IMAGE EVALUATION TEST TARGET (MT-3) V €^0 .^. - of DESCRIPTION OF THE SOCIETY'S BUILDING. {From the Twonto Daily Olobe, Slat May, 1881.) * >>■ » NEW HAMILTON PBOVIDENT AND LOAN BUILDING. The Hamilton Provident and Loan Society have removed from their offices, James Street, to their own new premises, comer of King and Hughson streets. The building is one of the best in the city, is 42 x 140 feet, and four storeys high. It is built of the best quality of Ohio buff- stone. The banking office is one of the most handsome and complete in the Dominion. The departments of the different clerks face the main entrance in a semi-circular form, the fittings of massive walnut richly carved with panels of cut glass. The floor is handsomely inlaid with minton tile of chaste design, specially prepared for this room. The entrance, a very magnificent one, is from the corner. Off the banking- room is the manager's room, occupied by Mr. H. D. Cameron; and also the Board-room, both flnished with butternut in oil, panels of cut glass, and marble mantles in each room. The furniture is walnut, covered with red morocco leather. On the manager's table is an electric stand, with calls to any clerk in the banking office, while at his side by tubes he can communicate with the Company's solicitors in the chambers m another part of the building, also with the inspector and caretaker. Over the mantel in the Board-room is the portrait of the President, Hon. Adam Hope. The entra.nce to the chambers is from Hughson street. The chambers are fitted up with all modern conveniences- speaking tubes, electric bells, and spacious vault? to each flat, and an elevator runs to the fourth story, the car of which is elegantly fitted up with heavy plate glass, mirrors, electric annunciators, etc. One of the important conveniences of the Society's building is the spacious vaults for the safe-keeping of the Society's securities. They are model in structure. They are two in number, twenty feet by ten feet, inside measurement. The doors are fitted with Hennessy Bros.' combination locks specially made. Above the main entrance, on the top of the building, is a large clock facing the Gore, which is illuminated every night. The clock is of Edinburgh make, Ritchie & Sons' best manu- facture. The basement is fitted with lavatories, lunch rooms, while in the centre is the heating boiler for heating the building. The heating is by the low pressure system, the heat being distributed throughout the whole buUding by bronzed radiators with marble tops. Messrs. McPhie & Co., of this city, are the contractors. They also fitted up the basins, ventilating, plumbing, etc., in first-class style. In fact everything in the building is A 1, the total cost of the lot and building being over $80 000 The whole reflects the greatest credit on the architect, Mr. D. B. *Dick, of Toronto, and the contractor, Mr. Robert Chisholm, 0* this city. D INCORPORATED Pursuant to Cap, 53, Con. Stat U. C.» 1871. I THE HAMILTON Provident ™ Loan SOCIETY, CAPITAL, $l,0()0,(m). HAMILTON : Times Printing Company, H Hugbsou Street. 1880. BOARD OF DIRECTORS: HON. ADAM HOPK, W. E. SANFORD, Chaiilks Guhney, Gko. H. Gillespik. Alex. PTarvey. PllESIDENT. VICK-PIiESIDENT. John Hauvey. Alex. Turner. A. T. Wood, J. M. Williams. THE AS U HE H, H. 1>. CAMERON. OFFICERS: Accountant, Teller, IsT Clerk, 2n]) " 3ri) GENERAL INSPECTOR, SOLICITOR, Alkx. Wm. Roy. Archd. McEachern. John A. Kennedy. John McCoy. Jas E. Duooan. ALEX. F. SUTHERLAND. — ■-» Mm* *~ JOHN CRERAR. bankers: CANADIAN BANK OF COMMERCE. )ENT. )ENT. Deed of Incorporation, iRON. Y. BERN. EDY. AND. IRAH. We, the undersigned, residing in the City of Hamilton, in the County of Wentwortu, and Province of Ontario, hereby declare that we agree to constitute ourselves a rermaricnt Building Society by the name of " The Hamilton Provident and Loan Society," under and by virtue of an A-^ entitled "An Act respect- ing Building Societies," Chapter fift^ .ree of the Consolidated Statutes of Upper Canada. Witne' i our hands and seals, this third day of June, in the year .,f Our Lo^d one thousand eight hundred and seventy-one. J Brown. W. N. Anderson. Adam Hope. Dennis Moore. Alex. Turner. John McPherson. Wm. McGiverin. Matthew Leggat. *A. Harvey. John Winer. E. Gurney. H. W. Eouth. Thos. Christie. Donald Nicholson. J. N. Tarbox. W. E. Sanford. John Proctor. A. F. Skinner. Chas. Jas. Hope. John Harvey. Adam Brown. Thos. Saunders. P. W. Dnyfoot. A. T. Wood. John Stuart. C. Gurney. John W. Bickle. James Turner. J. I. Mackenzie. I=R,OSI'EOTtJS ^„f fpntnios of The Hamilton Pro- The {ollo:ving are prominent featuics vi.leut and Loan Society :— » IJmuter ol a MilUou of Dollars. "y -""■'"' T";rX:"\. ; t^a:: !r Ia«, .a, »» an, ^ft;:.^::^"^ «- -"--^ - - - '■— ' stock. ., Tl,e I'und, of the Society will be invested in Loans eff-eirsole. ,.on t.e — of -— .d Be^.tate , ,„a a» no '^;^^2XJ oTie shareholders will not be ,,er.onol security the *"" '" ° ,^„t, ^sSeol, more or less OTposed to the vicissitudes which lieiiueuuy a The Hamilton Providunt and Loan Society. BeriouHly, the Stocks of other Financial Institntiontv in tli» Province. 4. The profits to be dedved from the Society's Saving* Bank Department will materially increase tlie rate of dividend to the shareholder, and yet impose no additioaul burden npoi» the borrower. 6. It will be the aim of the Society, as soon as it become» practicable, to declare ;iuarterly— instead of half-yearly or annual— dividends, in the belief that frequent periodical returns, are peculiarly desirable to a numerout* class of investors. 0. No Director, by tlie Bules of the Society, is permitted directly or indirectly to become a borrower iherefrom ; and by a resolution of the Board, it haa b^en deteriuiued that all Loans shall be subject to the wxiTumonn appioval of the. Directors. Lastly. The business of the Society will be conducted in the city of Hamilton, which, from its wealth and population,, its extensive business and personal relations with trader^ and farmers throughout the Province, its network of direct railway ooraraunication with the fertile and wealthy agricultural couutief^ in th: ^Vestern peninsula, is pre eminently suitable as the Jiead- quarters of a large and prosperous Monetary Institution based upon those principles which govern THE HAMILTON. PROVIDENT AND LOAN SOCIETY. Hamilton. August, 1871. 6 The Hamilton Provident and Loan Society. Second Prospectus, The action of the Dominioii Parhament at its last session, in legislating npon Ontario Building Societies, has placed them virtually on a basis similar, with some exception, to that of our Banking Institutions. The Act 37 Vic, chap. 50 has made several important altera- tions in the statutes governing Building Societies, by increasing ^.heir powers, and enabling them to borrow money by the iesue of debentures, and by way of deposits, and also giving them increased facilities, and a wider scope as to the nature of the securities in which they are authorizoi to invest their funds, together with other provisions simplifying the working of such Societies. This has randsred it necessary to revise, alter and amend the Rules under which the Society has hifchBrto baau condac^.ed ; and the Directors having, after careful consideration, adopted the accompanying Rules, they were submitted, in accordance with the statute, to the General Meeting of the Shareholders, held on the 3rd of Februi. ry, 1875, and confirmed at such meet- ing as the Rules for the future management of the Society. The Funds of the Society will, as formerly, continue to be invested in Loans effected solely upon Statutory Securities, and in the words of our First Prospectus, "as no advance will at "any time be made upon ^nrely personal security, the funds of •'the Shareholders will not be exposed to the vicissitudes which " frequently affect more or less seriously the stocks of other " Financial lut^'Atutions in the Province." The Hamilton Provident and Loan Society has now com- I ti^ 1 The Hamilton Provident and Loan Society. pleted the third year of its operations, and the following state- ment, as at 31st Dec, 1874, will show at a glance the rapid and satisfactory progress made by the Society in the confidence of the Public, viz : — Subscribed Capital •■•-^878.600 00 Permanent Shares Paid Up $238,300 00 Accumulating Shares with Interest 162,444 25 Reserve and Contingent Funds 25,037 85 Total Paid Up Capital ..|426,682 10 Savings Bank Deposits . .$lo2,114 17 Cash Value of Assets jo99,509 55 Loansmadein 1874 ' ':^^^^^^ Estimated Income for '75 available for Loans abouU3 00,000 00 Aggregate Value of the Property held by, the Society as security for the amount of their Loans ^^8,444 00 Hamilton, February, 1875. ftW » 8 The Hamilton Provident and Loan Society. Third Prospectus, Since the last revision of the Rules of the Society, several important acts have heen placed on the Dominion Statute Bock affecting Building Societies in Ontario, which renders it necessary to amend the Rules hitherto in force. The Act of 1878 enables Shareholders of Permanent Building Societies to determine that all shares shall thereafter be Perma- nent Shares, with not less than 20 per cent, paid thereon, and authorizes dividends to be paid on the same ; and gmnts powers to carry on business in Manitoba and the North-west Territories. The most important Statute, however, affecting Loan Societies' is a General Act, -13 Vict., Chap. 12, relating to the interest on moneys secured by Mortgage of Real Estate, making it imperative that in all Mortgages where principal and interest are blended, as in the case of equalized repayments of Building Society Mortgages, a statement must be inserted shewing the amount of principal money, and the rate of interest chargeable thereon. The Act further enacts that no Fines shall be chargeable on payments m arrear ; and in the case of a Mortgage having more than live years to run, the Mortgagor may after that period, on certam conditions named in the Statute, redeem the same. The Statutes of the Dominion Parliament affecting Permanent Building Societies in Ontario will be foui^d herewith, along with the rules of the Society, and will bo found useful as a matter of reference. A statement of the Liabilities and Assets of the Society as at 3ist December, 1871, the first four months of its existence, and also a in ea Indus and f incor respe Gove 31st prov' dens Ordi gage H The Hamilton ProvidP.nt and Loan Society. 9 inclusive, '.vhicU is "«'<"" j y,^ a^te of its respectfully toctol An a,.,t™c^^^^^ ^^ ^^^^^^._^ ^^ _^^ ^^^ Government l.y «>1 /'^'^ ^^ ^^ „!,„ i,e,e„uh annexed, ma, 3Ut December, ^^J ■ J^^^ ^„,„,„„ i„to,nation in a con- rjrove nteresting as attouun„ v.i „ro\vtli of L.ed form of ">;;— ^^r^ nc arin^ Mort' r^i^i-inrftle'r:::-.. .e A^e. o. .IdSodetle.. Hamii-tox, Noveral)cr, 1880. p 10 The Hamilton Provident and Loan Society. The Hamilton Provident end Loan Society. 11 o 8 U5 U9 • 00 OS g s 00 ws >— 1 QD »o ^ OS 1-4" OS OS e<5 O 8 W5 «5 M* JC o t- t^ OS :c ^s U5 00 OS 00__ op ?o ,-1 QO" ->* Os" Os" i-l W5 o o «o CO CO o o «o o OS o o OS t>. ^ CO o f^ t> ! 00 t^ tH 00 ^ «o t- «o OS m ^ cc ^ (N !>«. o (M o CO 00 'i 00 ■ 1 -»a • p-i 1 1 , !j J • a « Jh ^ c3 -t-a c3 CO QQ OP a g 1 CO ^ 'I-* • r-t ^ ^ S ■ •43 o O portion of p forward, 1 o 1 53 IS > O 03 OS 1 03 08 2 sa QQ U O Ph o QQ 12 The Hamilton Provident and Loan Society, *-xn CO OS as OS as oo 05 00 CO ?=4 ca C3 00 00 CO 00 00 CO :§ o -c: u o CO o 00 •S5 C3 to to U5 8 S O 05 00 OS GO CO X5 s (ff ^ 8 00 § ^ s i 00 0> CO o !M CO U5 in co' CO s? ?5 t- Oi of 00 o o ffi S ^ r-( CO 8 8 u5 CO -J CO CO rH 2 05 « iH CO 05 « * <© 35 00 05 CO 05 O to 8 S Q, rH ^ 8 1^ ^ (T) JO GO * 05 sq ffe o 00 »« 00 CO C5 to CM «5 S 8 ^- of o to o 05 (-5 0^ f^ 00 ^5 05 CO to to 05 50 ^ 05 co to CO CO C5 CO 05 * rH 00 05 in !D C5 i-O ■XI 8 S « CO CO C5 to to CO CO «o 8 f§ ^ ^ ^ r-t m 05 CO S * lO t- t- lo" CO r-t o as a IS a c3 a >-i ■43 o: (V ac .a el o o 3 m P3 •S3 & ^ a •C rfi ■♦«» 43 o o ■^ ft CO ® O) Q •s ^ caij IS a o J2 DO 43 OJ 43 3 o n 3 3 rn n 4 .M Tl 43 a 3 o3 pq 3 i 05 8 I-- CO g $ 05 ■?IU I»;!B The Hamilton Provident and Loan Society. 18 i CO 00 CO t- CO so CO ao i-j CO o o 00 §. S •0 o 00 in °* CO ix C5 CO. in 00 rH O, o o CO to o n CO 8? K. 6E Uj £ CO o CO g • ^?^ s*-l o „- to -^ ® ® .rf PS •^ >rf ? B > o « rtOJ DO c3 O CO m 00 in 00 "5 ^ CO 00 00 CO, CO 52 in ;o 05 55 00 m M a flj pq < tH _*_ 5" oi in t- co- os in 00 ' 05 o T-l in OS 00 O ! ll < i t i 14 The Hamilton Provident and Loan Society. Returns to the Ontario Government of the 46 Building Societies Carrying on Business IN Ontario as at 31st Dec, 1879. LIABILITIES. Capital paid up »18,902 830 Deposits received 8,820 463 Debentures sold 6,207 423 Other liabilities 31 746 Due the Banks 2 623 $33,965 084 ASSETS. Loans on Real Estate $30,854 622 Loans on Stock 842 186 Loans on Government and Municipal Securities 61 017 Real Estate owned by Societies 715 063 Government iind Municipal Securities owned by Societies Other Securities Other Property Ofi&ce Furniture 143 465 185 351 38 716 18 446 Cash on hand 1'606 218 $33,965 084 Total liabilities as above $33,965 084 at 31st Dec, 1876 15,833 881 Increase in 4 years $18,131 203 or 115 per cent aiid the increase in the case of The Hamil- ton Provident amounts to 143 per cent., and is exceeded by only one of the large Societies, and that by but A per cent. OF THE SI NESS 18,902 830 8,820 463 6,207 423 31 745 2 623 33,965 084 30.854 622 342 186 61 017 715 063 143 465 185 351 38 716 18 446 1,606 218 33,965 084 33,965 084 15,833 881 18,131 203 he Hamil- xceeded by lent. The Hamilton Provident and Loan Society. 16 TKE K.TJLES OP THK HAMILTON PROVIDENT AND LOAN SOCIETY, As Amended and Adopted by the Directors, 29th November, 1880, and confirmed at a General Meeting of Shareholders of such Society, held on the 5lh January, 1881. NAME AND OBJECTS OF TUE SOCIETY. 1. The Society shall be called The Hamilton Puovident and Loan Society, and the objects for which it is established are, to foster the accumulation of capital by providing a means for its safe nnd productive investment, and to afford owners of Eeal Estate a ready mepns of borrowing money on the security of their property. capital stock. 2. The capital stock of the Society shall consist of shares of One Hundred Dollars each, either fully paid up and invested as fixed or Permanent Capital, or in course of accumulation. SUnSCRIBINO FOU SHARES AND SIGNING THE RULES. 3. All persons, either personally or by attorney duly consti- tuted, upon subscribing for a share or shares in the Society, shall sign the Bules in a Book kept for that purpose, and shall then elect the term in which such share or shares shall be paid up ; but the time for which such share or shares may have been originally taken up, may on the application of the holder thereof be changed to any other time, or otherwise modified, and on such terms as the Directors may from time to time direct. 'It I ii! I i lii. -•«J 16 The Hamilton Provident and Loan Society. PAYMENT OF 8HAIIE8. 4. P>ory iuonil)or slmll pay on each Sliare in courso of accam- ulatiou a monthly Hubscription of One Dollar per share for One Ilmulrcil Months, or Two Dollars per share for Fifty Months, or of Four Dollars per .share for Twenty five Months, as such mem- ber may elect. Said payments to commence and bo made on and from the First day of any Month in or after whicli he sliall be admitted into the Society in rcHpect of such Share; nialnug the total payments on each Share One Hundred Dollars. After any share or shares shall have been i)aid nj), the amount ho paid, with the not accumulated declared profits thereon, shall become due and payable and may then be withdrawn by the holder thereof from the Society, or the said net accumulated profits may be only so withdrawn and tlje paid up principal sum of One Hundred Dollars per share, be iiivested therein as fixed or Permanent Shaves TRANSFKU OV SIIAUES. 5. A.ny Sliareholder may transfer his Permanent or accumula ting share or shares, by causing an entry of such transfer to be made in the Bocks of the Society, in such manner as the Direc- tors may appoint, and thercal'ter the Transferee shall be subject to the lUiles of the Society, and entitled to all the privileges of the original Shareholder PAYMENTS. 0. Monthly subsciipticms, and other payments shall be paid at the Society's Office, on the first day of every Month, or, when t])e first day falls on Sunday or a legal Holiday, then on the ..^y following, until otherwise ordered by the Directors. In case of non payment by a Shareholder of any monthly or other subscription due upon his accumulating shares, or of any call made upon any f).li.,r shares, created by and under 4i Vict., Chap. 22, the Sociat:^ Hhall have power, if the Directors so elect, to recover from sucL Shareholder the amount of said subscrip- tions or calls by an action of Debt in any court of competent The Hamilton Provident and Loan Society, 17 If jurisdiction, or in lieu thereof, the Dirtctors may declare ^uch fllmres forfeited to the Society. And in case of default hy a Mortf^'agor, the amount in default shall hear interest at the rate payable on the Mortgage money untd the saine is paid. ISSUE OF NEW 81IAUE8. 7. Thi Directors shall have the power from time to time to charge a Premium on any new shares to bo issued, such Preu Uim to form a portion of the General Funds of the Society. POWER TO Bonnow on nECEivE money. 8. The Directors are authorized to receive Money on Deposit in large or small sums, and to issue Debentures of such Society in accordance with the Statute, and to pay such Interest thereior and th(jreupon, and under such regulations as they from time to time may deem advisable. API'LrCATION OF FUNUS. 9. All moneys which shall from time to time be subscribed, paid, or given to or for the use and benefit of the Society, or which shall in any wise belong to the Society shall, after provi- ding for the expenses and liabilities of the Society, be appropriated and applied according to the p'oviaions of the Statute, and with the approval of the Directors. OBTAINING ADVANCES. 10. Any applicant for a Loan shall give notice in writing to the Secretary or Treasurer, in such form as the Directors shall prescribe, of the situation, tenure, description and full particu- lars of the property proposed to be mortgaged, or the Statu- tory Securities proposed to be assigned or hypothecated, by such Applicant to the Society, and shall deposit with the Secretary or Treasurer all necessary TiMe Deeds and documents relating thereto, and also such sum as the Secretary or Treasurer may consider requisite to meet all necessary expenses. Should any 18 The Hamilton Provident and Loan Society. Applicant decline to take up the amount allotted liim by the Directors in compliance with his Application, or fail to complete the necessary Securities to the satisfaction of the Directors within One ^tTontli, the said Application may he dismissed by the Directors, and the said Applicant shall thereupon he liable to repay to the Society all fees, disbursements or incidental expenses incurred by them in respect of said application. ADVANCES TO HORUOWERS. 11. The Directors shall liTive the power to regulate the amounts appl'cable for Loans or Advances, the time and manner of making the same, the Interest payable thereon and the time and amount, of the repayments to be made in respect thereof, and all Loans or Advances by the Society shall be effected for a definite term or period, and the repayments thereon shall nof- be liable to or affected in any way by the contingency of Losras or Profits in the Society's business neither shall the Borrowers be entitled to take part in the management of the affairs of the Society. The Directors may accept Real Estate situated anywhere within the limits of the Province of Ontario or in the Province of Manitoba or in the North-west Territories, or in any Province that may be formed out of the same, or Securities thereon bona- Me Mortgaged or Assigned to the Society, or they may accept any other security authorized by Statute in security for Loans or Ad"ance3. GENERAL MEETINGS. 12. All meetings of the Society shall be held m the city of Hamilton, in the County of Wentworth, and Province of Ontai'io; and an Annual General Meeting of the Members shall be there held at the Office or Rooms of the Society, or such place as the Directors may appoint, on the First Monday in tlie month of March in each jear, for the purpose of electing Directors, and for all other General Purposes relating to the Management of the Society ; and at each of the Bald Annual General Meetings shall be submitted a — .%- The Hamilton Provident and Loan Society. 19 full and clear Statement of the affairs of the Society for the year ending the 31st day of Deeeuiber, immediately preceding. 1^5. Extra Cior' "al Meetings of the Shareholders of the Society may be culled hy the Directors upon the Shareholders being noti- fied of such meeting tlirough the post oi'lice, or otherwise, at the discretion of tlie Directors. Any Ordinoiy or Special Meeting of the Shareholders or Direc- tors may be adjourned from time to time, and such business mn-^ be transacted at such adjourned meeting as might have been transacted at the original meetings from which the adjournment took place. I'lRECTORS. — NUMBER AND QUALIFICATION. 14. The affairs of the Society shall be under the control and management of a Board of Nine Directors, (of whom Three shall form a Quorum for the transaction of business) who shall hold not less than Twenty Shares each ; and who shall choose from among themselves a President and Vice-President. No Director shall hold the office of Treasurer, Auditor, Valuator or Solicitor of the Society. The Directors shall be elected for the term of One Year, but shall be eligible for re election. ELKCTION OF niRECTORS ANP VOTING. 15. The election of Directors and all other matters at the Annual or othei General Meetings of the Society, except such as are otherwise provided for by the Statute, shall Be decided by a majority of the Shareholders present at any such Meeting. Provided that in tlie event of a Poll being demanded the voting shall be by Ballot, and any Shareholder, either personally present or represented by any other Shareholder as his Proxy, duly ap- pointed under his Hand and Seal, shall have One Vote for each Share held by him. 16. The Directors when elected shall continue in oHice until the election of their successors, unlesa in case of disquahfication or resignation. iff ! "II !| t 'f ' ' 20 The Hamilton Provident and Loan Society. 17. The Directors sliall at a Special Meeting to be called for tliafpurpose, or at any other Meeting if all the remaining Direc- tors he present, have power to fill up any vacancy that may arise in their own body in the course of^ their term of office as Directors, or in any office of the Society, by a vote of not less than two- thirds of the Directors present ; aim the Board shall have power to mal^e any By-Laws and Begulations for the guidance of the Society, its Officers and Shareholders, provided that such regula- tions are not inconsistent with the General Rules or Statutes under whicu the Society is governed or Incorporated. 18. The President, and, in his absence, the Vice President shall act as Chairman at all MeetingG of the Shareholders or of the Directors. In case the President and Vice-President are absent at any Meeting of the Board or of the Shareholders, such Meeting may appoint one of their number to act as Chairman pro tern. 19. If any Director shall die or resign, or become incapable to act as Director, or become bankrupt or insolvent or compound with his creditors, or cease to hold the required number of Shares, or be removed from his office by a resolution of a Special General Meeting of the Shareholders, or shall, for six months successively, be absent from the Meetings of the Board without the consent of the Directors, he shall thereupon cease to be a Director of the Society; and the Directors may appoint another Shareholder of the Society to be a Director in his place, as hereinbefore pro- vided ; and no Director shall, either directly or indirectly become a Borrower from the Society, or at any Meeting of the Board, take part in any discussion, or vote on any question, in which he shall be personally interested, and the Directors shall be indemnified out of the Funds of the Society for all expenses incurred by them with reference to any matter connected with the management of the Society. 20. The Directors shall, from time to time, inspect or cause to be inspected, the Books and Accounts kept by the Treasurer or Secretary, and shall have power to appoint any Member of the The Hamilton Provident and Loan Society. 21 Board, or other person or persons, to transact any special business for the Society ; and to pay them out of the funds of the Society siich remuneration for their services as they shall think reasonable. BANEING ARIUNGEMENTS. 21. The Directors may make such arrangements with any of the Chartered Brinks of the Dominion, for the Deposit of moneys and Securities belonging to the Society, and for conducting other Financial matters, as they shall from time to time, deem necessary. 22. No Moneys hhall be drawn from the Bank without the signature of the President or in case of his absence or illness, of the Vice-President, or of any Officer of the Society, duly authorized by a resolution of the Board for the purpose, and of the Treasurer. CUSTODY OF THE hL\h. 23. The Seal of the Society shall be in the custody of the President and the Treasurer, or of some one or more of the Officers of the Society as the Board of Directors may fiom time to time see fit ; and the Seal shall at all times be kept securely in a box under lock and key except when used, and the President and Treasurer or one or more of said Officers of the Society shall each hold a separate key for joint access to said Seal. SOLICITOR. 24. One or more Solicitors shall be appointed,* who shall transact such necessary business of the Society as the Directors may require. 2.5. The Solicitor shall investigate the Title to any property, or the validity of any security offered by any applicant as security for a Loan to the Society, and shall, in all cases, render to the Directors a report, in writing, whether such Title, or such securities be deemed by h'lni good and sufficient for the purposes of the Society, and shall prepare all the necessary Mortgage Deeds, Discharges of Mortgages, and all other Instruments in favor of or affecting the Society, and the same shall Le prepared ! 1 22 The Hamilton Provident and Loan Society. I ii in such form and contain such clauses, provisoes and agreements, as he shall think lit, with the approval of the Directors. The Solicitors' and Valuators' fees, and other charges shall, in all cases, be paid by the applicants or Mortgagors on whose account they may be incurred, unless otherwise ordered by the Diieotors. TREASURFR AND SECRETARY. 26. A Treasurer shall be appointed who shall also per- form the duties of Secretary unless otherwise provided for by the Directors, who shall be empowered to receive and pay all money for and on behalf of the Society, and his receipt shall in all cases, be a sufficient discharge ; and he shall de- posit at least once a day with the Bank all such moneys as he shall have on hand when they amount to $500. He shall attend all meetings of the Directors or Sbareholders of the Society ; enter minutes of all resolutions or proceedings in the Minute Book ; and shall keep the accounts in onler, in proper books, to be provided for that purpose; and prepare the same, or a balance sheet thereof, for the inspection and signature of the Auditors. He shall summon the Directors to all meetings (by circular), and issue all Circulars and Notices to Share- holders which may from time time be thought necessary by the Directors ; conduct the correspondence of the Society, and perform all other duties that the nature of his oflice may require, provided always that the Directors may from time to time appoint sucfi other Officers with such duties and powers as the business of the Society may require. 27. The proceedings of the Society shall be entered in a Min- ute Book, in detail, in such manner as tlie Directors may, from time to time, direct; such entries to be signed by the President, Vice-President, or Chairman, as well as by the Secretary or Treasurer. VALUATORS ANP INSPECTORS. 28. One or more Valuators may, from time to time, be ap- pointed, who shall examine and value the property oHered as greemeuts, ors. The mil, in all se account I Diiectors. also per- ided for by G and pay his receipt e shall de- )neys as he diall attend 16 Society ; the Minute roper books, same, or a ture of the ,11 meetings 3 to Share - ecessary by Society, and iiay require, irae to time owers as the •ed in a Min- s may, from le President, Secretary or time, bo ap- ty oilered as The Hamilton Provident and Loan Society. 23 eecurity by any applicant for a Loan from the Society, if the Directors shall consider it necessary, and shall, in all cases, render at the Society's office, a report, in writing to the Directors, of the value and state of such property, in such form as the Directors shall prescribe, and who shall be paid such fees as the Directors shall think reasonable. One or more General or Lo«al Inspectors may also, from time to time, be appointed to value or re-value any of the Seciirities submitted from Applicants for a Loan ; and such Inspectors may also be authorized to transact any special business of the Society, and shall in all cases report in writing to the Society respecting the same. Provided always, that the Society shall not be held bound or responsible for any act of their Valuator or Inspectors, unless such act is dune under and by special written instructions of the Society. KEPAIB OP UUILDIXliS AND SALES OF REAL ESTATE UNDER COMl'ULSORY PROCEEDINGS. 29. The Directors shall have povv-er to make such arrangements as they shall deem expedient for insuring, repairing, or keeping in repair, or for finishhig or putting in ordei', any buildings or other improvements, or for taking care of and managing gen- erally, all property held by the Society under Mortgage, and all charges or expenses attending the same shall be pa'.d by the Mortgagor, and shall be a charge upon the Mortgaged Prop- erty, and when any sale under compulsory proceedings shall take place of any property held ))y the Society under Mortgage, the Directors shall have power to retain and apply so much of the purchase money as will be necessary t ) pay the Mortgage money and interest thereon, together with all costs, charges and dis- bursements made by tlie Society in obtaining and etfecting the Loan in the lirst instance, and also all costs, charges and disbursements incurred in the realization and col- lection of the said MortganfG money and interest thereon until fully paid up and discharge 1, and thereafter to pay the sur- plus thereof, if any, to the Mortgagor or his legal Kepiesentative. llii 24 The Hamilton Provident and Loan Society. INSURANCE OF MORTOAOED PREMISES OR CHAROE8 AFFECTING THE SAME. 80. All property hold in security by the Society, consisting of Buildings, shall be insured by the Mortgagor, if required by the Directors, in such sum and OUice as they shall think advisable, and the Policy or Policies shall be in the name of, or assigned over to the Society. In case any Borrower, having executed a Mortgage to the Society, shall make default in insuring and keeping Insured the Mortgaged premises, or in pixymeut of the ground rent, or shall omit to make other payments to which the said property may be subject, pursuant to the covenant in the Mortgage Deed, the Directors shall be at liberty from time to time to make such payments as may be necessary to revive the Insurance, or effect a fresh insurance, or to satisfy the ground rent or any other pay- ments whatever ; and in case of such default or omission, and until repayment of the sum or sums so expended by the Direc- tors in consequence thereof, the property in Mortgage shall stand charged therewith and with the interest thereon at the rate a^jreed upon for the Mortgage money ; but it shall not be incumbent on the Directors to make any such payments, nor shall the Society be responsible for any consequences arising froai the omission to make any sue payments. 31. Every borrower executing a Mortgage to the Society shall, if required, at the time of such execution, give to the Secretary a writ- ten statement of all such particulars relating to the property com- prised in suclr Mortgage, as are usually required by Insurance Companies, and if, at any subsequent iieriod any trade shall be commonoed, or erection made, or any other matter or thing shall take place, whioh would, in any way, affect thevalidity of the pohcy of Insurance, the like statements shall be given, and the Direct- ors shall, if they think fit to do so, at least once in every year, appoint some competent person to obtain all the information he can with respect to trades, Ac, carried on in and about the Mortgaged premises, and to report to the Directors accordingly : the expense uf which shall be chargeable to the property Mort- The Hamilton Provident and Loan Society. 25 AFFECTING {,'aged, and Khali bear interest at the same rate as the Mortgage money until the same is paid, 32. In case of damage by Fire, the Directors shall re- ceive from the Insurance Office the amount payable in respect of 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 t) be receiveii ; and the Directors shall have full power to settle and adjust with the Insurance Office any (juestion relating to such Insurance, and to accept the amoiint 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 re-building or repairing of the said premises, or relating thereto, as the Directors shall think reasonable. 3B. The 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 damage done to the pi' s'uees, or retain and apply the same, or such part thereof as bey shall think iit, in or towards payment or satis- faction of the amount which shall be due from the Mortgagor to the Society, and pay the surplus, if any, to the Mortgagor, or to his legal representative. SALS, EXCIIANGK OU llKDEMl'TIOX 01' I'HOl'KUTY MORTGAOBD. ;U. If any Borrower who shall have executed a Mortgage to the Society shall desire to sell the Mortgaged property subject to the Mortgage, he shall be at Uberty to do so, with the con- sent of the Directors ; and iipon such sale being completed, and all arrears due to the Society from the Mortgagor being paid, and the conveyance to the purchaser executed, and a covenant given by him to the Society to pay the Mortgage debt, the Directors may grant to the original Mortgagor, and at his cost and charges, a release from all future liability in respect thereof. 35. It shall be lawful for any Borrower, having executed a !^' i 26 The Hamilton Provident and Loan Society. I 14 M If II Mortgage or other Instrument in favor of the Society, to substi- tute, at his own expense, and subject to the approval of the Directors, any other property or instrument as security to the Society, in heu of the property or securities originally Mortgaged. 36. If any Borrower shall desire to have his property discharged from a Mortgage lield by the Society before the expiration of the full term for which it has been taken, or before the expiration of the Statutory limitation relating to Interest on moneys secured by Mortgage of Real Estate, the Directors may consent to such property being discharged from said Mortgage on such terms as they may determine. 37. On the redemption of any Security by a Borrower, or when 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 Borrower, at the Oflice of the Society, with all other deeds and documents deposited by him in connection with such security ; but such discharge shall be prepared by the Solicitor of the Society, and at the expense of such Borrower. DIVISION OF I'ROFITS — CONTINGENT AND RESEKVE FUNDS. 88. The financial position of the Society shall be ascer- tained on the 31st December in each year, and the Profits and Losses shall then be apportioned between the Shareholders in proportion to the value of their Shares, and the time for which they shall have been Shareholders in respect thereof ; but if the Directors shall consider it advantageous, in the interests of the Society, to set apart a portion of such Profits for Con- tingencies, they shall have power to do so, and the same shall form a part of the general funds of the Society. And further- more, the Directors may also from time to time set aside such further portion of the said Profits as they shall see fit, to accumu- late a Reserve Fund which shall be for the exclusive benefit of the holders of Permanent Shares, and shall be invested and re-invested in like manner as the other funds of the Society, (but The Hamilton Provident and Loan Society. 27 the profits and increase thereon shall form a portion of the General Funds of the Society), and the said Ee; erve Fund may also, from time to time, as and when th. Directors shall determine, be divided and paid, either wholly or in part, to the said holders of Permanent Shares in proportion to the amount of their Shares at the time of such division. After provision, if any, so made for the said Contingent and Reserve Funds, such portion of the Net Profits thus ascertained and apportioned, as aforesaid, as shall appertain to Shares which shall not have been fully paid up, shall be placed to the credit of such Shares as declared profits to be payable, together with the principal sum, on their becoming due, and such portion of the Net Profits, thus ascertained and apportioned and declared, 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 as declared profits to the holder of such Share or Shares ; and if the Directors shall in their discretion see fit to declare a dividend, at a semi-annual or (luarterly period, they shall have power to do so ; and on Shares maturing during the currency of any year-such proportion of the undeclared profits shall be payable as the Directors, under the circumstances, may see fit. CONSTKUCTION OF KULES. •}9 In the practical application of these Hules, or any Hules hereafter to be made in virtue thereof, the construction put upon them by the Board of Directors shall be final and conclusive. Provided always, that all Mortgages, Contracts, Agreements or other Instruments made to, with, or by the Society, shall be subject to and governed by the Rules in force at the date of any such Mortgages, Contracts, Agreements or other Instruments. Every word in the singular number shall be applicable to the plural, and t.c. versus and every v,ord importing the masculine gender shall, where necessary, be understood to mean a female as well as a male, unless there be something in the subject- matter of the context repugnant to such construction; and 1 ' i i : 1 l; 1 1 ' 28 The Hamilton Provident and Loan Society. whenever the word Directors occnr.s, it shall be taken to mean the Board of Directors. C'OVKNAST HY MEMUKIIS SKININO UfLKS. We, the Meuiburs of The Hamilton I'rovident and Loan Society, who liave hereunto Hubscrihed, and riet our hands and seals, and who have become (testified by <>nr signing and seahng hereof) Shareholders in the said Society for the number of shares set opposite our respective names, do hereby severally, oacli for him- self, his executors and administrators, and not jointly, or one for the other, covenant and declare to and with the President and Treasurer of the said Society and tlieir successors in ofiice, that we and our several respective executors and administrators shall and will well and tiuly observe, perform, fulfil and keep all and singular the said foregoing and future Rules and Eegulations of the said Society, which, on our several and respective parts, are or ought to be observed, performed, fulfilled and kept. ifci n to mean Inaex to Jiule^, VAOB. Abstract of Assets and Liabilities ^^"^^ Accounts, Inspection of • ' • Adjournment of Meetings Advances to Borrowers \nnual General Meetings Application of Funds Application of Insurance Moneys Applying for Loans '^'^"^^ Assets and Liabilities Assets of different Societies Assignments of Policies Bankers ^i Banking Arrangements ^^^ Bankruptcy of Directors ^ Board of Directors ^q Books, Inspect " of • ^q By-laws and Begulations ^^ Calling of Meetings ^ Capital ,g Capital Stock ^ Capital, original subscribed ^^ Cash on hand - • 2^ Chairman of Meetings ^3 Compulsory Sales 27 Construction of Rules 2^ Contingent fund .^2 Correspondence 23 Costs of Sales 28 Covenant by Members 2i Custody of Seal 25 Damage to Mortgaged Property ^^ Debentures « Deed of Incorporation ii Index to Rules. »! 1 1' i ^^H^Hl ' ; ^m -i I it ^^I^H - %il, PAOE. Default in InHuring 24 Default by Mortgagors 17 Deposits 17 Directors ID ' * Absence from Meetings 20 " Bankruptcy of 20 " Death of or Removal from Office 20 " Election of and Voting for 19 " Indemnification 20 '«^ Number 19 " Qualification 19 " Resignation 20 " Term of Office 19 Discharges 21,26 Dividends 5,27 Division of Profit 2G Election of Directors 19 Equalized Repayments y Exchange of Mortgaged Property 25 Extra Creneral Meetings 19 Fines Abolished H First Prospectus 1 Fund, Contingent 2(i " Reserve 26 General Meetings 18 Government Returns 1-1 Inspection of Books and Accounts 20 Inspector 2 " Duties of 23 Insurance Claims 25 Insurance Money, Application of 25 Insurance of Mortgaged Premises 24 Issue of New Shares 17 Liabilities of Different Societies 14 Managing Mortgaged Property 23 Manitoba and N. W. Territories 8 Index to Rules. in -^ PAQB Books '-^2 Minute Money, Power to borrow or receive, MortgageH, Drawing of Name of Society New Shares, Issue of Premium on. 17 ,21 .15 .17 .17 Non-payment by Shareholders 1" Number of Directors ^"^ Objects of Society ' ° 17 2 4 16 16 Obtaining Advances Officers of Society Original Subscribed Capital - Payments of Shares Payments, when made Permanent Shares Place of Business President ,' " Election of ^" Premiums on New Shares ^ ' Prospectus, first '• second " third ' Qualification of Directors ■ Rebuilding destroyed premises Redemption of Mortgages Repair of Buildings Reports of Inspectors ■ " of Sohcitor " of Valuators Reserve fund Resignation of Directors Returns to Ontario Government of Different Societies 14 .. 6 . 8 ..19 ..25 8,26 ..23 .23 ..21 ..23 ..26 ..20 Rules Sale of Mortgaged properties. Sales under Power of Sale . . . Seal, Custody of 15-28 ... 25 ...23 ..21 I li-i li ^ :; \ IV. Index to Rules. PAGE. Securities, Nature of ^'^® Shares " payment of ^" " subscribing for 15 " transfer of 1^ Signing rules 1^ Solicitor 2 «' duties of 21 " fees of 22 Subscribing for Shares 15 Transfer of Shares 16 Treasurer 2 " duties of 22 Vacancies 20 Valuators 22 Valuators' fees 23 Voting for Directors 19 •w PAGE. ....4,18 4 16 15 16 15 a 21 22 15 16 2 22 20 22 23 19 Ml H< lativ 'il 1. to cc theii depo whic tied as ai and corp by t raisi ral 1 four exce to Soc pur; or any sha on I bor] acq u^ ! if it - «i» W W iy. W I HIiW statutes Relating to Building Societies, 20 eonsoKtrateir Statutes of ZXpptv Cauatra. CHAPTER LIII. An Act respectiiui Buildimj Societies. Her Majesty, by and with the advice and consent of the Legis- lative Council and Assembly of Canada, enacts as follows : 1. In case any twenty or more persons in Upper Canada agree to constitute themselves a Building Society, and execute, under their respective hands and seals, a declaration to that effect, and deposit the same with the Clerk of the Peace in the County in which they reside, (who, for receiving such deposit, shall be enti- tled to a fee of fifty cents), such persons, and such other persona as afterwards become members of the Society, and tlieir several and respective executors, administrators, and assigns, shall be a corporation, body corporate and politic, as a Building Society, by the name and style mentioned in such declaration, for raising, by monthly or othm- periodical subscriptions of the seve- ral members of the Society, in shares not exceeding the value of four hundred dollars for each share, (and in subscriptions not exceeding four dollars per month for each share), a stock or fund to enable each member to receive out of the funds ^f the Society the amount or value of his shares therein, for the purpose of erecting or purchasing one or more dwelling liouso or houses or other Freehold or Leasehold estate, or for any other purpose whatsoever, and the amount or vahie of such shares shall be secured to the Society by mortgage or otlierwise on any real estate belonging to the member at the time of his borrowing money from the Society, or on any other real estate acquired by such membei', until the amount or value of his shares, ■i 30 Statutes Relating to Building Societies with the interest thereon, have been fully paid, together with all lines or liabilities incurred in respect thi reof.— 9 Vic, c. 90, s. 1, —13, 14 v., c. 79, s. 4. 2. The several members of the Society may from time to time assemble together, and make such proper rules for the government of the same as the majority of members so assembled deem meet, so as such rules are not repugnant to the provisions of this Act or any other law in force in Upper Canada ; and they may impose and inflict such reasonable tines, penalties and for- feitures upon the several members of the Society infringing such rules as the majority of the members think fit, and to be respec- tively paid to such uses, for the benefit of the Society, as the Society by such rules direct ; aad they may also from time to time amend or rescind such rules and make new rules in lieu thereof, under such restrictions as are in this Act contained. 3. Except in the case of the withdrawal of a member, according to the rules of the Society then in force, no member shall receive or be entitled to receive, from the funds of the Society, any interest or dividend, by way of annual or other periodical profit, upon any Share in the Society, until the amount or value of his Share has been realized. 4. Every such Society may, besides interest, receive from any member a bonus on any Share, for the privilege of receiving the sanio in advance, prior to the same being realized, without be- coming thereby liable to any forfeitures or penalties imposed by any laws in force in Upper Canada relating to Usury. 9 V., c. 90, 8. 2,-22 v., c. 85, s. 0. 5. Every such Society shall, from time to time, elect and appoint any number of the members of the Society to be a Board of Directors, the number and qualification thereof to be declared in the rules of the Society, and may delegate to such Directors all or any of the powers given by this Act to be executed. 9 V., c. 90, s. 3, (5. The powers of the Directors shall be declared by the rules Doing Business in Ontario. 31 of the Society, and tliey shall continue to act during the time appointed by such rules. 9 V., c 90, s. 3. 7. In case Directors are appointed for any particular purpose, the powers delegated to them shall be reduced to writing, and entered in a book by the Secretary or Clerk of the Society. 9 v., c. 90, 8. 3. 8. The Directors shall choose a President and Vice-President, and they shall in all things delegated to them act for and in the nam3 of such Society, and the concurrence of a majority of the Directors present at any meeting shall at all times be necessary in any act of the Board. 9 V., c. 90, s. 3. 9. All acts and orders of such Directors, under the powers dele- gated to them, shall have the like force and effect as the acts and orders of the Society at a General Meeting. 9. V., c. 9, s 3. 10. The transactions of the Directors shall be entered in a book belonging to the Society, and shall at all times be subject to the review, allowance and disallowance of the Society, in such manner and form as the Society, by their general rules, direct and appoint. 9 V.,c. 90, s. 3. 11. Every such Society shall, in or by one or more of their rules, declare the objects for which the Society is intended to be established, and thereby direct the purposes to which the money from time to time subscribed to, received by and belonging to the Society, shall be appropriated, and in what shares or propor- tions, and under what circumstances any member of the Society, or other person, may become entitled to the same, or any part thereof. 9 V., c. 90, s. 4. 12. All such rules shall ))e comphed with and enforced ; and the moneys so subscribed to, received by, or belonging to the Society, shall not be diverted or misapplied either by the Treasurer or Directors, or any other officer or member of the Society en- trusled therewith, under ;such penalty or forfeiture as the Society by any rule inflicts for the ol'fence. 9 V., c.90, s. -1. 32 Statutes Relating to BuUdin{^ Societies 18. The llules for the managemeut of every such Society shall be recorded in a hook to he kept for that purpose, and such hook shall he open at all seasonable times for the inspection of the memhers. 9 V., c. 90, s. 5. 14. The Rules so recorded shall be binding c ^^ several members and officers of the Society, and the se.oral contri- butors thereto and their representatives, and they shall be deemed to have full notice thereof by such record. 9 V., c. 90, s. 6. 15. The entry of the Rules in the books of the Society, or a true copy of the same, examined with the original, and proved to be a true copy, shall be received as evidence thereof . 9 V., c. 90, 8. 6. 16. Such Rules shall not by Certiorari, or other legal process, be removed into any of Her Majesty's Courts of Record. 9 V., c 90, s. 0. 17. No Rules so recorded as aforesaid shall be altered or rescinded, unless at a general meeting of the members convened by public notice, written or printed, signed by the Secretary or President of the Society, in pursuance of a reciuisition for that purpose, made by not less than iifteen of the members, stating the objects for which the meeting is called, aud addressed to the President and Directors ; and each member of the Society shall, within fifteen days after such re{iuisition, be notified through the Post Office, of the proposed alterations ; and such general meet- ings shall consist of not less than one-third of the shareholders, three-fourths of whom must concur in the proposed alterations or repeal. 9 Y.,.c. 90, s. 7. Sec. 17 is repealed by ;}7 Vict., Chap. ."»(>. Sections 1 and 12, but operative under 29 Vict., Chap. 38, Sec. 2. 18. The Rules of the Society shall specify the place or ])lace3 at which it is intended that the Society shall hold its moetings-, and shall contain provisions with respect to the powers and duties tl^ Doing Business in Ontario. 33 uf the members at largp, and of the ofticors appointed for the management of its affairs. 9 V., c. IX), s. H. 19. Tl'e Directors shall, from time to time, at any of their usual meetings, appoint such persons as they think proper, to be oflicers of the Society, grant such salaries and emoluments as they deem tit, and pay the necessary expenses attending the management of the Society ; and shall, from time to time, when necessary, elect such persons as may be necessary for the pur- poses of the Society, for the time and for the purpose expressed in the Rules of the Society ; and may from time to time discharge such persons, and appoint others in the room of those who vacate, die, or are discharged. 9 V., c. 90, s. 9. 20. Kcpealed by Section 11, Act 1874, 21. Every such Society may take and hold any real estate or securities thereon, />ow a. //V/^ mortgaged, or assigned to it, either to secure the payment of the shares subscribed for by its mem- bers, or to secure the payment of any loans or advances made by, or debts due to, the Society, and may proceed on such mort- gages, assignments or other securities, for the recovery of the moneys thereby secured either at law or in equity or otherwise, and generally 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 the Society as any person or body corporate may by law take or use for a like purpose. 22, llepoaled by Section 4, Act 1874. 23. Every such Society may declare forfeited to the Society the shares of any member who is in default, or who neglects to pay the number of instalments or monthly sub:criptions fixed by any stipulation or By- law, and may 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 instead of such forfeiture and expulsion, the Soeiefcy may recover the arrears by an action of debt. 13, 14 V.. c. 79, s. 3. I 81 Statutes Relating to Building Societies 2 1 If the amount in arrear does not exceed forty dollars, the action may be brought in the Division Court of the Division wherein the office of the Society is kept. 13, U Vic, c. 71), s. 3. 25. Whenever any such Society has received from a Shareholder an assignment, mortgage or transfer of any real estate, to secure the payment of any advances, and containing an authority to such Society to sell the real estate in case of non-payment of any stipulated number of instalments or sum of money, and to apply the proceeds of such sale to the payment of the advances, interest, and other charges duo to tl.e Society, such stipulations and agreements shall be valid and binding, and the Society may cause the same to be enforced either by foreclosure or by an action or proceeding in either of Hor l^ajesty's Superior Courts of Common Law. in which action tho venue shall be laid in the County in which the lands lie, and the action may be brought m the names of the President and Treasurer of the Society, describ- ing them as such, or in the corporate name of the Society. 1'6, 14 v., c. 71), s. 1. 2G. If anv person appointed to an office by the Society, and being entrusted with and having in his possession, by virtue of his office, anv moneys or effects bel.mging to the Society, or any deeds or securities relating thereto, dies or becomes bankrupt or insolvent, his legal representative, or other person having a legal right, shall, within fifteen days after demand made by the order of the Directors of tlie Society, or the major part of them assem- bled at any meeting thereof, deliver over all things belonging to the Society, to such pers(ms as the Directors appoint. 9 V., c. 90, s. 11, 27. A.11 real and personal estate, property and effects, and all titles securities, instruments and evidences, and all rights and claims of or belonging to the Society, shall be vested in the President and Treasurer and their successors in office for the time being for the use of the Society and the respective members thereof, according to their respective claims and interests, and shall, for all purposes of bringing or defending actions or suits, Doing Business in Ontario. 35 ii civil or criminal, be cleemed to bo, and sliall be stated to be, the property of the President and Treasurer, in the proper names of the President and Treasurer for the time bein-,'. 28. The President and Treasurer may bring or defend any notion, suit or prosecution, criminfJ or civil, respecting any prop- erty, right or claim aforesaid, and may sue and be sued, plead anil be impleaded in their proper names as President and Treas- iirer of the Society without other description. 29. No such suit, action or prosecution shall be discontinued or abated by the death or removal from office of the President or Treasurer, but shall continue in their names ; and the succeeding President and Treasurer shall have the same rights and liabilities, and shall pay or receive like costs as if the action, suit or pros- ecution had been commenced or been defended in their names, for the benefit of or to be satisfied out of the funds of the Society. 9 V., c. 90, s. 12. 30. In all suits and prosecutions, the Secretary of the Society shall be a competent witness, notwithstanding he may also be Treasiarer of the Society and his name used in the suit or pros- ecution as such Treasurer. 9 V..c 90, s. 12. 31. The President, Vice-President, and Directors of the Society, in their private capacity, shall be exonerated from all responsibility in relation to the liabilities of the Society. 9 V., c. 00, s. U. 32. The rules of the Society shall provide that the Treasurer or other principal officer thereof shall, once at least in every year, prepare a general statement of tlie funds and effects of or belonging to the Society, specifying in whose custody or possess- ion such funds or effects are then remaining, together with an accoimt of all sums of money received or expended by, or on account of, the Society since the publication of the precedmg periodical statement. 9 V., c. 90, s. lo. 33. Every such periodical statement shall be attested by two •M\ Statutes Relating to Building Societies. or more members of the Si)inety not buiiiK' Directors, appointtHl auditors for that i)Ui'i)ose, aiul almll bo countorsigiu'cl by tho Secretary or Clerk of the Sooioty, and every member shall be entitled to rec(«ive from the Society, witliuut cdiiirKe, a copy of such periodical statement. 3-t. This Act ^i^all for all purposes extend to aliens, denicus and females ; and co-partners and corporate bodies may hold shares in any Society incorporated under the provisions of this Act, in the same manner, as single individuals; and this Act shall be construed in the most beneficial manner for promotinf,' theends thereby intended. 13, U V., c 7!), s. t, 9 V., c. 90, s 10. 35. The \v(n-d " Society " in tho foregoing sections of this Act shall be understood to include and to mean Building Society and InstiUition estabhshed under the provisions and a' thority of this Act, or any former Act respecting Building Societies ; the word "Rules" to include Rules, Orders, By-laws and Regulations ; the words " Real Estate " shall extend and apply to immovable estate and property generally ; and the word "securities" shall extend and apply to privileges, mortgages (equitable as well us legal), and incumbrances upon real and immovable estate, as well as to other rights and privileges upon personal estate and property. 9 v., c. 90, s. IG. 30. Whereas under the Act passed in the ninth year of Her Majesty's Reign, intitiTled " An Act to encourofH' tlie establishment of certain Societies commonly called BuHdimj Societie.^, in that part of tiie Province of Canada foimerlj constituting Upper Canad(f," certain Building Societies have lieen estabhshed called Permanent Building Societies, which have, in a great measure, superseded those Societies called Terminating Building Societies, and are conducted on more certain and equitable principles th^ui the said Terminating Building Societies, by enabling persons to become members thereof at any time for investment therein, or to obtain the advance of their shares or share by giving security therefor, and to fix and determine with the said Society the time and amount which such incmbers shall repay nv.oh a^.vanced Doini Business In Ontario. 87 „„,.„ or »hav„, »,, oUain the roU««e of ''- -'-VroHtJir "he Imaim'HH of tlio said Societj . Awti wneiu'i ,„!n,in the eutitlod to all tUo powers, beneht» "'V J^X «lu> have ,,,eite,l Acts and of this ,Vct : -"» ''"■V '-■■;™ ° /'"" ,,,, Society Mguea the Rales and Begnlat.ons of ''''y ;' ^^™;'",%,,, ,,i^ o,:tered and recorded in a bool. as .n '«""""" ^i^,, „„a recited Act, passed in the ' j ,^ y"- ° f „ ^1 La i.ave sub- in the thirteenth section of this A< I » ' ,^,, „,^,„, „, rfmre. .cribed his or their „a,„e >. na,ne a 1 , .» ^^__^^ ^^ ^^^^^^ •aolders for one or more "''"; • ^ '""^' , ,„ ,.;,e been a sigaatm-e and subscription, ''» ""\*'^'7".°' , i-,, „,,,Urction ..enrber or members of -;;;^'^- ^^ C maragemeirt of such of the booK -'"»'"™8"^ ;;,'"„, tire said Act, and in the Society, kept as in «'^^ "f;"''' °" .,.,j ,i,,ed by such person thirteenth section of ";-,f ' '^ '" ^^'a id tor aU purposes b, and dnly witnessed, shall, at all t™"" " g^^j^t ij2 safficieot evidence of membership m such Buildm. y v., c. 4.5, s. 1 (1860). . T. 1 1;.,„ Srcietv may alter, amend, repeal S7 Any Permanent Budding aocieiy in».y or c^el any Begulation, Eule °'- ^^^'^^ ^^ j^^;' .^rSo i ty said society at »PuM. meeting » «'— ^ ,^:„,„„ „, ,his r::t r w^r^ c''— — <" '- — ^ -' '" 38 Statutes Relating to Building Societies said Society, entitled to vote hy tlie Rules of the said Society, and representing not loss than two-tliirds of the unadvanced Stock of such Society, do, either in writing uiidor tlioir hand or hy a vote at such meeting, concur in such alterations, arnendniont or repeal of such Regulation, Rule or Bylaw, or in the creation of any new Rule, Regulation or By law. 22 V., c 45, b. 2 (18;V.)). Sec. a? is repealed l)y 37 Vict., Chap. 50, Sections 1 and 12, but operative under 2i) \ict.. Chap. .'58, Sec. 4. 38. Repealed by Section 0, Act 1874. 39. When any Share or Shares in any Society have bion fully paid up according to the rules of the Society, or have become due and payable to the holder thereof, then and in sucli case the holder of such Share or Shares may either withdraw the amount of his Share or Shares from the said Society, according to the rules and regulations thereof, or invest the amount of his said Share or Shares in the Society, and receive therefrom periodically such proportion of the profits made by such Society as may bo provided for by a By-law to be passed for the purpose ; and the amount of such Share or Shares so invested shall become fixed and permanent Cai)ital or Shares in the said Society, not with- drawable therefrom, but transferable in the same manner as other Shares in the said Society. 22 V., c. 4.'5, s. 4. 40. Such Society may advance to members on the security of investing on unadvanced Shares of the said Society, and may receive and take from any person or persons, or bodies corporate, any real or personal security of any nature or kind whatever, as collateral securit;> for any advance made to members of the bociety. 22 ^.'., c. 45, s. 5. 41. Any Society may hold absolut9ly real estate for the pur- poses of its place of business, not exceeding the annual value of Six Thousand Dollars. 22 V., c. 45, s. 6. 42. Repealed by Section 10, Act 1874. Doing Business In Ontario. 89 29 VICT., CAP. XXXMII. An Act to make further provision for the management of Perma- nent huildiiuj Hucietie» in Upper Canada. [Assented to IBth Septemheii, 1865.] Wnrni-AS it is expeilient to make farther proviHiou for the manRRement of Permanent Building SocietioH in Upper Canada : Therefore, Her Majesty, by and with the advice and consent of the Legislative Coundl and Assembly of Canada, enacts as fol- lows: 1 It shall be lawful for the Directors of any Permanent Building Society in Upper Canada, at any time and Irom time to time as they may think expedient, by resolution, to close for any Bpecilied time, or until further order, the subscription of Shares to be held for investment in the Society, and thereafter, until the expiration of such specified time, or until such furthe^r order, no new Share shall be subscribed for investmen in the Society Provided always, that such new issue of Shares shall be allotted to the then existing Shareholders pro rat. as nearly as possible without fractions but in case such new Shares be not taken up within thirty days, then the said Shares, or the remaining Shares shall be sold, and any premium thereon applied to the general benefit of the Society. 2 It shall be lawful for the members entitled to vote, at any time by resolution to be passed at any Special or General Mee - iug for which meeting notice of such intended resolution shall have been duly given, according to the seventeenth section of ilpte Tfty hre' of tlie Consolidated Statutes for Upper Canada o determine that no new Shares shall thereafter be subscribed rtvestment in any such Society ; and thereafter no new Share ior investment shall at any time be subscribed therein, and the subscription of such Shares shall cease forever. 3 Nothing done under the preceding clauses of this Act shall l,ave th« effect of preventing any such Society from creating, as 40 Statutes Relating to Building Societies !l it otherwise might any Share or Shares to be immediately advanced to the sul>scril)er or subscribers thereof, or of prevent- ing any peiv-ion from subsciibuig. as he otherwise might, for any Share or Shares, in order immediately to obtain the advance thereof from such Society by giving security therefor. 4. Any member entitled to vote at any meeting of any Perma- nent Building Society, held under the thirty seventh section of chapter fifty- three of the Consolidated Statutes for Upper Canada, may be represented and vote at such meeting by his proxy, such proxy being a member of such Society. 6. Kepealed by 37 Vic , Chap. 50. Sections 1 and 12. 6. It shall be the duty of the Secretary or Treasurer, and the President or Vice-President of every snch Society, to make yearly returns, upon oath, to the Auditor of Public Accounts, of the affairs of such Society, and in such manner as may be by him prescrilied, stating therein the mode by which the assets of such Society are valued . 7. The thirty-ninth section of chapter fifty-three, above men- tioned, shall be amended by adding the following proviso thereto : " Provided always, that ariy Share or Shares may, at any time, bo paid up in full and capitali7,ed at once, as per- manent stock, and any such Share or Shares, heretofore paid in full, or in part, shall be as vaHd as if the same had been paid by periodical or other subscription," The proviso followiiig the word " subscription "* is repealed by 37 Vic, Chap. 50, Sec. 12. 8. All provisions of all former Acts, which may be inconsistent with this Act, shall be held and taken to be by this Act amended, so far as may be necessary to render them consistent with this Act. Doing Business in Ontario. 41 37 VICT., CAP. L. An Act to make further provision for the mancujement of Fenna- nem BiUkUno Societies carnjiner of Shares of the capital stock, the amount or par value of each Share, and the manner of converting the capital stock of each of the said corporations into that ot the new corporation, and how and when and for how long Directors and other officers of such new corporation shall be elected, and when election shall be held, with such other details as they shall deem necessarv to perfect such new organization and the con - ' solidation and amalgamation of the said corporations, and the after management and working thereof. 15. Such agreement shall be submitted to the stockholders of each of the said Societies, at a meeting thereof, to be held separately, for the purpose of taking the same into con- Doing Business in Ontario. 47 sideration ; notice of the tliiio and nlace of such meetings, and the object thei'eof, shall be j^ivenby written or printed notices addressed to each shareholder of the said Societies respectively, at his 1 ist known post-otfice address or place of residence, and also by a general notice, to be published in a newspaper published at the cliief place of business of such Societies, once a week, for two successive weeks. At such meetings of stockholders such agreement shall be considered, and a vote by ballot taken for the adoption or rejection of the same, each share entitling the holder thereof to one vote, and the said ballots to be oast in person or by proxy ; and if two-thirds of the votes of all the stockholders of such corporations shall be for the adoption of such agreement, then that fact shall bo certified upon the said agreement by the Secretary of each of such corporations, under the corporate seals thereof ; and if the said agreement shall be so adopted at the respective meetings of the stockholders of each of the said corpo- rations, the agreement so adoi^ted, and the said __ certificates thereon, shall be filed in the office of the Secretary of "^tate of the Dominion of Canada, and the said agreement shall from thence be taken and deemed to be the agreement and act of con- solidation and amalgamation of the said Societies, and a copy of such agreement so tiled, and of the certificates thereon, properly certified, shall be evidence of the existence of such new corpora- tion. 16. Upon the making and perfecting of the said agreement and Act of consolidation, as provided in the next preceding section and the filing of the said f greement as in the said section provided , the several societies, pare ^s thereto, shall be deemed and taken to be consolidated and t»j form one corporation by the name in the said agreement provided, with a common seal, and shall possess all the rights, privileges, and franchises, and be subject to all the disabilities and duties of each of such corporations so consolidated and united, except as herein otherwise provided. 17. Upon the consummation of such act of consolidation as aforesaid, all and singular the busiuess, property, real, personal I 48 Statutes ReMIni to Building Societies and ,^.,^z^^^ »»'i '-r^x::';;:::! *:::':;.:« ,toA mortgages o. other 7-;'7;jt;^' t' iiou belong- debts due ou whatever account and """""; ^„,,„„ ,,4 ing to .uch corporations or ^'^J'^V^'^^'^^J^t^ew corporation deemed to he transierred ^ ■^::^ZZ. that all r'ght, of without furtlier act or deed Provu ^^^ ^^^^^^ ^^^^^^.^^ creditors and hens "P^^'^ff^h consolidation, and ail debts, tious, shall be nmmpa.red by such cons ^,,^,1 liabilities and duties of either ol the sa d «JP ^ thenceforth attach to the„ewcorp.raU„.ane^^^^ it to the same extent as if the saul cle» ^^^^ ^^ had been incurred o'' "■'"'""''''^ ''•'^/V,. b! orTainst the said action or Vro^^^^'^^-^^^.J.^. - ^^ ^^^ „,. ,^ :::r:rnr?o?;::t:x^^^^^^^^^^^ - -- -- - proceeding in the place thereof. „i „t the Auditors of the Society, the 18. The choice and removal of the Aua.to ^^^^ determination as to the remuneration of ^^^^^ ^ Auditors, shall ''e;-'- ^^ J^ t^^ r^Kl.rs ; Provided and the Auditors shall not "°<'«f'""Y . ,„eh Auditor, that in case of the death or '"'«:, "^ttisp'ace, and at all the Directors may ^''-'/itrsetyth: shareholders shall meetings of the shareholdei s ot tne oooi« .y Tave oue vote for each share held by them respectively. 19. Repealed by 43 Vic, Ohap. 43, Sec. 5. SCHEDULE A. ^^.^^^ Debenture Ho. Tranferable. » Under the authority of an Act of the Parliament of Canada, Victoria, Chapter The President and Directors of the Society Doing Business in Ontario. 49 promise to pay to or beaver the sura of dollars, on the day of , in the year of Our Lord one thousand eight hundred and at the Treasurer's office here, with interest at the rate of per cent, per annum, to be paid half-yearly on presentation of the proper coupon for the same as hereanto annexed, say on the day of , and the day of in each year at the office of the Treasurer here (or their agents in .) Dated at , the day of For the President and Directors of the , 18 . Society. C. D. Secretary. A. B. COUPON. No.l. ' Half-yearly dividend due of 18 , on Debenture No. issued by this Society on the day of 18 ,for « at percent, per annum, payable at the office of the Treasurer, , (or at the Society's agents •) For the President and Directors. C. D. Secretary. A B. 50 Statutes Relating to Builiing Societies m 40 VICT. CHAP. XLVIII. All Act to amend the Act thirtii seventh Victoriu, chapter fifty, rettpecting Permanent Building Societies in Ontario. [A.88BNTBD TO 28rH Apbil, 1877.] In amendment of the Act pabsed in the thirty -seventh year of Her Majesty's reign, intituled " An Act to make farther provision for the management of Permanent Building Societies carrying on busmess in the Province of Ontario," Her Majesty, by and with the advice and (consent of the Senate and House of Com aons of Canada, enacts as follows : 1. Where any such Society is mentioned in the said Act, thirty- seventh Victoria, chapter fifty, is desirous of changing its name, the Governor- General, upon being satisfied that the change desired is not for any improper purpose and is not otherwise objectionable, may, by order in Council, change the name of the Society to some other name set forth in the said order. 2. The Society shall give at least four weeks' previous notice in the Canada Gazette of the intention to apply for the change of name, and shall state the name proposed to be adopted ; in case the proposed name be considered objectionable the Governor-m- Council may, if he think fit, change the name of the Society to some other unobjectionable name without requiring any further notice to be given. 3 Such change sliall be conclusively established by the inser- tion in the Canada Gazette of a notice thereof by the Secretary of State ; and his certificate of such change having been made shall be obtained bv the Society, and filed in the office of the Clerk of the Peace of the county with whom is filed the declaration con- stituting such Society ; the clerk shall, upon payment by the Society of a fee of one dollar therefor, endorse a copy of such certificate upon the said declaration ; and the Society shall (under a penalty of two hundred dollars in case of default) u ithin one month after the insertion of the said notice cause the said cer- An Doing Business In Ontario. 61 tiflcate to be ftled, and require the said endorsement to be made as aforesaid. 4. No alteration of its name under this Act shall affect the rights or obligations of any such society, and oil proceedings may be continued or commenced by or against any such Society by its new name that might have been continued or commenced by or against it by its former name. 5. The Governor-in-Council may establish the fees to be paid on application for change of name under this Act. 40 VICT., CHAP. XLIX. An Act to amend the " Act to make furih-r provision for the management of Permanent Duilding Societie,-< carrying on husi- nesH in the Province of Ontario.'^ [Assented to 28th APRm, 1877.] Whereas by section six of the Act passed in the thirty- seventh year of Her Majesty's reign, chapter fifty, as applied by section twelve of the said Act, it is in effect amongst other things enacted, thPt it shall be lawful for any Permanent Building Society carry- ing on business in the Province of Ontario and having a paid-up capital of not less than two hundred thousand dollars in fixed and permanent stock, not liable to be withdrawn therefrom, to receive deposits, and also for the Board of Directors of any such Society to issue debentures of such Society ; provided always, among other conditions, that the aggregate amount of money deposits in the hands of such Society, together with the amount of debentures issued and remaining unpaid, shall not, at any time exceed the amount of capitaHzed, fixed and permanent stock in such Society, notUable to be withdrawn therefrom, by more than one-third of the total amount of the said capitahzed stock • and whereas it is expedient that such Hmitation should be «nlftrJfid and that Societies having a il^ed and pei-manent paid-up I «r- 53 Statutes Relating to Building Societies i iC 'i capital, not liable to be withdrawn, of one hundred thousand dollars, should be inveHted with the powers conferred by section six of the said /Vet ; Therefore. Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows : 1 Notwithstanding anything in tlie twelfth section of the Bc'd Act contained, any Society having a tixod nnu -rmauent paid-up capital of one hundred thousand dollars, not liable to be with- drawn, may exercise th. powers by the sixth section of the said Act ccnferred. and the term " such Society " m the said Act and in this Act shall be held to include any such Society as in this section first mentioned. 2 The aggregate amount of money deposits in the hands of any such Society, together with the amount of its debentures issued and remaining unpaid may be equal to but shall not at any time exceed double the amount of the unimpaired, capitalized, fixed and permanent stock in such Society, not liable to be with- drawn therefrom : Provided always, that the amount held by any Society on deposit shall not exceed the amount of the paid-up and unimpared capital of such Society, and that the total liabilities of any such Society shall not at any time exceed the amount of principal remaining unpaid on the mortgages at suca time held by such Society ; and that in estimating the liabilities of any such Society the amount of cash actually in the hands of such Society, or deposited to its credit in any chartered bank, shall bo deducted therefrom ; and that in estimating the unim- paired, capitaUzed, fixed and permanent stock of any such Society the amount of all loans or advances made by it to its shareholders upon the security of their stock shall be deducted therefrom : Provided always, that in the event of any Company now incor- porated availing :tself of the provisions of this Act for the purpose of enlarging its powers to borrow money by debentures, nothing herein contained shall be construed as affecting, or in any wise impairing the right of the holders of debentures issued by the uaid Company. Doing Business in Ontario. 68 •A. Repealed by 13 Vict., Chap. 43, Sec. 5. 4. The word " Society " in this Act sh'vll A^o mchxae and mean Company." ^ 41 VICT., CHAP. XXII. An Art to amend the hno respecting Building Societies carrying on hiidneaa in the Province of Ontario. [Absented to lOxn May, ISIS.] Her Majesty, by and with tlio advice and consent of the Senate and House of Commons of Caua.la enacts as fol) ..'s : 1 The members of any Permanent Building Society carrying on busuiess in the Piovince of Ontario, entitled to vote, may, ut any tiuie, by a resohition, to be passed by a majority ot two- thirds of the votes of such members present or represented by proxy at any special or general meeting, (for which meeting notice of such intended resolution shall be duly given), determuethpt all shores thereafter subscribed for in such Society Hhall be faxed and permanent capital and not liable to be withdrawn theretrom ; and any share tliereafter subscribed for in such Society shaU be fixed and permunent capital an.l not withdrawable theretrom, but transferable in the same manner as other shares in such Society. 2 The Directors of any such Society may fax the a-aount to be paid on the subscription of any such scares, which am .unt shai not be less than twenty per cent, o:i the shares subscribed, and the premium (if any) which shall be paid thereon, and when sucli premium shall be payable ; and it shall be in the discretion ot the Directors, from time to time, to call up the balance of any such shares, at such time or times as they think best. And any such Society may. from time to time, pay dividends by way o annual or other periodical proftts, upon the amounts Paul o i such shares. In all other respects such shares shall be subjec^ to the gcn-ral provisions respecting shares in Permanent Buddui^ Societies can ing on business in the Province of Ontario. 54 Statutes Relating to BuHding Societies 42 VIOT., CHAP. XLIX. An Act respecting Building Societies carrying on business in the Province of Ontario. ^^na i [ASHENTED TO 15tH MAY, iO/y.j Whereas by the second section of the Act passed in the fortieth year of Her Majesty's reign, chapter lorty-nme, it is enacted as follows : " The aggregate amount of money deposits in the hands of any such Society^ together with the amount of its debentures issued and remaining unpaid, may be equal to, but shall not, at any ti.ne, exceed double the amount of the unim- paired capitahzed, fixed and permanent stock in such Society, not liable to be withdrawn therefrom ; Provided always, that the amount held by any Society on deposit shall not exceed the t>.mount of the paid-up and unimpaired capital of such Society, and that the total liabilities of any such Society shall not at any time exceed the amount of principal remaining unpaid on the mortgages at such time held by such Society ; and that, in esti- mating the liabilities of any such Society, the amount of cash actually nithe hands of such Society or deposited to its credit in any chartered bank, shall be deducted therefrom : and that in est:;nating the unimpaired, capitalized, fixed and permanent stock of any such Society the amoimt of all loans and advances made by it to its shareholders upon the security of their stock shall be deducted therefrom." And whereas doubts may arise as to the meaning of the words * "liabilities of such Society" where the same occur in the said section ; And whereas it is expedient to remove such doubts and to amend the said Act, Therefore Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada enacts as follows : 1. In the said section the words " liabilities of such Society," ■ r^ 'i wii ji. ' imi ^i tta a irBa ^A,aB^i^.:-:>2^ P' «t-ry -i->Ef^ sa-''»i^.T^ i>'"I^^^^'l'T " < Doing Business in Ontario. 56 or " total liabiUties of such Society," shall betaken to mean, and are hereby declared to mean, only the liabilities of any such Society to the pubUc, and shall not be taken to include, and xt is hereby declared that the same do not include the liability of any such Society to its shareholders in respect of its capital stock or otherwise to its shareholders as such. 2 Any permanent Building Society carrying on business in the Province of Ontario, under the laws of the Dominion, having a fixed and permanent capital stock of not less than one hundred thousand dollars, is hereby authorized to < .rry or business m the Province of Manitoba, or in the North-West Territories, or in any Province that may be formed out of tbe same ; ai Ifor such purpose is hereby declared to be a body corporate with all the powers, privileges and liabilities heretofore enjoyed by such Society in the Province of Ontario only. 3. Any such Society may hold, absolutely, real estate for the purposes of or in connection with its place or places of busi- ness not exceeding the annual value of ten thousand dollars; but this section shall not affect any action or suit now pending. 4 If the interest of any person ov persons in any share or shares in the capital stock or in any bond, debenture or obliga- tion of any such Society, -such bon.1, debenture or obligation not being" pavable to bearer, -hath become, or shall become transmitted in consequence of the death, or bankruptcy or insolvency of any such holder, or in consequence of the mai- "ge of a female holder or by any other lawful means other than a transfer upon the books of the Society, the Directcu. shall not be bound to allow any transfer pursunnt to such transmission to be entered upon the books of the Society, or to recognise such transmissi.)n in any manner until a decla- ration hi writing, shewing the nature of such transmission and signed and executed by the peison or persons c aim mg by Ttue of such transmission, and also executed by the former Cholder, if living and having power to execute the same, 56 Statutes Relating to Building Societies Bhall have been tiled with the manager of the Society, and approved by the Directors ; and if such declaration purporting to be signed and executed shall also purport to be made or acknowledged in the presence of a Notary Pubhc, or of a judge of a court of record, or of a mayor of any city, town or borough or other place, or a British Consul or Vice-Consul, or other accredited representative of the British Government in any foreign country, the Directors may, in the absence of direct actual notice of a contrary claim, give full ere it o such declaration, and unless the Directors are not satislaed with he responsibility of the transferee, shall allow the name ot the party claiming by virtue of such transmission to be entered in the books of the Society. 5 If such transmission has taken place or shall hereafter take place by virtue of any testamentary act or instrument, or m conse.iuenc3 of an intestancy, the probate of the will, or letters of administration, or act of curatorship, or testament testamentary, or testament dative expeJe, or other judicial or official document under which the title, whether beneficial or as trustee, or the adn ^nistration or control of the personal esta e of the deceased, shall purport to be granted by any court or author- ity in the Dominion of Canada, or in Great Britain or Ireland, or any other of Her Majesty's Dominions, or in any foreign country, or an authenticated copy thereof, or official extract therefrom shall, together with the said declaration, be produced and deposited with the manager ; and such production and deposit shall be suiftcient justification and authority to the Du-ectors for paving the amount or value of any dividend, coupon, bond, debenture or obhgation or share, or transferring, or consentmg to the transfer of any bond, debenture or obligation or share, in pursuance of n.nd in conformity to such probate, letters of administration or other such document as aforesaid. « Whenever the Directors shall entertain reasonable doubts as to the legality of any claim to or upon such share or shares, bonds, debentures, obligations, dividends, coupons, or the pro- .air"5ir:a.*ii..i Doing Business in Ontario. 67 ceeds thereof, then and in such case it shall he lawful for the Society to file in any one of the superior courts of law, or in the Court of Chancery, in the Province of Ontario, a petition stating such doubts, and praying for an order or judgment adjudicating and awarding the said shares, bonds, debentures or obhgations, dividends, coupons (U- proceeds to the party or parties legal y entitled to the same : and such court shall have authority to restrain anv action, suit or proceeding against the Society the Directors or officers thereof, fbr the same subject matter, pending the deteimination of the said petition ; and the Society and the Directors and officers thereof shall be fully protected and mdem- nified by obedience to such order or judgment against all actions, suits, claims and demands in respect of the matters which shall have been in question in such petition, and the proceedings thereupon: Provided always that, i^ the cour adjudges that such doubts were reasonable, the costs, chaiges and expenses of the Society, in and about such petition and proceedings, shall form a hen upon such shares, bonds, de^ bentures or obligations, dividends, coupons or Proceeds and shall be paid to the said Society before the Society shall be obhged to transfer or assent to the transfer, or to pay such shares, bonds, debentures or obligations, dividends, coupons or proceeds to the party or parties found entitled thereto. 7. The word " Society," in this ^ct shall also include and mean "Company." __ •43 VICT,, CHAP. XLUI. An Act for the relief of Permanent Duilding Societies and Loan Companies. Assented to Tth Mav, 1880. WnE,..A», act, ng und« the authority of the Act P-«ed in Jjbo thirtyseveuth year of Her Majesty's re.gn, chapter hfty, .ntituled ..in Act to make further provision for the ruanagemeut of p„^,„„e!,t Building Societies carrying on business in the fro- 58 Statutes Relating to Building Societies vince of Ontario," the Minister of Finance has, from time to time, furnished to Ikiilding, Loan or Saving Societies or Com- panies in Ontario, on their application, printed forms purporting to be forms of statement in accordance with the provisions of the said Act in that behalf ; and whereas, on account of some difference in the language used in the said forms as compared with the language of the said Act, and by reason of aftidavita not having been made verifying such statements, doubts have arisen as to whether returns mafle upon the said forms are a compliance with the said Act, and it is desirable to remove such doubts and to relieve Societies whose officers have made their returns upon the said forms from being harassed by suits for penalties under the said Act. and also to further amend the said Act above cited: Therefore Her Majesty by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows : 1 Every statement transmitted to the Minister of Finance, at any time previous to the passing of this Act, by any Building, Loan or Savings Society or Company incorporated under chapter fifty-three of the Consolidated Statutes of Upper Canada, or any Act thereby consolidated, or otherwise incorporated, which state- ment purports to have been filled up according to the said printed forms or otherwise in substantial compliance with the provisions hereinafter mentioned, whether the same has or has not been attested bv oath or affirmation, shall be deemed and taken to be, and to have been, a sufficient statement, and in compliance in all respects with the provisions of the nineteenth section of the said Act intituled " An Act to make further provision for the manage- ment of Permanent Building Societies carrying on business in the Province of Ontario," or of the said section as amended by the third section of the Act passed in the fortieth year of Her Majesty's reign, chapter forty-nine, as the case may be, and to have been properly made, filled up and attested according to the provisions of the said Acts, whether such statements were attested or not, or whether or not the said statement or the affidavit verifying the same was transmitted in due time to the said 1 1 Doin§ Business In Ontario. 59 Finance Minister ; and every Soeioty ov Company incorporated as aforesaid, the ofticers ot which shall have transmitted such statement, shall be and is hereby indemnitied, exonerated freed and discharged of and from all pecuniary penalties and forfeitures whatsoever (if any) which may have been incurred by such Company or Society by reason of its having neglected to transmit any other, or further, or differently attested statement, or to perform the obligations imposed on it by the said Acts or any of them in that behalf. 2. In case any action, suit or proceedings shall, after the pass- ing of this Act, be brought, carried on or prosecuted, against any Society or Company for or on account of any pecuniary penalty or forfeiture whatever incurred or to be incurred by any such neglect, as is intended to be relieved against by this Act, such Society or Company may plead the general issue, and upon then- defence give this Act and the special matter ui evidence upon any trial to be had thereupon ; and in any action or suit commenced before the passing of this Act or now pending against any Society or Company for or on account of any such neglect, the court or judge thereof shall, on the application of the defendant, order al such proceedings in such action or suit to be stayed on payment ,of the costs thereof to the plaintiff therein, but in default of such application the plaintiff may prosecute such action or suit to judgment. 3 No action brought after the passing of this Act against any Society or Company incorporated as aforesaid for any past or future failure to comply with the provisions of the said Act or ot the said Act as amended as aforesaid, as the case may be, shall be maintained, if such action was or is commenced at any time subsequent lo the receipt by the Minister of Finance of the statement required by the said Act. or of the statement, whether attested as aforesaid or not, declared valid by this Act unless such action is brought by the Crown, or by the Minister of Justice suing on behalf of the Crown. A Tl,P T^rovisions of the said nineteenth section of the said Act, V: i if' 60 Statutes Relating to Building Societies intituled " An Act to make further provision for the management of Permanent BuiUling Societies carrying on business in the Province of Ontario," shall not. nor shall those of the said sec- tion as amended as aforesaid, be held to api)ly, or to have applied, to any Society or Company which has ceased or shall have ceased, to carry on business prior to the year for which the return is or was reauired, nor to any Society or Company which, though incorporated, never carried on business ; and upon its being proved that any Society or Company incorporated as aforesaid did not lend any money, or r-ioive any deposit, or issue any debenture during the year for wliich it is alleged a return in accordance with such section, or with such section as amended as aforesaid, has not been made, siich Society or Company shall be deemed to have ceased to carry on business within the meaning of this section. 5. The nineteenth section of the said Act passed in the thirty- seventh year of Her Majesty's reign, chaptered fifty, as ainended by the third section of the said Act, passed in the fortieth year of Her Majesty's reign, chaptered forty-nine, and the said last men- tioned section, are hereby repealed, and the following substituted therefor : — "19. Such Society shall, on or before the first day of March in " each year, transmit to the Minister of Finance a full and clear " statement of the Society's assets and liabilities on some day to •' be stated therein ; and such day shall not be more than twelve " months prior to the said first day of March, or earlier than the "end of the last preceding financial year of such Society; and " such statement shall contain, in addition to such other particu- " lars as the Minister of Finance may require, the following :— " (a) The amount of stock subscribed ; " ^b) The amount paid in upon such f tock ; " (c) The amount borrowed for the purposes of investment and ♦ ' the securities given therefor ; I. i Doini Business in Ontario. <)1 'Z^^;^^:^^^ invented and secaved by movtg.ge deed« ; .. („ j,m„„„t of mortgages payable by imtalment- -, ..,„ .be.™be.. and --/-^rt^irr^e";: - and the amount chargeable againnt it ; t +1,0 SooietV investments on „ ,,,) The present cash va ue «' '^^ ^^^^ ■ „,. ,.^,,, p,, eent. .. mortgages and othe. «-""'-■ ^^ttscouuted in ascertaining " ^* «"'"' "'\':rv:r irie . .ates sl^aU be a. least - such present cash value , w ^^^^^tgages or other ocuri- ties respectively ueni^ ui (( (( 41 (1 H H u it u u IB icajj^ - .1 . , snch statement shaU be ^^^,:f::::::;£Z .on^e .instice of the feace o.-^— 'one ^^^^ ^^^^^^^^^^ in the snperioi' courts) of »«<> P"'" ^ ,,^ „„„,. the manager, Vice-president, »-»f »"'=": f eT, o, .hom shall swear secretary or auditor of «»"'' ^""^l "" ,e,aid, that the state, distinctly that he '"" "*;:,; /I^ of the Company, ment has been prepa ed b) he prop , ^^.^^ ^^^ that the deponent I'eheves that rt h s been 1 P^^^,^^^^^^ ^ ^^^^ cave, and that he believes . o^J^^^n. e y P ^^ ^, ^^_^^^ . ^ -"•^'---ttelhrm^r colllwe to the pnhhc good: snch manner as he thmKs m ,..t„„ont in due course of and for any neglect to '™-;;;'' ];;'' ^^ Ii„„ the same should po,t, within hve **^;;' ^-,*; ,1 X apenaltyof MtydoUars ::::r ClTt'Cin the who,e one thousand dollars. "---r-fM^rirint!:^^:;::— u the said first day of Maicn, . ^-^ ^^s continuance 62 Statutes Relating to Buildinf^ Societies " Canada Gazette, declare the business of such Society to have " ceased, so far as regards borrowing money, and any other mat- " ters mentioned in the Order-in Council and notice aforesaid." 6. Any statement heretofore made, or which may be hereafter made by any Society or Company with reference to a financial year of such Society or Company ending prior to the passing of this Act, shall be deemed sufficient if such return is made, either in accordance with the provisions of the said section nineteen hereinbefore repealed, or of the said section as amended as afore- said, as the case may be, or in accordance with the provisions of this Act. 7. If any officer of a Society or Company shall, when called upon to attest the statement required under this Act, find him- self unable to make the required affidavit of attestation, on account of his having doubts as to the correctness of the state- ment presented to him for attestation, and further time is needed in order to permit of an examination of the items making up such statement, then, upon application of such officer, or of any one on his behalf, or on behalf of the Society or Company, made at any time before the sixth day of Marcih of the proper year, the Minister of Finance may enlarge the time for transmitting such statement to a day not later than the first day of May of such year, - and the day so fixed by the said Minister of Finance shall thereupon become the day within five days of which the said statement, attested as required by this Act hall be transmitted by such Society or Company to the Minister of Finance, under the like penalties, in case of omission to make the same within such time, as if such day had been inserted in the nineteenth section of the said Act as amc uded by this Act, in lieu of the first day of March : Provided that the said enlargement of time shall not prevent proceedings being taken under the nineteenth section of the said Act as amended hereby, if the (rovernor-General-in- Council shall so order. 2. It shall be sufficie}it, if the statement required te be furnished Doing Business In Ontario. «il on «■ before the ttrBt day of Mareh, one tho,,.and e.ght Inmdred Za eighty, is transmitted to the Minister of Finance on or be o o ^e first day of May »ext following, ™ith power to the said M nit;* on'nance, Jnder the U.e circumstances, to enlarge sn.U time to a day not later than the Hrst day of June of such jea. . 8 The provisions contained in section five of this Act, from the ftKure 19 to the end thereof, and in section seven of this Act, shall apply to every Investment, Loan or Savings Society or Company Torporated by Act of Parliament of Canada, and to every » tiou or corporation incorporated without the Domm.on of Canada and lending and investing money in Canada, and to the ofhcersm tanada of every such Society or Company, institution or corpora^ «:: a^id to the\liiiister of Finance with relation 'o jery such Society or Company, institution or corporation ; and toi that pur- p he word "Society " in the said sections shall -an ;;^° -^ Llude Company, institution or corporation, as the case may require. 9 The Compliance by or on the part of any such Society or Company, insi^itution or corporation and its officers with the said ^Zlolk shall be deemed and taken to ''^-.»-rl.ance wi ^ the provisions of any section of any Act «1"™f;"tSrof Company, institution or corporation to transmit to the Mm.ster of I-rance Iny annual statement or return of its affairs or of it. assets and liabilities. 43 VICT., CHAP. XLII. An Act relatm to Interest on moneys secural hy Mortgage of ^ Real Estate. [AssENi'Eu TO Ti'H May, 1880,] WUBBB^S it is expedient to make certain provisions concerning interest on moneys secured by mortgage of -»1- "' ' "^^; Her Majesty, by and with the advice and consent of the Senate and House of Comir ms of Canada, enacts as follows . 64 Statutes Relating to Building Societies .!■ 1, Whenever any prinoipa) moiiey or interest secured by mort- gage of real t .state is by the Haiuoruaile payable on the sinking fund plan, or on any plan undoi which the payments of priu^-ipal money and interest are Mended, or on any plan which involves an allow, ance of interest on stipulated repayments, no interest whatever shall be chargeable, payable or recoverable on any part of the principal money advanced, unless the mortgage contains a state- ment showing the amount of such principal money and the rate of interest chargeable thereon, calculated yearly or half-yearly, not in advance. 2. Whenever the rate of interest shewn in the statement re- ferred to in the next preceding section is less than the rate of inter- est which wonld be chargeable by virtue of any other provision, calculation or stipulation in the mort. iige, no greater rate of interest shall be chargeable, payable i recoverable on the prin- cipal money advanced than the rate shewn in the said statement. ■i. No tine or penalty or rate of interest shall be stipulated for, taken, reserved or exacted on any arrear of principal or interest which shall have the effect of increasing the charge on any such arrear beyond the rate of interest payable on principal money not in arrear : Provided always, that nothing in this section con- tained shall have the effect of prohibiting a contract for the payment of interest on arrears of interest or principal at any rate not greater than the rate payable on prhicipal money not in arrear. 4. In case any sum is paid on account of any interest, fine or penalty not chargeable, payable or recoverabio under the foregoing sections, such sums may be recovered back or deducted from any other interest, tine or penalty chargeable, payable or recoverable on the principal. T). Wlienever any principal money or interest secured by mort- gage of real estate is not, under the terms of the mortgage, payable till a time more than five years after the date of the mort- gage, then in case at any time aftci the expiration of such five Doing Business in Ontario. 65 years, any porson liable to pay or entitled to redeem the mortgage, tenders or pays to the person entitled to rece e tlie money the amount due for principal money and interest t<. tb*> time ot pay- ni.'nt as calculated un^er the foregoing sections, together with three months' further inU^iest in lieu of notice, no ^irther mtcrept shall be chargeable, -avable or -pcovorable at air, timr tl.p.oafier on the principal mont, or iit' rest due under the nio> iga^;. 6. This Act ^ lall api'ly to all moneys secured by mortgage on real estate executed after the first day of Jalv, in the year of our Lord one thousand eight hundred and eighty. "mtm M Statutes Relating to Building Soclef'is \m tii ilDutiatto Statutes. RKVISKI) STATUTES OF ONTARIO, Chapter 164. An Act Respeclin^i;;' Buildini^ Socu'ties. GENERAL PROVISIONS.— luterpretation ^* ^ Incorporation of Societies, s. - Rules 8- »• 3-11 Directors «• 8.12-17 Officers, «• 8.18-19 « Powers Ac, of Society ami Members, s. s. 20—37 Permanent Building Societies within the Act, s. 38 Alteration of Rules, • s. s. 39, 40 Amount which Societies may borrow I'.mited, 8-41 Shares and Shareholders, s. s. 42—47 Power to hold Real Estate, 8. 48 SooioJiy lot bound to see to Execution of Trusts, s. 49 Power 10 lend Money to Persons not Members, . .s. s. 50—51 Power to Borro ■ Money on Debentures, s. s. 52—55 Powers of Directors, 8 8. 56—58 By-laws to be Sealed Evidence of , Ac 8. 59 Amalgamation of Societies, s. s. 60—65 Auditors of Societies 8. 66 Annual Statement of Affairs to Provincial Treasurer, 8. s. 67—69 Discontinuance of Societies found unsatisfactory, ..s. s. 70—71 Changing Name of Societies s. s. 72 74 Confirmation of Proceedings under 37 Vict., Chap. 50(D) :-'i Application of Act 8. / o See also 37 Viet., Chap. 5), and 40 Vict., Chap. 18 (D.) .;*':«.• Doing Business in Ontario. 07 35. A uxomber of. or investor i.. or .T.positor with any Building Society having . sum of money in tlv ' . .d^ thereof not exceeding LThundred Lars, niay from <. '' ^-^^^^LlT^^^ or persons (snch person or per ons ,.u« withm he Statute of Distributions) as successor or sue.. -.•. at death of such i— or depositor, provided that such uuuiuiatuni is "^-* « " JJJ^^^'. and duly deposited with the Secretary or Manager ot ^^'^^'fl^ and upon receiving a statutory declaration of the ;^eath o^^^^ nominator, the Society shall substitute the name of the nommee onitsbooisintheplaceoi the no.ninator. or may immediately pay to the nominee the amount due to the deceased member or depositor. 2 If any .ue.nber, investo.- o. depositor with the Society haviiiR i„thefuaLthereofa»u,nof.ao„ey not exceeaing two handred dollars, dioB inteBtate and without making any and "O""™" ™' then the amount dne shall be paid to the person who appears to the SooIeW to be entitled under the Statute of Distributions to t ewe I same without taking out letters o, aa-ini^rat^n upon the Society receiving a statutory declaration of death and mtest aoy, and that the person so claiming is entitled, as aforesaid. 3 Wherever the Society, after the decease ot any member or deposL, has paid any such sum of "jo-y '» 'he person J o^' the time appeared to be entitled to the etfects of the deceased, "he beUef that he died intestate without having appointed »ylminee, the payment shall be valid and e«-'™l with resp to any demand from any other person as ne.t of 1^' ";»;'' lawful representative of such deceased member or depos toi aga^ns the funds of the Society, but nevertheless, such next o k n or representative shall have his lawful remedy for the amount of such payment as aforesaid against the person who has received the . same. 38 V. c. 18, s. tJ. 36 In case of a sale of property mortgaged to the Society, an, surplufnot exceeding two hundred dollars over and abov tl .mount due to the said Society, and costs, derived from sale under 68 Statutes Relating to Building Societies power of Side of any property : "ed to the said Society, and over and above any claim of ar ..on creditor as hereinafter provided, where the mortgagor . • ..iA assigns died intestate, shall be and is hereby declared to be personal property, whether such sale took place before or after the death of the mortgagor or per- son entitled to the equity of redemption ; except that, in all such cases, the widow of the intestate shall be entitled to a third of such surplus absolutely in satisfaction of her dower, and the Society shall have the like powers as to paying such surplus over without probate, or letters of administration, to such widow and next of kin, according to their respective interests, as is conferred by the thirty-fifth section of this Act upon the Society in case of depositors and members dying intestate. 38 V. c. 18, s. 7. 37. Nothing in the preceeding section shall prejudice the right of any execution creditor in respect of any right or lien he may have in respect of such surplus or any portion thereof to the amount of the execution in the hands of the Sheriff. 38 V, c. 18, s. 8. An Act to amend the Law rtspect'ng Biiildint/ Societies, 41 Vict., Chap. 7. Assented to 7th March, 1878. PREAMBLE.- Sec. 1. — Power to sell Mortgages made to Building Societies. Eights of Assignee. " 2.— Subscribed Shares may be determined to be Fixed Capital Transfer of Shares. " 3, — Directors may tix the amount payable on Subscrip- tions for Shares and Premiums. Calls. Dividends. " 4. — R. S. 104, a. 67 amended, and among other things providiiig that " which rate or rates sliall be " at least equal to the rate or rates which Doing Business in Ontario. 69 " such Mortgages or other Securities respect- " ively bear, or were originally calculated to " yield." An Act to amend the Bmldin;/ Societies Act, 42 Vict., Chap. 26. a.isented to 11th March 18f9. PEEAMBTiE.— Seo. 1.— R. S. 0., Cap. 164, ;jec. 52, sub s. 1, amended. " 2. —Interpretation of the words " total habilities of such Society." " ;}.— Extension of Business into various Provinces of the Dominion. " 4.~E, S. O. C. 104, s. 48 repealed, and new Section substituted. " Payment in Advance of Calls. An Act fcr the Relief of Buildiny, Loan and Savings Soci'-ties and Companie.^., 43 Vict., Chap. 21. Assented to 5th Makch, 1880. PREAMBLE.— Sec. 1.— Certain Statements confirmed. Pleading and Evidence. Staying Proceedings. " 2.— Actions brought subsequent to receipt of Statement by Treasurer not to be maintained. Proviso. " ;-3.— Statement not required in case Society has ceased to do business; " 4.— R. S. 0. C. 164, s. s. 67—69 repealed. Annual Statement of Assets and Liabilities. Statement to be attested by oath and to be pub- lished. If statement not transmitted, or if it shews that the Society is not in a proper condition, power to borrow money may be stayed. 70 Statutes Relating to Building Societies Sec. 5.— Certain Returns may be mado atuler tliis Act or under repealed provisions. " ().— Extension of time for making Returns. Proviso. 4^ SIMnIre Htlallno to Baiintnj Sotfttieo. PAGE. An Act respecting Building Societies. Cap. LIII, Con. ^^ Stat.. Upper Canada ' ■ ' An Act to make further provision for tb;-^-;^^^.^.^/ Permanent Building Societies in Upper Canada. 29 Vic. ^^ Cap. XXXVIII • • , An Act to make further provision for the management oi Permanent Building Societies, carrying on busmess m the Province of Ontario. 37 Vic , Cap. L • An Act to amend thirty- seventh Victoria, Chapter fifty, res- pecting Permanent Building Societies in Ontario. 40 ^^ Vic, Cap. XL VIII y"i''lL A» Act to amend the " Act to make further provision for the management of Permanent Building Societies carrying on business in the Province of Ontario." 40 Vic, Cap. ^^ VT T^ An Act to amend the law respecting Building Societies carry ing on business in the Province of Ontario. 41 Vic, ^^ Cap. XX if . ' ' ' '.' An Act respecting Building Societies carrying on busmess m the Province of Ontario. 42 Vic, Cap. XLIX.... . • . ^ o* An Act for the relief of Permanent Building Societies and Loan Companies. 43 Vic, Cap. XLIII ^V "." " " An Act relating to Interest on moneys secured by Mortgage of Real Estate. 43 Vic, Cap. XLII . Revised Statutes of Ontario. An Act respecting Building Societies. Chapter m, R. S. 0. 67 , •>' Untitx to Statutes* Page. Sec. Act for the Relief of Building Societies 57 Actions against Societies for insufficient Returns 59 Actions brought — in whose name 35 28 Actions on Mortgages, &c 34 25 Act respecting Building Societies 29 Advances to Members 38 40 " " collateral security for 38 40 52 2 ( 32 17 Alteration of Rules < 37 37 (41 41 Amalgamation of Societies 46 13-17 Amount which Members may borrow 29 1 Annual Returns to Government 40 6 Arrears of Interest 64 3 Auditors 48 18 Death of , 48 18 Bankruptcy of Officers of Societies 34 26 Blending of Principal and Interest 64 1 Board of Directors 30 5 Bonuses 30 4 Borrowers not necessarily members 41 3 " subject to rules 41 3 ^ . . f38 41 Business premises •{ - - ., By-Laws 44 9 Changing the names of Societies 50 1-4 Claims to Stock — doubtful 56 6 Closing Subscription for Shares 39 1,2 Death of members or depositors 67 2 {AQ OB 52 2 Debentures, issue of 42 38 D^ D D D E r Index to Statutes. m. Page. Sec. . 48 Debentures, form of Debenture Holders, death, bankruptcy of ^o ^ u " marriage of Depositors— death of " * ^^ ^^ I^eposits ••• 3 3g Deposits and Debentures— aggregate amount ot ^^^ 2 30 5 Directors 3^^ ^ " acts and orders of appointed for particular purposes ^i ^ " powers of \ 43 8 ,. , 48 18 *' remuneration 01 ^^ " transactions of 3^ Distribution of surplus on sale '3 Dividends-when p^^yable (terminatmg) • • ^^ ^ Doubtful claims to Stock ^^ 3^ Dower in Surplus after sale ^^ ^ Equalized repayments. 3^ 3g Evidence of membership ^^ 3^ 3^ Execution Creditors "" * " ^^ '^g Execution of Trusts 33 ^3 Expulsion of members • ' * ^^ 6 Financial statements 2 Fines ■ ^64 3,4 34 25 Foreclosure 30 2 Forfeitures **' 33 23 Forfeiture of Shares ' " ' 3^ 32 General statement 3g 33 It " ho v- attested Incorporation— method ot • • ^^ 3 Interest and Dividends-when payable ^^ ^ ' « on Advances— half -yearly * ^^ 3 " on Arrears • • • • ^^ ^ Issue of new Shares I IV. Index to Statut«8. Page. Sec. « Liabilities of Societies — estimating , 52 2 extent of 52 2 " meaning of 65 1 Liability of Shareholders j . . . , il 2 Manitoba and North- West 55 2 Marriage of female Share or Debenture-holders 55 4 Maximum value of Shares . . . .- 29 1 Members— death of 67 2 ' ' — expulsion of 83 23 Membership — evidence of , 37 36 " — what coubtifcutes 87 36 Method of incorporation 29 1 Names of Societies — changing ^he 50 1-4 New Shares — issue of 39 1 Number of persons necessary to constitute a Building Society 29 1 Objects of Societies— -how declared 31 11 Officers of Societies — appointment and discharge 33 19 " " —death, bankruptcy of 34 26 " " — security by 46 20 Paid up Shareo 38 39 Paying up of Shares 40 7 Payments on death of members . . 67 3 Penalties / ^0 2 \ 64 3,4 Penalty for not making Government Returns 61 2 Permanent Building Societies 36 36 " Stock, when Accumulating Stock is abol- ished 53 1 ' • dividends on 53 2 ' ' premium on 63 2 •' subscription on , 53 2 " transfer of 53 i Powers of Directors 30 6 " of Societies 42 22,5 Premises — business / ^^ "^l 166 3 ' * Index to Statutes. V. f Page. Sec. President '^^ ^ Property of Society— how vested 3^ 27 Purposes for which Societies may hold real estate 33 21 Rate of interest to be marked on Mortgages 64 1 Real estate— definition '"^^ '^^ , , f38 41 •• —held absolutely | 55 3 " —held by Societies '^•'^ ^^ Receiving money on deposit ^^ Recovery of moneys lent '"^'^ ^^ of arrears ^^ ^^ Redemption of Mortgages after 5 years 65 5 Remuneration of Directors *° Repayments by sinking fund '^2 6 Responsibility of Directors '^'^ '^^^ Returns to Grovernment '^^ ^ ( fil 2 «« . " attestation of \ Q2 7 t» »» insufficient ^^ u «' nature of ^^ ^^ .* «» penalty of omitting to make 61 2 t( «' publication of "^ 32-18,14 Rules •• • - " —alteration and rescindmg of -^^ ' , . f 30 2 " — makmg of " —what they shall specify ^^ Rules and By-laws— alteration of . . , | 41 1 Sales— distribution of surplus . , 44 9 Seal as evidence ^^ Secretary a competent witness ^^ Securities- -definition ,„ 4o iU Security by officers ^ Shareholders— death, bankruptcy of ^^ ^^ Shares— paid up ^^ j^ " — permaneiii Sinking fund ▼i. Index to Statutes. Page. Sec. Society — definition of term 36 H5 Stock of Societies -estimating 52 2 Successors of members, &c 67 35 Surplus on sale — distribution of 68 36 Tender of principal 65 5 Terminating Building Societies 36 36 Transmission of Stock — by death, marriage, insol- vency, etc 56 4 " " — by testament or will 56 5 Trust mnds 45 42 Trusts — execution of 45 42 Value of shares — maximum 29 1 Vice President 31 8 Voting by Proxy 40 4 Yearly returns to government 40 6 ^ I 4 5 42 42 1 8 4 6