IMAGE EVALUATION TEST TARGET (MT-S) 1.0 I.I l^|2.8 |50 '■^™ ^ us, 11:25 nil 1.4 2.5 2.2 2.0 1.6 V] 0/%^' 1 . ^Sciences Coiporation 23 WEST MAIN STREET WEBSTER, N.Y. 14580 (716) 873-4503 1 fV .^^ ^ k^'". ^S. WriS ^4 \^ ^ -. (meaning "CON- TINUED"), or the symbol V (meaning "END"), whichever applies. Maps, plates, charts, etc., may be filmed at different reduction ratios. Those too large to be entirely included in one exposure are filmed beginning in the upper left hand corner, left to right and top to bottom, as many frames as required. The following diagrams illustrate the method: Les images suivantes ont 6t6 reproduites avec le plus grand soin, compte tenu de la condition et de la nettet^ de l'exemplaire film6, et en conformity avec les conditions du contrat de fiimage. 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Les diagrammes suivants illustrent la mdthode. 1 2 3 22t 1 2 3 4 5 6 ■1 // THE COMMEKCIAL & TORONTO: INCORPORATED JANVABV, 18S1 : PURSUANT TO TBI ACT OF THB PROVINCIU IBttSlATDRB, 9th VICTOBU. CAP. 90: FOR TnK PURPOSE OF ABBialinc the III«nilMra of the Society in the acqaiaition of Freehold aad Ijea«efaold Property , aad ia the BemoTal of lucambraacea or I^iabilities apoa Property already held br them, aad to eaable them to receive the amoaat of their Shares la advance, apoa farainhing good mortgage Secariiy. TORONTO: THOS. MACLEAR, 45, YONOB STREFT. , 185 1 mSm J EM 1^ National Library Bibliotheque nationale of Canada du Canada flC^ f^r/iO Z6 CCrJJ&Am^ \^ ACT OF Til Aasiaiing Freehold Incniubi' them, an Sliarca iu Til THE COMMEECIAL TORONTO! INCORPORATED JANUARY, 1851 : purscant to the j ACT OF TIIE PROVINCIAL LEGISLATURE, 9th VICTORIA, CAP. 90 ; I FOR THE PPRPOSE OF acqniaition of of »reel.ol.l aud tca.el.old Properly, and in the Remoral «, the.»'"^.'.TT' "^' '"»»*"««• "PO" Properly already held by tluun, and to enable .hem to reeeirc ihe am.nni of their »haiesinadvance,i.pon fnrui.hing good lUerlgage Security. TORONTO: THOS. MACLEAR, 4 5. YONGE STRE VT. 18 5 1 Co Pursnd Entranee Montlily CHARI ADAM , l'""''^° •'^- * ■'•'•'-B". KIN« STREET, TORONTO. A J This on withi hia own Society, advancec If to be 1 Memb specific p THE toiiiiiiercial Building and Investment Society. I^CORPORATIilD J\IVU%nY, 183 1 , Pursuant to tlic Act of tlic Provincial Legislature. 9 Vic, Cap. 90. SHABBY, «50 EACH. S. D. MS^si'bVcHption 16 8 ''"'■"''*"'• I TS?'//;;r''>8cmont Feo, 7 j' por ,haro. ••(••■•I,,,, IJ ' DIRECTORSt Tm?x^^f CLARKSON, EsQt;rR., President. JOHN McMURRICH, Esq., Vice-President ALEXANDER McGLASHEN, Esquire. JOSEPPI SHEARD, Esq., Inspector. BANK OF UPPER CANADA, Bankers. OFFICE. rVo. 74. King street En.t. JOHN RAINS, Secretary and Treasurer. This Society ia established on permanent principleg No fin.« on «uhdraw,ng. No bidding for shares. Each membefcan fix h.s own t.me for repaying any advance he may rrceUcLrtSe adSd^r"""" '' ^'^ ''""^^'"S '^^'^' ^-^- -ery ",00 If to be paid in ^ year, a monthly payment of £8 18 4 « 3 «' <" 4 15 «« 4 .. „ 3 7 3 «« 5 «« „ 2 13 4 .p..i«o period, (,Uho«t beingUUti Z ^^'reartTd' with the same advantages as members who entered the Society at its commencement. The Directors feel satisfied that capitalists, whether small or large, will avail themselves of this method of invesjmg their savings, as it combines safety with a snecdv and certam return of profits. The value of each share >vill be paid up in five years, when the profits thereon will be divided, and an annual division of profits thereafter be made. Interest, at the rate of SIX per cent., will be allowed upon one year's subscription paid in advance. The Society will receive deposits by way of loan, of not less than XIO., on whieh interest will be paid half- yearly, at the rate of six per cent, per annum, by which a mode of investment is offered whereby a higher rate of interest may be realized than can be obtained from the Tublic Funds or Savings Toronto, February 6, 1851. „ r be Society at it capitalists, s method of I speedy and II be paid up dcd, and an ercst, at tlie subscription i by way of )e paid lialf- ;ii a mode of est may be > or Savings AX ACT To encoumr^e the EdahUshmnnt of certain Societies, commouhj called BuiMiug Sjciclies, in that part of the Province of Canada, formerly constituting TTpper Canada. LlSth May, 18-tC ] T /TTIIEREAS, it is desirable to afford encouragement I'rcamMe. and protection to the establishment of certain Societies commonly called Building Societies, for the purpose of raising, by small periodical subscriptions, a fund to enable the members thereof to obtain unincum- bered freehold or leasehold property : And whereas, by an Act passed in the eighth year of Her Majesty's yj'^'.-i^^- "=• reign, certain persons were incorporated as a Society for ' '^"' " such purposes in the city of Montreal, by the name and style of The Montreal Building Societi/, and provisions were made for the conduct and management of that Society, and certain privileges and immunities conferred upon it : And whereas it is expedient to encourage the formation of similar Societies throughout that part of this Province heretofore constituting the Province of Upper Canada, whenever the inhabitants of any parti- cular locality may bo desirous of availing themselves of the provisions of this Act : Be it therefore enacted, by tlie Queen's Most Excellent Majesty, by and with the advice and consent of the Legislative CouP; ;, '.nd of the Legislative Assembly of the Province of C;; iMda, consti- tuted and assembled by virtue of and under the autho- rity of an Act passed ii> the Parliament of the United Kingdom of Great Britain and Ireland, intituled, ^re^cf 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 wbcn so soon as any twenty persons or upwards, in that part 'wcniy per- of this Province heretofore constituting the Province of shall '"gref" Upper Canada, shall have agreed to constitute them- '" constitute selves a Building Society, and shall have signed and S(?clelJ;"they A2 having com- Iilied with ci^rtaiii I'or- "•alitici. 6 cor'So'r'auon "'j^^^^f ""'^" t^elr respective handi and seal., .' XJXr"?, '"f'°°°^'^''" "''^ ""'^ •"'^""'o" 80 to constitute IS'r'on,. tliemse ves such Building Society, and shall have dcpo- sited the same with the Clerk of the Peace in the District in which they shall reside (who for receivinR such deposit shall be entitled to receive a fee of two shillings and sixpence), sucli persons, and such other persons as may afterwards become members of surh bocicty, and their several and respective executors, ad- Dumstrators, and assigns, shall be ordained, constituted, and declared to be and shall be a corporation, body corporate and politic by such name and style, as a Uuilding Society, as by such declaration so deposited as nforesaid sliall have been declared to be tlie name by which the persons so executing the same desire such Society to bo known, for the purpose of raiding by monthly or other periodical subscriptions of the several Shares not tn!"^'"^'^" of t'»e said Society, and in shares not exceed- oxoeca^iooing the value of one hundred pounds for each share (such subscriptions not to exceed twenty shilling's per month for each share), a stock or fund for the purpose ofenablmg each member thereof to receive out of the funds of the said Society the amount or value of his share or shares therein, to erect or purchase one or more dvyelhng house or houses, or other freehold or leasehold estate, to be secured by way of mortgage or othervMse to the said Society until the amount o° valae of his share or shares shall have been fully paid to the said Society, with the interest thereon, and with all fines 'Xl^, °; ]l'^''f "r''''^ '"■' '''P''' '^''^'f-^ «nd that it ^.uCrih'o- nr Ti '"'^ ^V'"^"^ *° '"^ ^""^ ^''« '''''^^ '"embers laws'of u.'c. "^^''^^'^ Society, from time to time to assemble together and to make, ordain, and constitute such proper and wholesome Rules and Regulations for the government and guidance of the same, as the major part of the members thereof so assembled together shall deem meet so as such Rules shall not ha repugnant to the express' provisions of this Act. or to the general laws of this Province or of Upper Canada; and to impose and inflict such reasonable fines, penalties and forfeitures upon the several members of the said Society who shall offend ir Against any such Rules as the majority of the members may thmk 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 niter such Rules as occasion may require, or annul or repeal the gaiiie, and to make new Rules in lieu thereof, under such restrictions as are in this Act contained : Provided that no member shall receive or be Proviso entitled to receive from the funds of such Society any '^'''""'"■'■""' interest or dividend by way of annual or other periodical ii'i'r-t mail profit upon any share or shares in the said Society until ';;:,;!\ia up the amount or value of his share c- shares shall have been realized ; except on the withdrawal of such mem- p „ ber, according to the Rules of the said Society then ''"°"- in force. ir. And be it enacted. That it shall and may be law- Society mar fultoand for every such Society to have and receive [^rof " from any member or members such sum or sums of>noneyfrom money by way of Boms on any share or shares, for th^ K. y'ol''' privilege of receiving the same in advance prior to the '■"""""" "">' same being realized, besides interest for the share or o'a^:h,t' shares so received or any part thereof, without being ^^liiuV," subject or liable on account thereof to any of the for- ''ni'"«J ')/ feitures or penalties imposed by any Act or Acts of LawV.'"''^ 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 and may from time to time, elect and appoint any num- '^''^'■' ''■"'" ber of the members of the said Society to be a Hoarda Uoani'i"' of Dn-cctors, (who shall choose a President and Vice- ^''■e'-'"^f*- 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 Torn, of being so elected and appointed shall continue to act for""*'^' and during such time as shall be appointed by the Rules of such Society, the powers of such Directors'being first declared in and by the said Rules; and in all cases where Directors shall be appointed for any particular purpose, the powers delegated to them shall be reduced to writing and cutcred in a book by the Secretary or 8 Powers of a majority of liirectOM. Proviso : Acts of the Directors to be recorded. Hules to declare pur- poses for which Soci- ety is esta- blished, &c. Proviso : To wliat pur- poses only tiie nionies of the Society siidll bo applied. Clerk of the said Society ; and a majority of the number of such Directors present at any meeting thereof shall at all times be necessary to concur in any act of such Directors, and tliey shall in all things delegated to them act for and in the name of such Society ; and all acta and orders of such Directors, under the powers delegated to them, shall have the like force and effect as the acts and orders of such Society at any General Meeting thereof could or might have had in pursuance of this Act; Provided always, that the transactions of such Directors shall be entered in a book belonging to such Society, and shall from time to time and at all times be subject and liable to toe review, allowance, and disal- lowance of such Society, in such manner and form as such Society shall by their general Rules have diiected and appointed or sliall in like manner direct and appoint. IV. /\.nd be it enacted, That every such Society so established as aforesaid shall, in or by one or more of their said Rules, declare all and every the intents and purposes for which such Society is intended to be established, and shall also in and by such Rules direct all and every the uses and purposes to which the money which shall from time to time be subscribed, paid or given to or for the use or benefit of the said Society, or which shall arise therefrom or in anywise shall belong to the said Society, shall be appropriated and applied, and in what shares or proportions and under what cir- cumstances anymember of such Society, or other person shall or may become entitled to the same, or any part thereof: Provided that the application thereof shall not in anywise be repugnant to the uses, intents or purposes of sucli Society or any of them to be declared as afore- said ; and all such Rules during the continuance of the same shall be complied with and enforced ; and the monies so subscribed, paid or given, or so arising to or for the use or benefit of the said Society or belonging thereto, aliall 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 ahall by any Rule anforce and laflict for such offence. »$ the number ereof shall ct of such ?d to them id ail acta s delegated 19 the acta il Meeting ice of this ns of such ig to such 1 times be and disal- rtn as such ected and point. Society so r more of ntents and ied to be lies direct the money I, paid or ociety, or all belong i applied, what dr- ier person r any part f shall not ■ purposes as afore - ice of the and the ling to or belonging ler by the ' member :h penalty le enforce *i »$ V. And be it enacted, That the Hulea for the manage- Unics to be ment of every such Society shall be entered and recorded t^K^kkVpt for in a book to be kept for that purpose, which book shall tt'''.n;'''-p;'|S^ be open at all seasonable times for the inspection of the \n- (pen lo nicmber^j of such Society, but nevertheless nothing''" '"'""''''■'• contained herein shall extend to prevent any alteration in or amendment of any such Rules in the wliole or in part, or making any new Rules for t!ie 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'.'^',|[j^,',°J|f made and in force for the management of such Society mcmiu'rs and entered and recorded as aforesaid, shall be binding ^^"'y^'Jiet" on the several members and officers of the said Society, and the several contributors thereto, and thei presen- tatives, 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 ,^;j|"i",^to bo said Society as aforesaid or a true copy of the same, i-videute. 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 Certiorari 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 Ruiesjo^e aforesaid shall be altered, rescinded or repealed, unless at cenprai ' at a General Meeting of the Members of such Society, ^J^J'ljes ^^ convened by public notice written or printed, signed by a certain the Secretary or President of the said Society in pursu- '""J-"")'- ance of a requisition for that purpose by not less than fifteen of the Members of such Society, which requisition shall state the obiectp for which the meeting was called, and shall be addressed to the President and Directors ; whereupon each member shall be notified of the proposed alterations through the Post Office, within fifteen days ; such meeting to consist of not less than one-third of the Shareholders, three-fourths of which meeting must concur in such alterations or repeal. ^^'''';' '^ VIII. And be it enacted. That the Rules of every such of meeting^ Society shall specify the place or places at which it is ajj^ fuujel'of intended that the said Society shall hold its meetings, memben. niroftoi-3 to niipoiiu oiH- cors of So- •^ I'ty.p.iy s.ilarie.s ;iiicl <'>:pfiiaL'3, Officers en- trusted with money to give security, Society may t ilie rtiid hold real estate, &c., niottgaged to Society, to secure pay. nipiit of shares. And may proceed on such mort- gages. 10 Jth '^-"f ^"'l'"'""^: Tin, ,!,e Directors of ever, 1 u . 1 L' , ""'' ,■""■' '""" ''"■" '" '"- " '< 'r iiicir usual iiieetinr's. elppf <.ti,i ...,., • l ■ '^ persons io be Offi e s of he s.id'ir: . '"'' 1""°" '' ♦ j,:.,i , ^ ^'"^ Society as thcv r la I f proper, and grant such salaries and^en.ol nu, a ih jay deem fit. and pay such necessary xnse a tending the management of the said Society a Tav when It shall be deemed necessary to carry into execution he purposes of the said Society/for such spac of t m bvtheRT^Tr''.'^^^^'' ^^fi^^'i and established by the Rules of the said Society, and may from tin e to Zo-'Toir -'"f' P""" °^ persons, a'nd ele nd appom others in the room of those who shall vacate or die or be so discharged; and all and every sud officer or other person whatsoever who shall be 'a^p inted to any office m any wise touching or concerningTherceipr management or expenditure of anv «nm r ^ ' collected for the pur'poses oflhe^'saidLcry, tfo^'hj shall be admitted to take upon him the execution of an v such office or trust, shall become bound in a bond in such form and for such amount as the Directors m" de erm.ne, with two sufficient sureties, for the ju TnJ faithful execution of such office or trust, and for lender 'ng a just and true account according to the Ru Is of thl said Socie^. and in a., matters lawful to ply^tdlt X. And be !t enacted, That it shall and may be la»f„l for every such Society to take and hold anT/eal e ta e ine sd.u bor .|y, either to secure the pavment of the shares subscribed for by its members, or ^rsecure t e to such Society i and they may also proceed on sach mortgage, assignments or other securities ?or ?he ■n .qmty or otherwise, and that such Society shall baia 'I 1 A' i n 1 the power of investing in the names of the President and Treasurer for the time being, any surplus funds in the Blocks of any of the Chartered Banks or other public securities of the Province, and that all dividends, interest and proceeds arising therefrom shall be brought to account and applied to and for the use of the said Society, according to the Rules thereof. XI. And be it enacted, That if any person appointed to any office by such Society, and being entrusted with and having in his hands or possession, by virtue of his fcaid office, any monies or effects belonging to such Society, or any deeds or securities relating to"the same, shall die or become bankrupt or insolvent, his heirs, executors, curators, administrators or assigns, or other person having a legal right shall within fifteen days after demand made by the order of the Directors of such Society, or the major part of them assembled at any meeting thereof, deliver over all tilings belonging to the said Society, to such persons as the said Directors shall appoint. XII. And be it enacted. That all real estate, monies, goods, chattels, property and effects whatever, and all titles, securities for money or other obligatory instru- ments and evidences or muniments, and all other effects whatever, 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 executors, adminis- trators 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 assignment or conveyance whatever ; and also shall for all purposes of action or suit, as well criminal as civil, in law as in equity, in anywise touching or concerning the same be deemed and taken to be, and shall in every such pro- feeding (when necessary) be stated to be, the property of the persons apj)aintcd to the offices of President and May inve..t monies in public itoclu &c. Mode of pro- ceeding when an officer of the Society shall die or be- come insolv- ent. Property vested in Pres'dent and Trea- surer of So- ciety for the time being. 13 Sn t.ii ho est nic So 6ec rnp eha An. pro euc Sug Treasurer of the said Society for the time being, in thft bi-htgs'^'H'^s, P'"°P6'' names of such President and Treasurer, without &c.,con- ' further description, and such persons shall and they are PMpwfy!"*^'' hereby authorized to bring or defend, or cause to be brought or defended any action, suit or prosecution, criminal as well as civil, in law or iu equity, touching or concerning the property, right or claim aforesaid, of or belonging to or had by the said Society, and in all cases concerning the property, right or claim aforesaid of the said Society, may sue and be 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 discon- tinued or abated by the death of such persons or their removal from the offices of President or Treasurer, but shall continue in the proper name of the persons com- mencing the same ; any law, usage, or custom to the Continuance 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. Secretary to XI!I. And be it enacted. That in all such actions, teTit witiK'ss, ^"'^^ ^^^ prosecutions as aforesaid, the Secretary of such although he Society, shall be a competent witness, notwithstanding Treasurer, 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- President, and Directors of every such Society shall, in bie for liabi- th ir private capacity, be exonerated from all responsi- litiesofSo- ,.,.'. , . ' , ,. 1 •!• ■ r to- ciety. bility in relation to the liabilities of such Society. Treasurer XV. And be it enacted. That the Rules of every such to provide s (.jgty shall provide that the Treasurer or other principal ftatenn'iU of i « i n t • r r fiinUs every Officer thereof shall once at least in every year prepare '*'*'■ or cause to be prepared a general statement of the funds and effects of or belonging to the said Society ; specify- ing 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 President, &c., not to be respoiisi i ?ing, in thft rer, without nd they are :ause to be jrosecution, y, touching 1 aforesaid, , and in all m aforesaid ead and be !sident and description, be discon- ns or their jssurer, but rsons com- oni to the g President d liabilities e action or heir names, unds of the ch actions, ary of such ithstanding , and that on, suit or lent, Vice- ty shall, in II responsi- ety. every such 3r principal lar prepare f the funds ; specify- L funds or an account ceived and 13 expended by or on account of the said Society since the publication of the preceding periodical statement ; and Account to every such periodical statement sliall be attested by twoi^c a"«s'eU. or more members of the said Society appointed Auditors for that purpose, who shall not be Directors, and shall be countersigned 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. ^ Xyr. And belt enacted, That the word "Society" interpret*- )n this Act shall be understood to include and to mean """ '^''"'^*- Building Society and Institution established under the provisions and authority of this Act ; the word " Rules " to include Rules, Orders, Ry-Iaws and Regulations; every word importing the singular number snail 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 bo applied to one person or tiling as well as several persons or tilings ; and every word importing the masculine gender only shall extend and be applied to a female as well as a male; the words " Real Instate" shall extend and apply to immoveable estate and property generally ; and the word " sccuri- ties'^shdl extend and apply to privileges, mortcages, (equitable as well as legal,) and incumbrances"npon real and immoveable estate, as well as to other rights and privileges upon personal estate and property : That this Act shall extend to aliens, den.zens and females, both to make them suhji-ct thereto and to entitle them to all the benefits given tiiereby; and that this Act .^hall be construed in tlie most beneficial manner for pro- moting tiio ends thereby intended. XVll. And belt enacted, That this Act shall be Public Act deemed a Public Aet, and shall extend to all Courts of Law or Ecpiity in this; Province, and he judicially taken notice of as such by all Judges, Justices, and other pers)n3 whatsoever, without the same being specially shown or pleaded. I h fl AN ACT To arnmd the Act to encourage the Establishment of certain Socictiet, :ommonhj called Building Sjcielics, in that part of the Province of Canada, formerly constitut. iig Upper Canada. [loth August, 1851.] "yrrflEREAS in the tenth section of the Act passed PrearaW*. ' » ill the ninth year of llor Mnjesty's Reign, and in- iWulcd, An Act to encourage (he establishment of certain^ ^. Societies commnnhj called linilding Societies, in that part of' " " * the Province of Canada formerly constituting Upper Cana- da, it is among otiier things provided, that it shall and may be lawful for every such Society to take and hold any real estate or securities thereon, bona fide mortgage or assigned to the said Society.either to secure the payments of the s!iares subsctibed for by its members, or to secure the payment of any loans or advances made by or debts due to such Society, and that they may also proceed on such mortgages, assignments or other securities for the recovery of the moneys thereby secured, either at law or in equity or otherwise ; and it is expedient that no doubt should exist with respect to the power and legality of carrying into force the stipulations of the Shareholders among themselves, or as to the power of the Society to loan money upon property actually belonging to any member thereof, before and at the time at which any moneys m;iy be advanced, as well as for the actual pur- chase of such property and erection of buildings thereon : Be it therefore enacted by the Queen's Most Excellent Majesty, by and with the advice of the Legislative Council and of the Legislative Assembly of the Province of Canada, constituted and assembled by virtue of and under the auliiority of an Act passed in the Parliament of the United Kingdom of Great Britain and Ireland, and intituled, An 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 ; 16 Certain sti- piilatioiis (Ic vUreU vuliil, IIow en- forced. Wliorn ac- tion shall be brought. Society to have the same re- course as other parties Society may forfijit shares or sue (or instalments." That from and after the passing of this Act, whenever , any such Society shall have received from any Share- holder an assignment, mortgage or transfer of any real estate belonging to him or her, to secure the payment of any^ advances, and containing an authority to such Society to sell such real estate in case of non-pavmcnt of any stipulated number of instalments or sum of money and containing also authority and power to siich Society to apply the proceeds of such sale to tiie payment of the advances, interest and all otiier charges due to such Society, such stipulations and agreement sliail be valid and tflcctual, and binding to all intents and purposes whatsoever, and it shall be lawful for such Society to cause the same to be enforced, either by foreclosure or by an action or proceeding in Her Miijesty's Cr)nrt of Queen's Bench or Common Pleas in Upper Canada, which action shall be brought in the Court of Queen's Bench or Common Picas, within the County or United Counties in which the lands so given in security lie, and may be brought in the names of the Prebident and Ireasurer of such Society, describing-- them to be such President and Treasurer, or in the Corporate name of the Society. II. And be it enacted. That any such Society may pursue the same course, exercise the same powers and take and use the same remedies to enforce the payment of any debt or demand due to auch Society, as any person or persons, body corporate or politic may now by law take or use for such purpose. in. And be it enacted. That every such Society shall have power either to forfeit and declare forfeited to the .Society, the share or shares of any member who may be in arrcar or neglect to pay such number of instalments or monthly subscriptions as may be or are fixed by any stipulation or By-law, and to expel such member from the Society; and the Secretary shall make a minute of such forfeiture and expulsion in the books of the Society, or otherwise recover the same by an action of debt, which action (if the amount in arreardo not exceed the sum of ten pounds) may be brought in the Division Court of the Division wherein the office of the Society is kept. I I 17 ct, whenever n any Sliare- P of any real e payment of rity to such rion-payinciit urn of money, siiuli Sotiffy yinent of the (iue to such !iall be valid inc] purposes h Society to irccloMire or y's Conrt of per Canada, of Queen's y or United iiity lie, and esident and to be such ate name of Society may powers and he payment cty, as any may now by Jociety s!)all eittd to the >vl)() may be instalments xtd by any ember from fi minute of he Society, debt, which the sum of 1 Court of is kept. IV. And whereas doubts have arisen as to the con- struction of the first and tenth sections of the Act hereby amended, with respect to the right of s jeh Societies to loan aiid advance moneys on property and estate actually belonging to and acquired by the borrower at or before the time of such borrowing and advance, and it is expedient to remove such doubts : Be it therefore declared and enacted to have been and to be the intentioa of the said Act, that such Societies should have tlie power to advance, and such Societies are hereby authorized to advance in the manner usual with any such Society, moneys on any real estate whatsoever of any member of such Society, as well for the actual purchase of real estate and for the erection of buildings thereon, aa generally for any purpose whatsoever, upon the security of any real estate belonging to any such member at the time of his borrowing such moneys, and to take and receive an assignment, mortgage or transfer of all or any such real estate in security for such advances, on the same conditions and with the same privileges in all respects as any other real estate by the said Act and by this Act authorized and required to be assigned, mortgaged or transferred; and further, that all securities heretofore taken for moneys advanced in the manner above mentioned, shall be valid and binding on the parties to all intents and purposes whatsoever, and in the same manner as if taken under this Act, and that all or any persons whomsoever, whether capitalists or otherwise, shall be at liberty to become members of any such Society ; and that Copartners and Corporate Bodies may hold shares therein, in the same manner as single individuals. V. And be it enacted. That this Act shall be a Public Act, and as such be judicially taken notice of by all Judges and Justices, and other persons whomsoever, without being specially pleaded. PrOTl»ion« of sec. I , and 10 of the Act explained. Who may be mcmlieri of btiildhig societie*. Public Act. B8 RULES AND REGULATIONS. n u L i< s or THK COMMKllCIAL liUILDLNG AND LWKSTMENT SOCIETY. r. That the inronfs nwl purpose, for which thU Sociotv ia ."tended to bo established, are, to assist the n.uMbers thereof i,. the aeq:..s,„on of freehold or leaseh.I.J property, and in the removal of .nc.i.nbranee or liabilities npon property already held by then, : and to enable them to receive the a.nouht of thJir .harca in advance, upon furnishing rrood niortj,'!.|re security IJ. That all moneys v^hich sh.Il, fro:n time to ti.ne, be .oh- scribed paid, or given Jo or for the u.o or benedt of the Society orwhieh shall ,n any wise belong to the Society, .hall be appr:.-' priated and applied, in the first piace, in loa.is ^r advances to the several members, and towards the necessary expenses of the Society ; but no member shall be entitled t.) receive, by way of loan or advance, more than the amount of his share or shares subscribed for, except as hereinafter provided for: if not taken up among the members, any funds may be otherwise Invested for the bene It of the Society, at the discretion of the Directors, of which members may, nevertheless, avail themselves. ^ III. That shareholders who may be desirous of makiuR an im.ned.ate deposit of money, for the purpose of meeting in advance their monthly dues for any period not less than three months, be allov-od mteros. upon the a^nount so deposited at tiie rate of six per centum per annum for the first three months ; th- amount that will have become due to the Society by the Shareholder in pay. ment of his monthly due?, etc., upon such number of shares as he may have subsc.ibed for, to be deducted 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 his credit for the next ensuing three months, and so on until the whole amount of his deposit siiall have been taken up in the payment of his monthly dues to the Society. yr . i^'ircv-r^ arc uuihoiizca to ioan all sums of money left with the Society on deposit, for which interest IS 22 V Tl,..f .1 , '"terest8 o» tfie institution. "nd who shall Si; Lt " "k '°",""" <""" "''"'• "ch, appoint a chairman nro t.l .\ '"f/^'^ard shallhave power to Vin. That the election of n; / f ','"*' °" ^"^'"^ d^^^- «-••> election, men^b X 1 b^ nn'tleV^" '^ '/•'"""' ' ''' «» "«• b, proxv), upon the following scab :-!' ' " ^'''^" '' P*^"°« For 4 shares, or less .. F^r 5, 6, 7, 8. or 9 shares .7." I ''°'"- For 10 shares, and less than 15 ;.': ,^ T'' For 15 shares, and less than 20 l'""^''' For 20 shares, and upwards..... ^ ''°^'«- «ut no shareholder shall be entJfU^ » V ''°'^*' IX Ti... „ T^• ''^ '° "'°''« 'Iian fi^'e votes |A. 1 hat the Directors cleotpd flf »1,nf • or heroafter to be elected shall . !■ .'^"'"'"^t'O" of the Society of their successor. , L^ i c 1 o'f J""' r^"''''' ""'^ ''' '''''^'' X. Tim the Direct rs Iv n . '^f '^'^^''°" ^^^ resignation. oHhe chartered Bar k doirb.Hnt "^^."S'""-''« -'th an, ;'>e deposit of moneys and s^curi d h ,'" '^" '''^ o^ Toronto, foj f-r conducting otheV financi«T^ belonging to the Society., and deem necessary. "'"'''' '"''''"''^ ^' they shall from time ['Hd at ^^ffiX^^irrf'tSr^"^ r ^'^^ "^^-^-^ «"^" ^^ I^'ard of Directors may Tpno „ 'n T^^^' '' ^'^ P'^^e as the ;->"':^ of April in LT;:;, ZX!''l ^''^^'ty •" ^i- Directors to se.^ve fur the ensuing the purpose of electing purposes relating to the LZlZUZ^l^fs '" ^" ^"'^^ ^--'*' of the sa,d general annual .„e!tinL si L h T'^' '' '"^ ^* ^^^'^ clear statement of the affair, of h!% / submitted a full and months. ""'" °^ ^^« Society for the previous twplv« / tlier way tfipy -'lares of £50 'Cs. 8d. each T the control f whom four shares each, ■csideut and resident, the ive power to lan shall be ^ard days. Hot J and at er in person vote. votes. votes. votes. I'otes. otes. he Society 'e election signation. I with any 'onto, for let)', and Voui time s Khali be ce as the ay in the electing 1" general 1 at each full and s twelve inaj 23 o'h.rw.s,., at the discretion of the lizard o^t.olIlce, or XIV, 'i : ^ a Treasurer shall be appointed who sh.ii „i perform the duties of Secretary and whn h f ' "^^"^ officp kI,..ii f • . '^^^'^"ary, and wfio, before enteiioe uuon hia otbce, shall fu,ni«h security to the satisfaction of the n.^rV r Directors fur the due performance of his duties ^^'"'^ '^ AV. 1 fiat the Treasurer and Secretan/ bI.qIi u receive and pay all moneys fo and on beh If of , '7°"^^^^ '° his receipt 6hall in all cases L„«nffi ™/' ^ ^"''''^'' ^"'^ also kee^ cash boc:^; x^aVm^;:^: ^ 7!:, .J^^^f made are to be reeulnrlv an,i .i '^"^^^^^^ ^"« payments lu ue reguiarijr and correct v entered • anri i,„ i ■■ depose wth the Rink ,.♦■ .i„ c • . J- ^"lereu , and he shall «.. I J. whe,, u°;l:'. iii'jr ' '"" '""'"^ ^^ '" ""^ '■"' of £v..e.P. js:„o:::^^"of £• •r„r r;.'"^ '^''"" " "'"-. AVn. 'ihat books shall be oper for keenincr H.« . XIX. J hat the name and place of abode of each Sbr,r^hr.u all be entered ;„ » ,.„;.,... k„. i. ... " V"''" i^n^Teholder ")' '°'' 'oans or advances and tr. / . V- XXr. That every person becoming a member of thp <5« • representative) shall entrance fee of 28. 6d. per share. >ocief» If pay aa 21 XXiri 'n,„t "^^P' 'or that purpose •onral'L'l^rZr^tet! " T "^— • .' all, .0 before ,he da, ap„„i„,<,jVrr n,», ' "^ ''""^ P" '"■>""'• "" or •hall p,, a fi/e of "'"""^^" "'« I'^rpce and i„ default .hereof, 3J.per.l„cf„r,he u. „o„.!,; 1.. .. .. 2"J "lo'iili ; J , ,. , «>''a month : - &.f„!:,:,^;t:i r t:? r"".;"' '-^ -•-•«" -f .h..,„ d, ,,ee.pense.rrr„:r„','.'' '"^ ™-°' ^i^T- i!-o,or; .'arcirr *;!:,,t=.t;'o,.:;';"'',^"^'»' "- ^^--^ -^ 'l;VOi.alof.,a.|H„,,d,,sH,eS,!.ierr ;'' """'""pose, for ,l,e of »M, due „„,iee .l.all t gijen ' "' '''"" '" '"'"^ "' ""i'""'', sLallfon tr tlfo',:",': Texf d^rr '°"°":"' "' ''■"■'• ™"' '"«"■- -^-;^^r;,^:^9£^:;:^rdr:s:;^ securing the moneys advva,)ced ui ,/ ' "?^ "' '""^ "^'" ^^'I'^"''^^. a^ agreed on, and also the due n.,,;'"";' '' ""^""''>- '^■^•^'"^"f-^ ; at n,a, ho ineurred : ^lu^rr^^Z^:^^^- "^ '"'■'■^"■'"- the iTiortgngor to insure tl,e buildi.L """.'■""'"" » covenant by or damage l>y fire, for the u f, f. , 'TT'-^'^'^ "'^''•^'" '"^"'^ 1"^' builciings, and to ;..ign v he p "' '' r ■"'"'"'^" "'^°" ^"^" and also a power to the So Lt ^ !- tl ' "" '° "" '"^■'■'>' ' 'o pny his monthly pavn.en,., ^fi',, 1 , ,% " T'^T''^''^^ '"g'^' SIX months suceessi efv to t4e nn^ f'^'^'y^ ^^^ '^'^ ^pace of gaged, to colleet the rVnt^r, d ^0^^ "'j''^ P^-.ises ,nort. premises by public au:ti::' o pHv rt'l '"' '° f" '"'' Piiv.te sale, on the most lis Sociefy sliall rower, s' all, so nil the objects r montl), on or efault thereof, ' expiration of same remains epresentative, monthly sub- 1 of 7|d. per the Board of 5ose, for the I or advance, Jch mectinor, irer the sum liich drposit rom the day >r8. imposed, tlie iiorigage or »vn expense, y payments foi/eitures ovenant by n from loss upon such e Society ; all neglect e space of ses mort- sell such he most 25 adrantageous terms, without any further consent or concurrence of the mortgagor, and to apply the proceeds (after deducting all expenses), to the payment of whatever may be due to the Society. XXVIII. That after such mortgage or transfer shall have been executed, together with such policies of insurance and other securities as the Directors may require, the mortgagor shall at once receive the amount of the share or shares borrowed, purchased or advanced, deducting the first monthly payment; of if one or more buildings be in progress of erection, such amount shall be advanced upon one or more certificates from the Inspectors, and from time to time, as the Directors shall determine, according to the progress of the work. X. .IX. That the Directors shall have power to renew, from time to time, already effected insurances from loss by fire of all buildings, and to pay the ground rents of all premises mortgaged to the Society ; which payments may be made out of the funds of the Society, as such insurances and rents become due, and shall be charged to the mortgagor, and repaid by him when the following monthly instalments fall due, in default whereof a forfeiture shall accrue to the Society of 20 per cent upon the amount so paid. XXX. 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. XXXI. 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 paymentofthesumof Is. Sd.foreach share so transferred; and thereupon the transferee (after signing the rules) shall be entitled to all the privileges of the original Shareholder. XXXII. That the Directors elected at the formation of the Society, as well as those hereafter to be elected, shall be indemni- fied out of the funds of the Society or otherwise, from all expenses *s"oc'-tt ^"''^ *° ^^^ formation, conduct, and management of the XXXIII. In case a certificate of shares shall be lost, the owner shall be entitled to a duplicate thereof, upon making a statutory declaration of the loss of the original, and of his title thereto, and opon paying a fine of five shillings per share. •'01 in ihe f,., '' '" »K Seer.,, ^""'^'J' adn„„ j amouol "0 d dj^;""-" .• a„d it el '''•"'} "'" '" . 0° ?'V-"-o"aM:, "o '^ViZT'""' "'"* m .0' "'"■'' of D; * ,, '' ""a a/fall beW ";'•"'" Pa.vme„„ j™'^^' "P-" all ar,car, „,""" """'""•^e "he So . ,v n '""■ "''= P'opar Lf "" "««.-on, II"'"'''''? "'a aa,„e' ird of D* n writing ' ^e ."^ Secrefary /„ „ :t ': ^'^^ -- '"' According to 't ^-^- ind ,''", « sufficient ''''''-• and title ^"/^o" j'lsfruct '•■""diJjons of "'yecfjonab/e "« '.'H-e.f/ga.' '^ "'^e shall '' ^y the ad- '" authorize '^'^•■'Ptior.B, 'S the same '"■"per and 'fusiees of 9r In case any Member shall require an advance to enable him to purchase real or leasehold property at a public auction, the Board of Directors, after being satisfied in manner aforesaid that the pro- perty is of sufficient vul.je to secure the amount, and that the conditions of sale are not objectionable, may, upon payment by the Member of the Surveyor's charges for the survey, and the Soli- citor s charges for examining and reporting on the conditions of sale, depute the Secretary, Solicitor, or Treasurer of the Society to attend the sale and pay the deposit, in case the Member shall be declared the purchaser, provided the price do not exceed the amount which the Bnard shall be willing to advance on the security of the property; or if the price shall exceed that amount, then rrovided the Member shall lodge the amount of the difference in t." hands of the Treasurer of the Society, before the deposit 13 made And the Board of Directors shall require such personal or other security to be given by such Member to the Trustees of the Society, for the repayment of the amount of such deposit, and ail expenses, in case the purchase should not be completed, and a mortgage to the Society executed, as the Solicitor of the Society may advise. ' When a xMember shall require an advance for the purpose of building, the value of the land shall be ascertained by or under the direction of the Board, and the title to it investigated in like man- ner as in other cases ; and if the Directors shall determine to make the required advance, such Member shall be entitled, upon a proper mortgage security being executed to the Trustees of the boeiety, as required by these Rules, to receive the amount in such sums, and at such time or ti-nes, as the Directors may think fit and proper, but so, nevertheless, that the advances to be made from time to time shall not exceed the value of the buildings erected at the time of such advance; such value to be determined by the Surveyor of the Society. And when the buildings are finished to the satisfaction of such Surveyor, the balance of the required ad- vance shall be paid upon all arrears of subscriptions, fines, and enZI'TT T ■'• ''."*.' ^' '^"^ ^' '^' ^''^''y ^'^"^ »'>« Member entitled to tiie advance being paid by him. If any member, after receiving the first instalment of the value of his share or .hares, shall leave the building ,0 erect which the same shall have been advanced, unfinished, or shall neglect to pro- ceed therewith to the satisfaction of the Surveyor of the Society 28 the Board of Directors, after giving to iuch member ten days' notice ,n wru.ng signed by the Secretary, of their intention so to do, may either sell the premises immediately or employ some person or persons to complete the same at the expense of such member, as Uie ijoard shall deem most advantageous to the Society ; and such member shall be responsible for, and make good to the society, any loss that may accrue in consequence. ^ »i,A^^^^^'\''^'^ ""'^ member having executed a Mortgage to the Society for the value of his share, shall make default in payment of the expenses which the Trustees may incur in and about insur- ing and keeping insured the xMortaged premises with interest thereon pursuant to the covenant in the Mortgage, he shall be liable to pay. and shall pay to the society the same fines as he would have incur- rea for the non-pay ...nt of an equal amount of subscriptions at the time appointed for payment thereof. In case of damage bj ire, the Trustees of the Society for the tmie being, shall receive f.om the Insurance office the amount pay- able in respect of such damage, and their receipt, countersigned by the Ireasurers of the Society, shall be a sufficient discharge to the Insurance office for the money therein expressed to be received • and the Board of Directors shall have full power to settle and adjust will, the Insurance office any question relating to such insurance, and to fix the amount to be paid by the Insurance office in respect •.i .1 r'^^ ^°"^ '° ^^^ premises, or to make such arrangement with the Insurance office as to the rebuilding or repairing of the flaid premises, or relating thereto, as the Directors shall think rea- sonable. The Board of Directors shall at their discretion, either lay out the money which shall be received from any Insurance office as aforesaid, or any part thereof, in repairing the damages done to the premises, or retain or apply the same, or such part thereof as they SDall think fit, m or towards payment, and satisfaction of the amount Which shall be due and owing from the Mortgagor to the Society and pay the surplus, if any, to the Mortgagor, or to such other per- son as he or she shall by writing direct to receive the same. Every member executing a Morgage to this Society shall within tvto days from the time of such execution, give to the Secretary a written statement of any trade carried on in or upon any part of the premises, comprised in such Morgage, or the existence of any •tove or furnace erected thereon, or other matter or thing which er ten days' itention so to ' some persoD li member, as y ; and such ! society, any Mortgage to t in payment about insur« ;rest thereon iable to pay, have incur- )ticns at the iety for the mount pay' ersigned by large to the e received ; : and adjust 1 insurance, i in respect rrangement ring of the think rea« her lay out e office as lone to the ;of as they he amount le Society, other per- le. lall within ecretary a ny part of ce of any ing which 89 would in any way affect the validity of the assurance, and if at any subsequent period any such trade shall be commenced, or erection made, the like statement shall be given ; and the member neglect- ing to give such statement shall pay a Rue at the discretion of the Board of not more than ten shillings but not less than one shilling per week, for each share ; and the Board of Directors shall, if they think fit so to do, at least once every year appoint some competent person to obtain all the information he can witii respect to trades &c., carried on in or about the Mortgaged premises, and to report to the Board accordingly. XXXVII. 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, pro- cure his place of abode, and the particulars of jiis title, to be registered in the books of the society, and s' at the same time exhibit the will or probate thereof, or grant ''•^letters of administra- tion (as the cast may be), for the inspecti('\i and satisfaction of the directors, and pay for such registry the sum of 29. 6d. per share. [Passed Srd February, 1851.] w«y.- V •-■ y''V .' /-*'>^ W V* w, Fob 30 COVENANT. Fob 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 " Tub Commercial Building and Investment 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 Trea.'iurer of the said Society, and their Buccessors 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.