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Photograpliic
Sciences
Corporation
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33 WEST MAIN STREET
WEBSTER, N.Y. 14580
(716) 872-4503
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THE
CHURCH OF ENGLAND
AND
METROPOLITAN BUILDIN(J
1 •
SOCIETY.
INCORPORATED FEBRUARY 23, 1850,
In accordance mth the ulct of the Provincial Legislature,
9 Vic. Chap. 90.
TORONTO:
PRINTED AT THE CANADA GAZETTE OFFICE.
1850.
< ■ ■■■
M
1)1
^
THE
CHURCH OF ENGLAND
AND
METROPOLITAN BUILDING
SOCIETY.
iV?
INCORPORATED FEBRUARY 23, 1850,
In accordance with the Act of the Provincial Legislature,
9 Vic. Chap. 90.
TORONTO:
PRINTED AT THE CANADA GAZETTE OFflCK.
1850.
Ci)
Mon
THE
The ]
JAlVll
S. B.
Wl
the
IB ve;
whic!
as a
are \
PROSPECTUS
or THE
€[)ttrcl) of (ffnglanb anb lltetropoUtan SuUlimfi ^onclg.
Incorporated FeBRUiRT 23, 1850,
In accordance with the Act of the Provincial Legislature,
9 Vic. Chap. 90,
SHARES £lft lOg. each.
Monthly SubscripUonB, Is, 3d. per Share; Entrance Fee, Is. 3d. per Share;
Transfer Fee, 6d. per Share.
JOHN ARNOLD, Esq. President.
JAMES BEAVEN, D. D. Vice- President.
directors;
THE HON. W. CAYLEY,
The Rev. STEPHEN LETT, ll. d.
JAMES M. STRACHAN, Esft.
S. B. HARMAN, Esq.
GEORGE BROCK, Esq.
P. M. VANKOUGHNET, Esq.
G. W. ALLAN, Esq.
Mr. GEORGE A. BARBER, Secretary and Treasurer.
Solicitors — Messrs. Hjcath and Irving,
Bankers— Bauk of Upper Canada.
Office — Albany Chambers,
While the usefulness of Building Societies, whether as furnishing
the opportunity for safe investment, or capitalizing real property,
is very generally admitted, it is also felt that the large amount
which each share in the existing Societies represents, operates
as a denial of the benefits they are intended to confer to all who
are unable to pay the present minimum monthly instalment :
IT
Jy fte establishment of the Ph. u
Mo.rop„,i,a„ Building SooU,-,^,"!' "i ^''«"""' and
■r "' 7^ •«. 'hi' impediment, bl t?" '" '*""'^«' «'
Shares from £100 each, the standi. f"'« ""« ''^'ue of
'ote generally i„ „,«, 0^,2^0^";^ ""'""' "PPears noj
«;»'« field of operaion, a„V!nP ''"""•"""San.ucr
•''■".«ion of . Class of i d mLTs;? "^ """ ''" ""e
""» young and thriving coun n- 1:,^' T' ""'"•''ous i„
r: ------ ^'Sr^rp-^^^^^
•'"^ "o 'h-»Pportofa c:„":'';7''---ofcon,r;'„!
"■^ e'^ction of churches, parsot J f ""^ ^'"■™™'y. or
■ke coming more .mmedirte;:^;;; ;f""-'—> an J'the
« Church of England Buildin. Sol. f'^^ ^"^ '"'«"! of
be furnished by subscribing fl!.^' ""^ "PPo^'unily will
"ameof such Institution, a. ^sr,;'"""^ '"'='«» '» ^
"harge of giving permaien a? T"""^ " ""arterl
especial interest. °' '"^ '» «>e object of their
Viewed as a mean= „f • .
^r^is; T^-^ SsIt; ---
• '-.theneddiss:;ar."'^"™<"' » ""o -''Clt,^: I
They possess to a certain a f
«<^vance m^y' b; ^^ ^''^-^ ^«'^ Z? "*
personal securitv_m ^ ' '""n but on resl • . """y
*e pnviie J f rror^"^* ">» ti'i':^ t™ t'
--«^li..upe„or to personal ,7c„ri7
of England and!
•ed to remove, as
;ing the value of,
'ch appears now
nbracing a much
f^e door for the
ost numerous in
' same time the
*vith pecuniary
•^ a plan will
'"ate gradual
manner of a
us of contribu-
^niversitjr, or
ouses, and the
' and intent of
Portunity will
hares in the
' or quarterly
'®ct of their
>a^ property,
>een a/ready
"■s and the
*o require
•haracter of
bhshmenf.
the accu-
setout at
lent they
place of
' through
P.tufi tU
I. t/iijij
security.
The interest paid by Savings Banks on deposits is limited
to five per cent, those Institutions being restricted in their
investments to Bank Stock and Government Debenturee,
while the premiums permitted by Statutory enactment to be
received by Building Societies in making loans to their
Stockholders, raise the average of interest in favor of the
depositor with the latter to 10 and 12 per cent.
The following short paragraph taken from the prospectus
published by the Toronto Building Society may not
inappropriately be quoted by way of conclusion to these
remarks.
« As institutions of this nature have stood the test of a
quarter of a century's experience in England (where
abundance of money could always be had at a low rate
of interest), their principles having, during that period,
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 conducted,
will place its success beyond a doubt.
The rules of the Church of England and Metropolitan
Building Society, have been compiled from those of the
Toronto, Upper Canada, and other Societies, which have
now for some time been in successful operaticn, with
such alterations and additions as experience has shewn
to be desirable or as have been deemed essential to the
accomplishment of the objects which this society has more
particularly in view.
•^
CH
proj
esta
and
in c
are
desi
tion
or li
rec(
gOO(
pai
filia
api
me
no
mc
as
at
thi
RULES
or THS
/
CHURCH 01 ENGLAND AND METROPOLITAN
BUI-LDING SOCIETY.
I. That the intents and purposes for which this Society is
projected are to enable the members thereof to contribute to the
establishment and endowment of a Churcn of England University,
and to build and endow Churches, Parsonages and Schoolhouses
in connection with the Church of England. But although these
are its principal objects, it is not intended to exclude parties
desirous of investing funds therein with a view either to the acquisi-
tion of freehold or leasehold property, the removal of incumbrances
or liabilities upon property already held by them, or the benefit of
receiving the amount of their shares in advance upon furnishing
good mortgage security.
II. That all moneys which shall, from time to time, be subscribed,
paid*, or given to or for the use or benefit of the society, or which
shall in anywise belong to the society, shM: 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 : 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, never-
theless, avail themselves.
' ^JJ Th 1
'"'«■•«»« upon the TJ '^"'^ "<" '^«« 'lian T ^"^"' ^''"""ce .hei J
'"bacribed f ' ^"'f P"" ™'='"»'mber ofl '" "Paj^en, ofbi!
''""P^r cemurn per «n ^'^^"^ ^"d (hat inJ ''""* «^ such
''^''^^ ^or the nextVnr"™ '' '''" ^"^vved u^^' '* ^^^ ^^^e o
■"anagement of » 7 ""^ '«"='><y shall i
■For 5, 6. 7 o , '---.._
^'-''wo.iffr: -v: -''"'-
Forl3,il ,'';/''a'^s....; 2 voles.
^"-j- addm„;, jV",! '^^ :;-■ * "*».
^"s.Wes, 1 TOie. 5 votes.
^^^"g^n advance their
7;^!^^, be a/lowed
;/;^^P«^ centum
?"* *^«t wiii have
'" -payment of his
' '« ^« ^ay have
' amount of such
^^ ba/ance at his
^ ""''"^ t^e whoie
^'^e payment of
'^ ®^ shares of
'®"ts cf Is. 3d.
'^e control and
^ ^^J-ee sha/J
'^' ^ach, and
"* and Vice-
>^emdent, the
^'e power to
'"j shal/ be
'•d days.
ot; ind at
^ "• person
VIII. That the Directors elected at the formation of the society,
>r hereafter to be elected, shall continue in office till the election of
eir successors, unless in case of disqualification or resignation.
IX. That the Directors may make arrangements with any of the
chartered banks doing business in the city of Toronto, for the
■deposit of moneys and securities belonging to the society, and for
conducting other financial concerns, as they shall from time to time
deem necessary.
X. That a seneral annual meeting of the members shall be held
at the office or rooms of the society, or such place as the Board
of Directors may appoint, on tlie first Monday in the month of
M^ .:h 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 socic*v ; 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.
XI. That extra general meetings of the members of the society,
may be called by the Board of Directors, for the purpose of
supplying vacancies in the board, and for other purposes, upon the
members being notified of such meeting through the Post Office, or
otherwise, at the discretion of the board.
XII. 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 present, either in person
or by proxy ; the chairman having a casting vote in addition to his
vote as a member.
XIII. 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.
XIV. That the Secretary and Treasurer shall be empowered to
receive and pay all moneys for and on behalf of the society, and
H)
^" receipt shalj i„ ai, ca«e« h. ^
^««Pacashbook, wheTan ^'"'^^^'^"*^'«^^^^^^ He shall ,
are to be rp<rn7 i ®" moneys receiv^^ .. "°^^ also
_^Vl. That books shall h.
»a*ed A. '"^'^ •<> -h p„^„,e according tlTr^:
AiX. That th*»
C«»eep« as ,ra„sZ? u""" ''*"'""'"« " '"«"''- of ,he - •
11
^- iJe shall also
' payments made
fjall deposit daily
anfc without the
ce or illness, of
the accounts,
Society.
Je entered In a
of Directore
signed by the
the Secretaiy
me of « The
' Institution,
or persons,
connection
this society
J subscribe
he number
D the Form
lareholder,
)se.
56 duty it
ty offered
ort his or
boots of
society,
' pay an
XXII. That all persons, upon taking shares in the society, shall
sign the rules in a book to be kept for that purpose.
XXni. That every member shall, so long as he shall continue
to be a member, and until the objects of the society be attained,
pay Is.' 3d. per share per month, on or before the day appointed
for that purpose j and in default thereof, shall pay a fine of
•Id. per share for the 1st month,
2d. " « 2nd month,
3d. « « 3rd month,
and so on, encreasing the monthly fine one penny for each succeeding
month, until the expiration of one year, after which time, if the
instalments remain unpaid, the share or shares of such member,
or his representative shall be forfeited.
XXIV. That at the time of paying each of the monthly sub-
scriptions, each member shall pay therewith towards the expenses
of management, 2d. for the first two shares, and Id. for every
additional share.
* XXV. That each member changing his residence shall, within
three calendar months thereafter, give notice in. writing to the
Secretary of such change, and of his new place of abode and
address, or in default thereof be fined Is. 3d.
XXVI. That meetings shall be held on such days as the Board
of Directors may from time to time appoint for that purpose, for the
disposal of such funds as the society may have to lend or advance,
of which due notice shall be given.
XXVII. That each purchaser or borrower, at every such meeting,
shall, on or before the next day, deposit with the Treasurer the
sum of 10s. for each share so purchased or borrowed; which
deposit shall be forfeited unless he produce, within thirty days from
the day of meeting, security satisfactory to the Board of Directors.
XXVIII. That the Directors shall be authorized so soon as the
Society shall have entered upon its fourth year, to appropriate one
fourth, or a larger amount in proportion as the Society approaches the
term of its existence, of the monthly funds at their disposal for the
f2
parpose of buying in thfi <jKo
«I-. Price ,0 be detected ^^.C^ '° P"""" -"P^'i't': »
"■e Assets of the Society. *'^ ''^ « ""^f"' e«min.tion of
XXIX. That n(l», •
P-chasershai,,if;:j:~;/'''« property P™Posed. .he
•""•sfer to the satisfaction o L bT™"' '"'""' ' '"""me or
••""ring .he moneys adva„'.T°"' ""''»' hi« own esZse
payment of the orrary^aiytS '"'^'^'•' ^"O ="«o thele
forfeitures that may be iLn'et^^tr''-' '"" '"y«"'» "
covenant by the mortgagor to ,„sLi.T^''«'^'"'" «<""«!" a
--loss ordamage^y^'^Tor be\r '"^-■"P"-'' fe.in
"Pon such building,, and to assign over b! '7™' '"" ""« '"'™"<=«
^'0^7 : and also a power to the ocieTv " V "'""''"' *" ">-
neglect to pay his subscriptions, Cj^ " T ""^ ""'^•eagor shall
»'== months successively, ,„ take nnl '^*'""-e=. fc' the Space of
'» collect the .„„ and'S bCoT::; ''^ 7" '^^ ■"""^'^^
P-W.0 auction or private sale T '.b ° '"' '""'' P'^^'^es by
w.«.out any further consen.rcn " '"°^"«'™""'gcous terms,
*» apply the proceeds (arte deducrin"' "' "^ ""^'^'^o'' "-"i
of whatever may be dL to the '"5 ''''""'^' '" ''^ '"'^'"''■"
XXX. That after snrh »« ^
-ccuted, togother wi h surfof.-"' ?""■" '"""' '"'- ^-^n
-curities as the director : ay Itrtll-"" """^ °*"
rece,ve the amount of the sharrir '\"""'S'S'>r shM a. once
a vanced deducting the bonusTg^drreH^^^
more buildings be in progress of er.t ^ *"'"" = »' "" <>»•
a<ivanced upon one or Lrcen^ ?' '"'^ »■»"•"" ^^all be
fo-n time to time, as the director st 1. ■ *" '"""'"''"'' -"^
progress of the work. determine, according to the
aX'^J. That the Directors shall i.
may be made out of
the fundi of
* 4
•0U8 of disposing
ompetition at an
examination of
proposed, the
a mortgage or
! own expense,
a'so the due
f any fines or
ali contain a
prised therein
the advance
•olicies to the
ortgagor shall
• the Space of
-s mortgaged,
premises by
geous terms,
^tgagor, and
he payment
have been
and other
»al] at once
irchased or
: or if one
nt shall be
ctors, and
Jing to the
from time
re of all
tgagel to •
Aindt of
13
ihe Bociety, as Buch insurances and rents become due, and shall be
charged to the mortgagor, and repaid by him when the following
monthly subcriptions fall due, in default whereof a forfeiture shall
accrue to the society of 20 per cent., upon the amount so paid.
XXXII. That any person entering the society after its commence-
ment or formation (except as transferee, legatee, or legal represen-
tative), shall pay the full amount of subscriptions which shall have
been paid by the original shareholders from the date of such
commencement ; those joiningwithin six months shall pay interest
upcn such subscriptions, and those joining after that period a
proportionate bonus besides, according to a scale to be settled by
the Directors.
XXXIII. That any member, being desirous of withdrawing 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 2s. 6d. per share.
XXXIV. That any shareholder may transfer his share or shares
by causing an entry of such transfer to be made in the books of the
society, in such manner as the directors may appoint, and upon
payment of the sum of 6d. for each share so transferred ; and
thereupon the transferee (after signing the rules) shall be entitled to
all the privileges of the original shareholder.
XXXV. That in case of the death of any member, the legatee
or legal representative of such deceased member shall, before
becoming entitled to the privileges of an original shareholder, 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 6d. per share.
XXXVI. That the Directors elected at the formation of the
flociety, as well as those hereafter to be elected, shall be indemni-
14
'» reference 1 "thi" "r ""* '^^'■^ "' «ll>erwi« r^ „
Mcieiy. ° *" ^•""^'ion, conduct, JTL ^'" ^" ''='P»''*»
^^I.n«.,eD- ■ "'"' ""'-™ or .he
'-o-CZft!"^"'' """'-e 'hem on r*"" ""^ "'^■»
^ «'-^« -*e^tir,::r'^- - '^'•' «-e, ...n
m all expenses
»gemejjt of the
"Je, fix a scale
3 may redeem
ne footing as
AN ACT
To encourage the establishment of certain Societies^
commonly called Building Societies, in that part of
the Province of Canada formerly constituting Uj>per
Canada,
[Passed 18th May, 1846.]
WHEREAS it is desirable to afford encouragement and Preamble,
protection to tlie establishment of certain societies,
commonly called Building Societies, for the purpose of raising
by small periodical subscriptions a fund to enable the mem-
bers thereof to obtain unincumbered freehold or leasehold
property ; — And whereas, by an act passed in the eighth
year of Her Majesty's reign, certain persons were incorpo-
rated as a society for such purposes in the city of Montreal,
by the name and style of " The Montreal Building Society j"
and provisions were made for the conduct and management
of that society, and certain privileges and immunities
conferred upon it j 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, y^j^g^ t^g^ty
in that part of this Province heretofore constituting the persons shaU
Province of Upper Canada, shall have agreed to con-J^fuJeaBuUd-
stitute themselves a Building Society, and shall have signed jng ^^^^^ ^
and executed, under their respective hands and seals, aQo,pojation
declaration of their wish and intention so to constitute for that^pw-
themselves such building society, and shall have deposited tavmgcom-
the same with the Clerk of the Peace in the district in plied with cer-
y
16
S: '■""""■ "Woh «hey shall reside r»h ,
«Mbee„««ed.ort?rL'":,r'? "■»" ""P-"
pence), such pe„„„3, a„d ,3, 1"'° '''"""^ ^"^ ««
»nw,vards become meX™!.*- J" P'"°"» «' may
-hall beonlained, constitutedrrnd 1 "'^""°" ""'' "''«"'•
■"V <=<"Po™tion, body cop',1 1 f'^'' '" '"'' "'"' ^^al
""d "tyle, as a building sod^ a V""; '' '"■='> ''«™
fepo3,ied as aforesaid shalt'„K^"'"'' <'«<='aratio„ so
-ame by which the persons .„ ^'" ''^"'"^d «> be .hr
-ef-^-oiety ,0 l>X:ZlTr""' '"^ -- -e^-
^'eh ^hare). a stock Tfund r.f'"'"^ ?«' "'""for
each membenhereof ,„ ,eleL' I {"'"'"' °' enabling
-e.e,y ,he amount or va „e fh"* b "' '""'^ "^'"e^aid
'o erect or purchase one or mo,e d T " """^' •herein,
:; ""- '•-hold or leaseh l" Itet r '°''"' "' "<»-»
of mortgage or otherwise .„ 1 ' ''^ "''='"'ed by war
;moun. or valu. „f h,:'! « ^^ T''' ^-iety „n«l Z
f""y paid ,0 .he said socie y L h T ''"'" '"'^e been
"nd with all fines „r liabiH ^'^ ""^ '"'e^w thereon
™'e« shall no, be repugnan „ i " "'^'' =° =" a-ch
Calt'' " '? "■« ^^"e'rafla: of . T'^ ''"--'""' of
Canada ; and to impose anT^ L "'^ l^™vince or of r7n„=
penalties and forfeltLs ll^T """' ""'""""'^ «-
«"") -ciety who shall offZ a ' If """' "'^""'e- of the'
against any such rules, as the
17
fJg such deposit
hillings and six
"•sons as may
'ety, and their
'ors and assigns,
o be, and shaJl
by such name
declaration so
••ed to be the
' same desire
of raising by
f the several
ot exceeding
share (such
■^ month for
of enabhng
s of the said
res therein,
B or houses,
?d by way
■ until the
have been
*t thereon,
5t thereof J
le several
assemble
*h proper
^'ernment
"lembere
• as such
isions of
>f Upper
e fines,
! of the
i as the
majority of the members may think fit, to be respectively
paid to such uses for the benefit of the said society, as the
said society by such rules shall direct ; and also from time
to time 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 con-
tained; Provided, that no member shall receive or be entitled Proviso,
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 force.
IT. And be it enacted. That it shall and maybe lawful S^jcty may ^
to and for every such society to have and receive from any es from mem-
member or members, such sum or sums of money by way ^[^J^jthovrt^
of bonus on any share or shares, for the privilege of to penalties in-
receiving the same in advance prior to the same being ^^^^ j^^^^
realized, 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 heretofore Upper Canada,
relating to usury.
III. And be it enacted, That every such society shall Society to
' , , . ^ , elect from time
and may, from time to time, elect and appomt any number t^, ^^^
of the members of the said society to be a board of directors ^j'^^^J^J^
(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
ectors being first declared in and by the said rules ; and
2
Proviso.
18
in all daaes wi.ere directors shall h„ . •
particular purpose, Ibe po«-er, IL, /'*'"""'*'' ^"^ '"'r
reduced .0 writing and enteTI^rff'"'^ '" ">«•" ^ha" be
Clerk of the ,aid Salt" I'l ""' '' "■" ^'""'^-'y or
limes be necessary to concur in »T'°* ^'"^°'" '''^" »' ««
«"d .hey shall in J, iuZZZZ'Z:' ""=" ^-""^
•he name of such Society • Zu "" "=' '"'"• ""d i"
<lirecto™, under the no^'rs di" f T '""'' "*" "^ '-o"
the like force and TfreTas ^f "f '° '"'"' ^'«"' ha^e
»ciety at any General IMeeuL .h. r ""'' ""*" '"" ^'•'h
had in p„„„a„ee of ,l.ta ' pT"!:""" " ""^ht have
transactions of such di^ctTrslh^n "'""y^' """ ">•
belonging to such society and sh» f ^'"''"' '» " ^ook
all times be subject Jlmt^l "'""' '" ""« "»<' «
disallowance of such socie.y^l ' ^ T' '""^""^ «"<•
«uch society shall by their Ge eril B,r ?"' ""'' ^""^ <^
appointed, or shall i„ lik/™7 i "'^' ''*™ directed and
Rules t„i^ IV a', . ■"'""" direct and appoint
Jiare purposes "^- ^"d be it enacted. Thai »
cs'jt ::?' 'f ^-^ - '"•"-'-•d sha I, ^ „; cz ""' ^""^'^ »»
«t«bli];w, "''<' '•'■'es. declare all and every , hi , """^ o*" '^eir
*c. '^hich such societyisinteX' ,'*"•' P''^P'''««'-<>'
"'- in and by such rules d'ect a 'T'^''"^''^''. -d shall
purposes to which the money 1th ^nr ""' "^^ ""<'
be subscribed, paid or given to „f f ""° ""•« '» «"«
'he said society, or whfch sh 1 " j^: f^ T "' "eneat of.
""f shall belong to the said so ilth ,, 't " '" '"y
»nd applied, and in what shares oT' ^ Wropriated
-hat circumstances any m ^r of "T"^'""' "" ""^^
person, shall or may bZ^,jLj^ """"y> «' other
part thereof: Provided, haT the a t "'."'«-"'« or any
notinanywise be repugnant o,h 'PP''0»"on thereof shall
of -eh society, „r al! Tf XL o'b:? '^T "' '"'^^^
""d all such rules, durin. "l '-i '"^ ''''"■'"^^^''''
"Oal. be compiled with and'enf^e^"."'::^^,:'" '"« ''-e,
^" J and the moneys so
Proviso.
'ointed for any
them shall be
he Secretary or
the number of
eof shall at all
3uch directors,
act for and in
•rders of such
-m, shall have
rders of such
or might have
ays, that the
^ in a book
to time and at
'ovvance and
and form as
directed and
point.
society so
lore of their
Purposes for
h and shall
eiises and
me to time
f benefit of.
or in any-
propriated
md under
or other
ne or any
f^eof shall
purposes
foresaid ;
'e same,
>neys so
[subscribed, paid or given, or bo arising to or for the use or
[benefit of the said society, or belonging therelo, shall not
[be 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 inflict for such offence.
V. And be it enacted, That the rules for the management Rules to be
of every such society shall be entered and recorded in a3[^*pp;",J
book to be kept for that purpose, vjrhich book shall be open that purpose,
at all seasonable times for the inspection of ihe 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 time to time
be provided.
VI. And be it enacted. That all rules from time to time ^j^|,Y„g°„^®
made and in force for the management of such society, ^^nj^ers and
and entered and recorded as aforesaid, shall be binding on oilers of
the several members and officers of the said society, and
the several contributors thereto, and iheir representatives,
all of whom shall be deemed and taken to have full notice
thereof, by such entry and record as aforesaid ; and 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 original 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 as aforesaid R^^^^'^he^ ^^
shall be altered, rescinded or repealed, unless at a general ^^^^^^i meet-
« ^, 1 -- _f u o/^i■.•■o♦TT onnvpnfid hv inss only.
meeting ot the raemuuis ot su-n i:^^i^-j, • .• -
public notice written or printed, signed by the Secretary or
President of the said Society, in pursuance of a requisition
20
for
»".ioh .he meeting « Xz tj ^^'^ '"'^«'=" <•-
President ,„H Director ; «-heZ„„ ^ *'''''^'*'' '» ^e
"o. fied of .he proposed XS" *"''»«">'»' 'hall be
""'bin fifteen daye; >.cH^^Z'"""^ "•« ^o'' Office,
one-third of the .harebo7C^^ ^rT "^ "'' ^'^ '^"^^
Meeting must concur in J^' '^"^<'->^'"^' of which
ft"le«tD»pj. yjTT .„. . . *"*^'-''<"is or repeal
«fj plw!. of 5 '^ '"•■*"'' be it enacted, That. (,„ ,
«.«t„.g. Socety shall specfy ,he , ., .7 , ™''' ""^ ^''^'T 'nch
■"•ended that the said Zj^^lZ f ,7 " ""'•'" ■' «
!^f «<•"•-!" provisions witi' ^^l^ "^ '^ '"<'»'">8». and
dufes of the Membe„ « large aTof ."" ""'"^'^ '"«'
■ bo appointed for the manag^mLn. !f [.'"t"*"^" " "ay
Society. 'agement of the affaire of the said
Directors lo TY i j .
•PI»inio(Hce„ „ ^ -^nd be it enacted. That th. j-
»f Soc,«y. Socety shall and may foLtH . "'""' °^ ^'^ auch
"^ual Meetings, eleCandTpp ^ ° '"""' ""^"y 'f 'hei
«o bo officer of the said "^S L ^T " ^^o-"
proper, and grant such saUra^ '' ^ """^ """"
"ay deem fit, and pay such 1' """'""'on'a as they
•ho management of .he/aMr "^ '^P'"^«» «'onding
and shall and may from time .0.-"' T "'^ "« ""™™'' i
doomed necessary to!^, ^mo """' '^''™ ''^^all be'
•be said Society,' f„, uTh .pac?!;';"" '"« P-"Po^os of
Poiposesassfci! :,« fixedand *. ,• , '™ ""'' '""^ ^"oh
«a,d Society, ..,-! .. /from '*^'*^<'''y •ho rules of the n
PO^on or pe,.ons, and elecld ap '" ""^'^''oharge such
of those who shall vacate, or die Tk °'^" '" "■« "o"
a 1 and every such officer or <«W '° '''''''''"««'' > a«d
«hall be appointed to any offic!, '""'"' "'"'"'--^. who
concerning the receipt, mana.™'? '°^""'' ""■<=hi"g or
^un. of money collated rTr:' '"""'"'"" "^ ^^
-«vj Belort! he shall be adm.Hi,/* \ ,"" '^^ """ ^^^<^
OKocuUon of any such-office tS IT:""" •'™ •*"
irust, shall become bound
SI
the members of
' the objects for
addressed to the
member shall be
Ihe Post Office,
o' not less than
ths of which
peal.
of every such
t which it is
meetings, and
' powers and
Seers as may
■8 of the said
' every such
any of their
or persons
may think
nts as they
's attending
5 incurred J
» it shall be
>urposes of
' for such
ulesofthe
arge such
' the room
■gedj and
'Ver, who
iching or
e of any ,
the said
him the
le bound
,c8,
he
or
of
n a bond .^ such form and for such amount as the directors
,may determine, with two sufficient sureties, for the just and
llaiAful xecution of such office or truBt, and for rendering a
Est and true account according to the rdes of the sjud
(Society, and in all matters lauful to pay obedience to the
'T' And be it enacted, That it shall and may be la.^^ful ^-^^^^^^
for e'very such Society to take and hold any real state >ritp^^
securities thereon, ion A /^e mortgaged, or ansign. to tbem^rtg^g^^
said society, either to secure the V-V^^ J ±^^ ^^^^Zs..,
subscribed for by its mem^^rs, or to secure the payiuent o ^
any loans or advances n ade by, or debts due to > ^ch
society, and they may also proceed on such mort
assignments or other securities, for the recovery o
moneys thereby secured, e iher at law or in equit.
otherwise, and that such society shall have the pow
investing in the names of the President and Treasurei or
the time being, any surplus lands in the stocks of an. >f
the chartered banks or other public securities of ^
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 soc ety, according to the rules
thereof.
Xr. And be it enacted, That f any person "PPO'.'J^^d *° M^^^f^n
anv office ly such society, an. being entrusted with and _^ ^^B^, „,
having in his bands or posses, on, by virtue of l»s sa.d.he Soae^
office, any moneys or effects bekngingto such socie y, or ^^^_,„^ ^^j,.
any deeds or securities relating to the -">«' f " -S" "■"'•
or become bankrupt or insolvent, h.s he.rs, executors,
curators, administrators or assigns, or other person having a
legal right, shall, within fifteen da; s after demand made by
«,e order of the Directors of such society or the major part
, , 1 _. *;«« ♦Kprp.nf. deliver over all
of them assemblea a; any uic..ang, .. ;,
things belonging to the said Society, to such persons as the
said Directors shall appoint.
22
Property vee. Yrr a .
M m Presi. ^"- And be it enacted Ti... ,.
dentanilTrea- goods, chattel. """^toa, Jhata^ fe-i ....
"eu-g. ev,de„ces or muni J„,"3:^'': , °^ 'g»"»y instrument, Id'
a • ng .s and claims l.Cj„l\T::f:T '^'""«-'. and
'hall be vested in ,l,e president" ^ "^ ^^ """^ «ocie,r
»oe'ety for the time being for I. '■^"^"•^^ of the safd
^"i society and the — "'" "'"' "»««« of the
-Pectivee^ecutors, adSlr'^" '''"">'' '"^^
th«' respective claims and inte^lr T'^"'' ^''•""•'''■''g lo
removal of any president "r I' ' "'''' ""'''^«*<>'
™coeedi„gpre.ide„tandtLa' iTf 7 ''"^' ^«^' » the
""orast as the former p^^en^' '"' '"o »=""« estate and
anO subject to the same tr^"' "' T^'^' "ad the^in
conveyance whatever ; and I L 'h^^ r"^ ""^'^nment or'
in r °"""' " *^«" "'■"'"^ a° ct ''■ 'T "" P'"-P°^«' of
'"anywise touching or concern :! ''"^ " '"equity,
and taken to be, and ah=., ^^ ">« same, be deL .
"^--ary) be sttted '4" ^^^ -ch proce^dtVS
appointed to the offices „f """. /''''Pe"/ of the Ve^„*"
'aid society for the tt; 2"^' "" "^asurer~
P-^sident and treasu"' S V^ ""P^' "ames of ulh
'"f persons shall, and 'hev , ",^ """"' ''^^''"P'ion, and
"'defend, „r caus^ to be toul '"^Z""'--''' 'o'br n.
^P^^aded in their pr„p;,;;j;f ''« sued, pfed and he
of h aid society, wifhou Xlr"'"-' a"d treasure
sm^ action, or prosecution sClb..'''''™' ""'' "osuch
oftces of president or trep=„re. T T ^'"°™' '"''om th«
--"ame Of the pe^onstint: ::'::■•-«
6 i"e same, any
23
estate, moneys,
^r, and aJI titles,
istruments and
whatever, and
such society,
•er of the said
benefit of the
thereof, their
> according to
the death or
vest in the
' estate and
had therein,
'signment or
purposes of
' in equity,
he deemed
h'ng (when
'e persons
irer of the
ss of such
'tJon, and
^ to bring
y action,
'aw or in
«>• claim
ety, and
'foresaid
and be
rcasurer
f o such
abated
>m the
in the
h any
siw usage or custom to the contrary notwithstanding; and
.le 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
Iheir names for the benefit of or to be satisfied out of the
Ifunds of the said society.
\ XIII. And be it enacted. That in all such actions, s"^*®^**^*^
and prosecmions as aforesaid, the secretary of such society ^^^^^g"
shall be a competent witness, notwithstanding 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, vice- Pjesi^dent.^&c.,
president and directors of every such society shall, in their j,onsible for
private capacity, be exonerated from all responsibility in Mties of
relation to the liabilities of such society.
XV. And be it enacted. That the rules of every such Treasurerjo^
society shall provide that the treasurer or other principal j^gJJJ ^f funds
officer thereof, shall, once at least in every year, prepare or every year,
cause to be prepared a general statement 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 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 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
purpose, who shall not be directors, and shall be counter-
signed 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 statement, without
charge,
XVI. And be it enacted^ That the word " society" in interpretation
this act shall be understood to include and to mean building clause.
Public Act;
24
society and institution ests.hr u . I
oMere, by-Jaws and resulaiinn. '*' "» '"dude rale.
rPorate as well as J^ZZKT "' '^'■'^' »<> S
*« plural number, shall extend ^^'^ '^»«J '"■Port.C
eveiy word importing .k« **"»"» w <hinirs • .„j
«««■«' and beappfed t„7""""'""' ««»*' ont'l"?
'^""i^ « real estate" l,?;f"/'<' ■"» -^'I as a 2l tt
-;e and proper., ^^^^X^PP'. to ^oU
COVENANT
)r 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 Church of
England and Metropolitan Building 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 and declare to and with the President and
Treasurer of the said society, and their successors in office, that
we and our several and respective executors and administrators
shall and will well and truly observe, perform, fulfil 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.
FORM A.
We, the undersigned shareholders in "The Church of England
and Metropolitan Building Society," declare that the number of
shares set opposite to our respective names, are subscribed
and held by us, for and on account of
and we hereby authorize the said Society to account for all the
profits and emoluments that may arise therefrom, as well as
to pay over the amount of the said shares, when the same
may become payable by the expiration of the Society jr
otherwise, to and with the said
with no other party or parties whatsoever, it being our intention
that the .aid shares be as absolutely vested in the said
as though the same had been by the
gyj^ originally subscribed.
And we hereby disclaim and forbid any applicaiion to be made by our
respective executors or administrators, to the said
or to ta IS OUClctj lui Uiij !!."'
herein remaining or that may remain to us, the same being an
absolute donation, to the said
#
^OIVER OP An.
of the ® P'^^entB, that I
Jn the of
ordained, authonVp,? * j,
^^ese presents ? ' constituted and n ■ ^''^ '"af^e,
of of the ' """^'-'xteand
, f-^' ■•■> *e Church of E„ , . '" '■' ^"''«<="be
Society— an^ „ England and M .
r--.,:! rr/,""™^^ '•°-e?;;r:^'' «*».
constitute me a m . "^"^^py ;„ „ . ' "'"trngs, e„,rie,
^ t'ie said
day 0/
T^
:y.
^ave made,
f«^j and by
constitute and
'"' Attorney
to subscribe
»" Bui/ding
y name to
gs, entries,
^^e^ullyto
hereby
my
^^ of the
*yd and
'* to the
soever
' m or
'Sjiis