Society. ° 2 o 4. Monthly subscript ions, and all repay lucntH, Qocs, and other payments, shall bo paid lu the Society's Office, on the first, day of every month, or when the lirst day falls on Sunday, or a le^al holiday, then on the day following, or t any of the Society's u^eutH, three days previously, until utherwise ordered by the Directors. 6. A shareholder paying in a sum of money for tho purpose of meeting any number of monthly instalments as they become due shall bo credited with interest on tlio balance of such sum standing to his ertulit for the time being, at such rate as the Directors may thirk fit, or (at his option) shall be allowed an equivalent discount. C. All monies shall from time to time be subscribed, paid or given to or for tho use or benefit of the Society, or which shall in anywise belong to the Society, Khali, after providing for the payment of the expenses and liabilities of the Society, be applied in piiying off such shares as shall have become due and payable to the holders thereof; in the payment of dividends upon such part of the share capital as shall be held as Permanent Stock ; in the purchase of such shares as the Members may desire to withdraw ; and iu loans or advances to the several Members. Should the funds of the Society, available for investment, not be taken up by the Members at the usual rates charged by the Direc- tors, such funds may be otherwise invested for the benefit of the Society, at the discretion of tlic Directors, of which Mem- bers may, nevertheless, avail themselves. 7. The financial position of the Society shall be ascer- tained on the last day of ])ecember in each year, and the profits and losses shall then be apportioned equitably amongst the investing Members in proportion to the value of their shares, and the time for which they shall have been Mem- bers iu respact thereof. But if the Directors shall consider it for tho advantage and well being of the Society to set apart a portion of such profits for contingencies, they sliall have the power to do so, subject to the approval of the Members at the Annual Meeting of the Society, and the same shall then form a part of the general funds of the Society. Such proportion of the net profits thus ascertained and apportioned as shall appertain to shares which shall have been fully paid up and invested as fixed or permanent capital or shares in the Society, shall be payable to the holders of such shares, and SMch proportion of the net profits thus ascertained and apportioned as shall appertain to shares which shall not have a I'. boon ful'y paid up, hIiuH bo ciipltuli/fd and placed to the credit of mucIi shares, to be D.iyiible t<)«;ether with tlio princl- pal .sum, on their beeoniinj^ duo. And if the Directors (ihali think fit to declare a dividend at a Mc.ui-annual period, they shall have the power to do tto, and on shares hecominj^ duo during the currency of any year or half-year, the Hanie pro- portion of profit shall be payable m would have been paid at the rate of the last yearly or half-yearly dividend, unh'ssin the opinion of the Directors there are circunistancet) which render advisable an IncreaBcd or decreased amount. 8. The affairs of the Society shall be under the control and nianapjement of a Board of six Directors (of whom three shall form a (juoruni for the tronsaction of business), wlio shall hold not less than twenty unadvanced Shares each ; and who shall choose from amonj^ themselves a Presi- dent and Vice-Prosidcnt. No Directors shall hold the office of TrciiHurer, Surveyor or Solicitor of the Society. The Directory shall be elected for a term of two years, ihreo to retire annually, but shall be eligible for re-election ; the three who shall retire at the first annual meeting of the Scciety, to bo decided by lot as the Directors may determine. 9. The election of Directors, unless the electors shall bo unanimous, shall be by ballot ; and at such election any member, either personally present or represented by any other member as his proxy, shall be entitled to votes upon the following scale, viz : — For 1 Share 1 Vote 2 or ij Shares 2 Votes. 4 or 5 " a <' r. or 7 " 4 « 8 or 1) " 5 « 10 or 11 '- (J « 12 or 13 " 7 " 14,15 or 1() '' 8 " 17, 18 or 19 '' 9 " 20 Shares and upwards..,. 10 " And 1 vote additional for every five shares over twenty. No member shall act as proxy for more than 12 other members. 10. The Directors elected at the formation of the Society or hereafter to be elected, shall continue in office till the election of their successors, unless in case of disqualifica- tion or resignation. 1 1 . The Directors flhull have power in fill np any vacnn- *y that may arisoin their own Ixxly in lhoc«»urHoofthoyoar j to appoint to any officre «»t' tho Hndt)d on tho bu«t* neiwor tho Hiwioty, uiid «hjill bo indemnified out «if lh« fuudH of tho Sooiety, or olhorwi«e, (Vomull ex|H;nm'M in rolor* cnoe tu tho furmatioo, conduct, and Mauugciuontot' tho Huci* ety. 18. A TreaHurer nliall ho appointed, who Mitidl uIho perform the duties otHocrotary, and who ihall bo eni|K)worod to rocoiyo and pay all nionioH for and on bohulf ef tho Hcoioty, and hiit receipt Hhail in all cam^H bo a Huffieient dischar^o ; and he Hhall deposit with ''lO Hank all »uoh monicii as ho Bhall have on hand, when thoy amount to 91(H). Ho shall attend all meetings of tho Directors or members of tho Hoeiety ; enter minutes of all resolutions or prooeedings in tho minute book, and .shall keep the ac- counts in order, — in proper books to bo provided for that purpose, — and pre|Miro the same, or a balance sheet thereof, lor the inspection and signature of tho Auditors. He shall summon tho Directors to all meetings, (by circular,) and iasuc all circulars and notices to members which may, from time to time, bo thought necfissary by tho Directors ; eon- duct tho correspondence of the Society, and perform all other duties that the nature cf tho office may recjuire, and bcl'ore entering on his oflicc uhall furnish security jis by tho Statute provided. 19. No monies sh" tho signature of the Pr* absence of both, of nnw surer. 20. One or moreSu^ "vn from the Bank without '•ce-President, (or in tho ors) and of the Trea- all bo appointed, who shall survey and exananc the prop^. ..y offered by any mem- ber of the Society, if the Directors shall consider it neces- sary, and shall, in all cases, render at the Society's office, a report in writing, to the Directors, of tho value and state of such property, in such form as tho Directors shall pre- scribe, and who shall be paid such fees as the Directors shall think reasonable. 21. A Solicitor or firm ofSolicitors shall be appointed, (who shall, either individually or together, hold not less than twenty unadvanccd shares), who shall transact such necessary business of the Society as the Directors may re- quire, and he or they siiall receive a fair and reasonable allowance for such service as Attorney or Counsel. tt. Tbo Solicitor mIihII iiiTonti^ntu tho titlo to all pro- particN oAf«d by Mly of a Kc^iMtTiir'rt Curtitic Uo, aiii(iu*.s iiiul otlior tloedn and inMtriinirnt.H in favor of tho Hocii'ty Tho SolioitorK and Hurvoyor'M foo», and Ko^iHtrv and Notarial an;h advancos hIiuII ho mado, and tho tinio aitt' manner of ro-paynnMits. Tho ro-puymontson advanced sharos shall bo for a fixed period, in ro«poc't of onch share, and shall not be liable to liio continj^tncy of losses or profits in tho busincsH of tho Hocioty, and after a share has been advanced to any .'Mend)or ho shall take no p rtin tho management "t* tho utFairs of tho Sooiety in respect thereof. 25. Tho fines lor tho non-payment of tho montldy or other repayments or subscriptions on advanced or unadvanc- ed shares <,ii tlio day on which tho same arc made pi:yablo by tho rules of tho Society, or o^'any other monies whatso- ever duo and payable by any member, shall be at tho rate of 2^ per cent, per month, on tho amount duo, and the samo shall accrue and be i)ayablo immediately after tho moiithly subscription day, and shall bo charfjjoablo lo such member until riuch arrears are paid. When the fines on unadvancod shares shall equal tho amount of subscriptions paid thcieon; such share or shares, and tho intereiit of any member iii respect thereof shall bo forfeited to tho Society ; provided that after any share shall be in difault the Directors shall have power to recover from such shareholder the amount due to the Society by an action of debt in any Court of competent Jurisdiction. 2G. 'ine place oFmeelings of the Society shall be at tho offices of the Society in the City of Montreal or nt such place in the said City as the Directors may appoint. r^ Iff 4 r^ 27. Any wmber flonlrlng an ndvnnccof* Sl.iro o» Bharcn, ithail gixc noti.-c, in rritini?, to tlui Sc .»tUry, of th6 ■ituutiiiii, tenure, i' iwriptlon, ami full pnrt= . of tho property pro|K)i«5rt to Ih) i»»ortga|,pd by nuch r "uibe.' to tho Bootd^y, in Buch fbrni uh tho Dirtjctom Hholl preroribf; «in«l •hail the «ntisfaction of the Dircctoin to .secure tho monioH to become due from him to tho Hociety according to tho " loH and rogulations of the Society, and shall also boar the cost of cnro^'ietrution. 28. All mort^nigo deeds and sccuH. - 'o tho Society ahull bo prepared in such form, and cc uun 3uch clausea, provisoes and auroemonts as tho Solicitors for tho Society ahall think fit, v/ithtlie approval of the J)iroctorM; and that in CMC tlie Mortgajj^or, shall at any time or times, no;^lcctor refuse to pay hisro- 'lyments, fines, fees, or other payments, for the space of six months successively, then the Directors may, either with or without tho concurrence of tho Mort- pa;:;or, appoint a person or persons, with such salary or com- mission i.s they may think proper, to collect the rents and profits of tiio mortgai;ed premises; with the same power of enforcing payments as tho Mortgagor himself may possess. And that in case tho Mortgagor shall be himself the actual occupier of such mortgaged promises, then the mortgage deed may contain stipulations that he shall becom? tenant to the Society, at a fair rent to be named in such deed ; tho Directors shall have power, if they see fit, to retain and apply so much of the rents, as will be necessary to pay tho sum required to redeem the property, pursuant to the pro- visions confainod in theso rules; together with all other payments, monies, and expenses duo to the Society, and to pay the surplus thereof to tho Mortgagor. 29. All property, secured to the Society, consist* -i^ of . buildings, sliall be insured by the Mortgagor, if required by 8 the Directors, in such sum and office as they shall think advisable; and the policy or policies shall be assigned over to the Society. In case any member, having executed a mortgage to the Society, shall make default ia payment of the expenses which may be incurred, in and about insuring ground rent or other payments to v/hich the said property may be subject, pursuant to the covenant in the mortgage deed, he shall pay a fine of one dollar ; and if default shall continue beyond one iponthly subscription day, ho shall pay in addition such fine aa he would have incurred for the non-payment of an equal amount of re-payments, at the time appointed for the payment thereof: the Society not to be responsible for any consequence arising from any omission in the payment of the premuim, or other payment due on any Policy of Insurance, and should the borrower omit to insure, the Directors shall have the right of effect- ing and renewing the same, or of reserving the rights and interests of the Society in the land and premises, mortgaged as aforesaid out of the general funds of the Society, and the borrower shall on demand pay and reimburse unto the Society such premiums with interest thereon at the rate of 6 per cent, per annum, and a fine of 20 per cent, upon the amount so paid. 30. In case of damage by fire, the Directors shall re- ceive, from the Insurance office, the amount payable in re- spect to such damage; and the receipt of the Secretary and Treasurer of the Society, shall be a sufficient discharge, to the Insurance Office for the money therein expressed to bo received ; and the Directors shall have full power to settle and adjust with the Insurance Office any question relating to such insurance, and to accept the amount to be paid by the Insurance Office, in respect to the damage done to the premises ; or to make such arrangements with the Insurance Office as to the rebuilding or repairing of the said premises, or relating thereto, as the Directors shall think reasonable. 31. The Directors shall at their discretion, either lay out the money which shall bo received from any Insurance Office as aforesaid, or any part thereof, in repairing the damage done to the premises ; or retain and apply the same, or such part thereof, as they shall think fit, in <»r towards payment and satisfaction of the amount which shall be due from the Mortgagor, to the Society, and pay the surplus, if any to the Mortgagor, or to such other person as he shall (by writing) direct to receive the same. 32. Every member executing a morlgaj^c to the So- ciety shall, if required at the time of such execution, give to the Secretary a written statement of puch particulars re- lating to the property comprised in such mortgage as are usually required by Insurance Companies ; and if at any subsequent period any trade shall be commenced, or erection made or other matter or thing shall take place which would in any way affect the validity of the Policy of Insurance, the like statement shall be given ; and the member neglecting to five such statement shall pay a fine, at the discretion of the directors of not more than fifty cents, but not less than five cents per week for each share ; and the Directors shall, if they think fit to do so, at least once in every ye. •, appoint some competent person to obtain all the information he can with respect to trades, &c., carried on in and about the mortgaged premises and to report to the Directors accord- ingly. 33. If any member who shall have executed a mort- gage to the Society, shall desire to sell the mortgaged pro- perty, subject to the mortgage, he shall be at liberty to do so, with consent of the Directors, upon first duly trans- ferring the shares secured by such mortgage, to the intended purchaser in manner provided by these rules ; and upon such transfer being completed, and all arrears due to the Society, from the Mortgagor being paid, and the conveyance to the purchaser executed, such purchaser shall thenceforth become liable to pay all repayments payable in respect of such shares ; and the Directors may grant to the original Mortgagor, and at his cost and charge, a release from all future liability in respect thereof. 34. It shall be lawful for any member, having executed a mortgage in favour of the Society, to substitute, at his own expense and subject to the approval and consent of the Directors, any other property, as security to the Society, in lieu of the property originally mortgaged. 36. If any member shall desire to have his property discharged from a mortgage to the Society, before the expira- tion of the full term for which it has been taken, he shall be allowed to do so on payment of all re-payments, and any fines, fees and other sums due in respect thereof, up to the time of the redemption of such mortgage, and of the present value of the future re-payments, calculated to the end of the term, and discounted at such rate of interest and on such terms as the Directors may determine. 10 36. Oq the redemption of any security by a member, or ivhen all repayments have been made by him on advances pursuant to these rules, a full discharge of such security shall be executed, and the same shall be delivered to such member with all other deeds and documents deposited by him in connection with such security ; and such dischar