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Les diagrammes suivants iilustrent la mAthode. irrata to peiure. n A □ 32X 1 2 3 1 2 3 4 5 6 c Cl? 66 *;. ■■'/.ft J For the acquisit of incu by them shares security 4 THE miLiflli ^iiiOT¥^ ■'/<^) H ^ INCORPORATED BY Wa ^\ *5<5 ^mWM ^^ji^totttr^, 1 ' In 1849, .;,'•»;.', For the purpose of assisting the members thereof in the acquisitioxi of freehold or leasehold property ; in the removal of incumbrances or liabilities upon property already held by them : and to enable them to receive the amount of their shares in advance, upon furnishing good mortgage security. '4i -yjft-ii u^) QTJ] Modi ly ^:* I .mfn C Le< 4 I Opfic Rpferei that the Sbarehold PROSPECTUS V :, OP THE QUEBEC BUILDING SOCIETY. nmfmui Si) ^a r^f ^arftatn^nt. . Shares :— £100 each. MoBi Ij Subscriptions, 10s. per Share ; Entrance Fee, 2s. 6d. per Share, Transfer Fee, 28. 6d. per Share. iiV> ,fV 1 ' ;. <■■ ' Bamkbbs, The Quebec Bank. Office Fort Street, Upper- Toiin. / Reference is directed to the 3d Bule,— by which it will be seen that the Society allows interest to accumulate to the credit of Shareholders who desire to pay in advance. 5»3 t ^HE extraordinary success that has attended Build'' ing Societies elsewhere has led to the formation of the which has for its principal object, the enabling individuals to invest their savin^^s in the Purchase or Erection of Buildings. A Tenant, in ten years, pays his Landlord a sum equi- valent to the value of the house he occupies, and yet at the expiration of that period he has no inte^'est in the property — but, by becoming a Member of this Society, he will be enabled to purchase or build a house, by means of a loan granted to him for that purpose, repayable by monthly instalments, little if any more than the rent which he otherwise would be paying, with this advantage — that he becomes the proprietor in ten or twelve years at most, but generally in much less time ; as will appear by the following table compiled by Mr. Thomas Champion, a Director of the " Farmers' and Mechanics' Building Society," shewing the number of monthly. payments of ten shillings each, that must bo made to liquidate the shares of £100, the money being invested monthly to give compound interest, at the rate of half per cent per month. :». ; The Shares being all paid off at an aver, age bonus of 40 per cent. 37i 35 32i 30 271 >t-: 't.'m^- u u t( ti C( iC c > (( it (( The Society will have paid off all its Shareholders in 82 payments, or 6 years 10 mos. 85 " 7 " 1 " 92 " 7 " 8 « 96 \ 8 " ■ •' monthly competition, when every member will have an opportunity of purchasing to the extent of his shares, r The borrower or purchaser, before receiving the amount, must deposit with the Secretary the particulars of his securities, which will then be visited by the Inspector, and the titles investigated, and should both prove satisfactory, the money is advanced, charged at the rate of six per cent, per annum. Should the borrower desire to erect a dwelling-house, the money is advanced as the building progresses. Any member, desirous of either building or purchasing a house, (whether for his own use or to rent,) or of pay- ing for one already purchased, is thus enabled to obtain funds from the Society to an extent not exceeding the amount of his share or shares subscribed fur. As secu. rity for such advance, he gives the Society a mortgage upon real estate : upon which mortgage he cpntinues to pay the interest, merely, until the funds of the Society, from bonuses and other sources, have so increased, that the full amount of the shares subscribed for have been realized — when the Society becomes self-extin- guished and terminates. Then, without having (appa- rently) repaid the principal, otherwise than by the monthly subscriptions before-mentioned, the mortgage is given up to him, free from all incumbrance. Without these advantages, how many difficulties are in the way of procuring loans from private persons, even for a very- short term ! Capitalists can do better with their money than lending it at legal interest in the security of real estate ; and many yt'iW have to be applied to, and many rebuffs and refusals given and received, before the loan-seeker can succeed* II have an ihares. > ? iving the particulars jd by the louicl both 'ged at the borrower advanced >urchasing or of pay- i to obtain eding the As secu. mortgage ntinues to i Society, nereased, for have self-extin- ig (appa- in by the srtgage is Without 18 way of [)r a verv n lending and many d refusals succeed* — 5 — Stockholders in a Building Society aie in a difibri^ht posi- tion. — They know that at certain regular periods there are sales of so many lots of money among themselves, at which all have opportuni^es of competing, and that the lots will he awarded to the highest bidder. Every Stock- holder feels, therefore, that he can readily borrow the amount of hrs stock, by giving a certain bonus for it, and that he is consequently, in a great measure, independent of foreign assistance. The borrower indirectly, and the non-borrower directly, benefits by the bonuses given, which being deducted in the first place, the Society works upon and sells as well as its other funds. - Should the bonuses average 40 per cent', the Sociefy must becot^e self-extinguished in a little less than seven years — say seven, however, and in that case the monthly payments on each share will amount to £42. The dif- ference between that amount and the J&IOO, which the invester receives at the expiration of the Society, consti- tutes hi8 profits — allowing him (to save the trouble and tediousness cf a long compound interest calculation) interest at 6 percent per annum on £42 from the day on which he began to make his monthly 10s. payments towards that amount, the sum (including entrance feei^, &c.,) which he really pays, for his share is, £62 lOs. 3d* and his profit is, over and above legal interest, no less than' £37 lOs. ■'«''*>i"^r ■'■'"^'»* ■ ^''' » -■^■^- v '■' ':''ii ':> .■'? In Canada, bonuses have thus far averaged about' 35 per centj although^ in many instances, this rate is greatly exceeded. Among otKBr Betld'ciat result! to be anticipated from i i 'k ' i the establishment of Building Societies may be enumerated the following : — 1. — Enabling persons of small but regular incomes to apply a portion of their savings towards the acquisition of property and independence, with greater ultimate profit than can possibly accrue from a Savings' Bank ; with this additional advantage, that they are at all times in a situation to profit by any cheap purchase of landed pro- perty that may present itself, by borrowing from the So- ciety, on the easiest possible terms. 2. Professional men, builders, mechanics, and clerks in commercial, banking, and other establishments, are among the classes most likely to be benefited, more or less, by the institution. - - 3. Proprietors of building lots will be enabled to di»> pose of i-roperty which would otherwise remain on their hands for years, without producing any refit of interest whatever. • '" ■ •• '-■— • -..i^ ..,•.....,•.■.„(.,..,....-,,. i The benefits arising from these institutions must be in the exact ratio with the magratude and extent of their operations. , The profits being derivable from the bonuses paid on money borrowed, and interest upon mortgages, these will of course be in proportion to the number of share'- holders. .,■.,..; ^' . :<.«!il';<>! .-pnvr'^K'iSi -v^ ;;.raw i ,.i?i£ > The utmost safety and protection- from risky are oiTered to capitalists (as none but Landed or Building Security will be received ; personal security, however unex- ceptionable, will not in any case be takon) and the con- duct of the affairs of the Society is under the cuntroul and management of a board of seven directors, who are chosen annually, by ballot, from among the shareholders. enumerated incomes to [juisition of [Date profit nk ; with times in a anded pro- m the So- md clerks [lents, are f more or ; I , r •; .fi- lled to di»> in on their or interest ' . . X , * _', _ - ■ . *i . ft must be in It of their »paid on ^8, these of share" are offered f Security ver unex- d the coii- ntroul and are chosen 3rs. Thi tions, chart( outei Presi . A place much interi ordin weeli pose Tl denci they "whic requi oper exist culai oral H h li- ihi-. ' ■ * 'f ' a: (1* The funds of the Society arising from monthly subscrip- tions, fees, &c., are deposited daily in one of the chartered banks of this city, and no money can be drawn out except upon the joint check of the President, or Vice- President, and Treasurer. , A regular monthly meeting of shareholders will take place, when the money on hand will be loaned ; but as so much of the success of these Societies depends upon their internal management, this Society has departed from the ordinary rule, by imposing upon tlid Directors a regular ■weekly attendance, in rotation, at the jfFice, for the pur- pose of supervising its current affairs. The Directors, therefore, with the most perfect confi- dence, submit their Prospectus to the public, believing that they have commenced the establishment of a society which will prove of great benefit to their iellow-citizens : requesting ihe most searching inquiry into the history and operation of similar institutions wherever they have an existence, and referring persons desirous of more parti- cular information to the Rules of the Society, or to any, or all of its officers. V' -i .-i > ' .!r$ *tfil mi t'J Si •( CAP. LVII Preamble. When twenty persons shall agree to con- atitutie a Build- ing Society) they shall be a Corporation for tha*: pur' pose, after ha^' m^ complied with certain formalities. To encourage the eatablishmefU of Build- ing Societies in Lowet -Canada, 25th Jpril, 1849. \IJ^ UEREAS an Act was passed in the ninth year of Her Majesty's Reign, for the purpose of encouraging the establishment of Building Societies in Upper -Canada, and it is expedient to encourage the formation of similar Societies in Lower-Canada, whenever the Inhabitants of any particular locality may be desirous of availing themselves of the pro- visions of this Act : Be it therefore enacted by the Queen's Most Excellent Majesty, by and with the advice and consent of the Legis- lative Council and of the Legislative Assem- bly of the Province of Canada, constituted and Assembled by virtue of and under the au- thority of an Act passed in the Parliament of the United Kingdom of Great Britain and Ireland^ intituled : An Act to re-^nite the Provinces of Upper and Lower- Canada^ and for the Government of Canada, and it is hereby enacted by the authority of the same. That when and so soon as any twenty persons or upwards in any part of Lower- Canada shall have agreed to constitute them- selves a Building Society, and shall have signed and executed, under their respective hands and seals, a declaration of their wish and intention so to constitute themselves such Building Society, and shall have deposited the same with the Clerk or Prothonotary of the Court of Queen's Bench of the District wherein such Building Society is to be formed^ of BuUd' a. ^ ; , 1849. issed in the :n, for the ishment of da, and it nnation of whenever icality may }( the pro- ire enacted flajesty, by the Legis- ve Assem- constituted der the au- 'liament of ritain and "unite the '-Canada^ Ida, and it ty of the y twenty )f Lower- tute them- hall have respective their wish elves such »osited the ry of the District >e formed^ and tc Busim sliall I lings 1 other bers (J respec trators dained shall politic Societ aforesc namo same, the pi period berso ceedir each i twent stock memb of the share one 01 freeho by wa Sociel orsha Sociel fines and t\ the s( time make, whok goviir — 9 — and to have its principal Office or place of Business, (who for receiving such deposit shall be entitled to rece ve a fee of two shil- lings and six pence) such persons and such other persons as may afterwards become mem- bers of such Society, and their several and respective heirs, executors, curators, adminis- trators, successors, and assigns^ shall be or- dained, constituted and declared to be, and shall be a Corporation, body corporate and politic, by such name and stylo as a Building Society, as by such declaration so deposited as aforesaid shall have been declared to be the name by which the persons so executing the same, desire such Society to be known, for the purpose of raising by monthly or other periodical subscriptions of the several mem- bers of the said Society, and in shares not ex- ceeding the value of one hundred pounds for each share, (such subscriptions not to exceed twenty shillings per month for each share,) a stock or fund for the purpose of enabling each member thereof to receive out of the funds of the said Society the amount of value of his share or shares therein, to erect or purchase one or more dwelling house or houses, or other freehold or leasehold estate, and to be secured by way of mortgage or otherwise to the said Society until the amount or value of his share or shares shall have been fully paid to the said Society, with the interest thereon, and with all fines or liabilities incurred in respect thereof; Society may and that it shall and may be lawful to and for ^c. ' the several members of such Society, from time to time, to assemble together, and to make, ordain and constitute such proper and wholesome Rules and Regulations for the government and guidance of the same, a;* the ^. r — 10 — » major part of the members thereof so assem- bled together shall deem meet, so as such Rules shall not be repugnant to the express provisions of this Act, or to the general laws of this Province or of Lower-Canada ; and . to impose and inflict such reasonable fines, pe- firiM on mem- fixities and forfeitures upon (he several mem- bers, &c. bers of the said Society who shall offend against any such rules, as the majority of the members may think fit, to be respectively paid to such uses fur the benefit of the said Society, as the said Society by such Rules shall direct ; and also from time to time to amend and alter such rules as occasion may require, or annul or repeal the same, and to make new rules in lieu thereof, under such restrictions as are in this Act contained ; Provided, that no mem- ber shall receive or be entitled to receive from Proviso as to the funds of such Society any interest or di- iti en s, c.^j^gj^j j^^, ^^y ^^ annual or other periodical profit upon any share or shares in the said Society until the amount or value of his share or shares shall have been realized ; except on the withdrawal of such member according to the rules of the said Society then in force. Society may ^^' And be it enacted. That it shall and may receive money be lawful to and for evcry such Society to wurw^thout'^ have and receive from any member or mem- being liable bers, such sum or sums of money by way of Usury Laws, ^onus on any share or shares, for the privi- lege of receiving the same in advance prior to the same being realised, besides interest for the share or shares so received or any part thereof, without being subject or liable on account thereof to any of the forfeitures or penalties imposed by any Act or Acts of Parliament or by any Laws in force in Lower-Canada rela- ting tc Usury. , # f so assem- so as such the express general laws anada ; and lie fines, pe- veral mem* (fend against he members paid to such liety, as the direct ; and id alter such or annul or ew rules in ons as are in at no mem- receive from iterest or di- ir periodical in the said of his share ; except on according to n force. tail and may I Society to ber or mem- ■ by way of or the privi- ance prior to terest for the part thereof, on account or penalties 'arliament or Canada rela- h III. jiety i land ap Itbe sai (who IP res id thereo Societ such given such pointei I such ti such S being and in i pointe delega and e i Clerk [the nu meetin |to con ley sh (for and acts ai jpowen lidrce a Societ' lor mi({ I Pro V id Direct ing to timeai [the Ffi such S Societ rected mirect > — 11 — III. And be it enacted, That each such So- ^^.^^ ^^ Iciety shall and may from time to time, elect eiectVom land appoint any number of the members of *'™« *<>»>«»« (the said Society to be a Board ot Directors, Directors, (who shall choose a President and Vice- [president,) the number and qualification thereof to be declared in the Rules of such Society ; and shall and may delegate to •uch Directors all or any of the powers certain pow- given by this Act to be executed ; and e'" may be as- such Directors being so elected and ap- DfJectors. pointed shall continue to act for and during isuch time as shall be appointed by the Rules of such Society ; the powers of such Directors being first declared in and by the said Rules ; and in all cases where Directors shall be ap- 1 pointed for any particular purpose, the powers delegated to them shall be reduced to writing, and entered in a book by the Secretary or I Clerk of the said Society ; and a majority of [the number of such Directors, present at any Qnorum. meeting thereof, shall at all times be necessary |to concur in any act of such Directors, and ley shall in all things delegated to them, act [for and in the name of such Society ; and all lacts and orders of such Directors, under the ■powers delegated to them, shall have the like idrce and effect as the acts and orders of such Society at any General Meeting thereof could lor mi^ht have had in pursuance of this Act ; iProvided always, that the transactions of such [Directors shall be entered in a book belong- Proviso : ing to such Society, and shall from time tof/^J^J^^Xf^t^ time and at all times be subject and liable to be kept, &c. the review, allowance and disallowance, of such Society, in such manner and form as such Society shall by their General Rules have di- rected and appointed, or shall in like manner [direct and appoint, .. ,,» .^r. R im i\ -• 12 — Rules to de- jv. And be it enacted, That every such So- foJ'whiSf So- ciety so established as aforesaid shall in or by bi* h^ d &^*" ®"® °^ "^°^® ^^ ^^^^^ ^^^^ Rules declare all " * ' *'* and every the interests and purposes for which such Society is intended to be established ; and shall also in and by such Rules direct all and every the uses and purposes to which the money which shall from time to time be subs- cribed, paid or given to or for the use or be- nefit of the said Society, or which shall arise therefiom or in any wise shall belong to the said Society, shall be appropriated and applied ; and in what shares or propor- tions, and under what circumstances, any mem^ ber of such Society, or other person, shall or m.ay become entitled to the same or any part thereof; Provided that the application thereof Proviso as to shall not in any wise be repugnant to the whiSh'moniys uses, interests or purposes of such Society, or may heap- any of them to be declared as aforesaid ; ^ " ' °* and all such Rules during the continu- ance of the same shall be complied with and enforced ; and the moneys so subscribed, paid or given, or so arising to or for the use or be- nefit of the said Society or belonging thereto, shall not be diverted or misapplied either by^ the Treasurer or Directors, or any other officer or member of such Society entrusted there- with, under such penalty or forfeiture as such Society shall by any Rule enforce and inflict for such offence. • Rules to be V. And be it enacted. That the Rules for boXkept for *^6 management of every such Society shall declare all les for which established ; les direct all to which the ime be subs- I use or be> shall arise 1 belong to ^priated and or propor- ?s, any mem* son, shall or or any part ition thereof lant to the I Society, or aforesaid ; be continu- d with and scribed, paid e use or be- ing thereto, d either by other officer isted there- ture as such B and inflict I Rules for 9ciety shall : to be kept 1 be open at action of the irtheless no- d to prevent lules jwRu , in SI lociety li ises. Iherei \y alteration in or amendment of any such tules in the whole or in part, or making any ew Rules for the management of such S«cie- ff in such manner as by the Rules of the said [ociety shall from time to time be provided. VI. And be it enacted, That all Rules from Rules to be ^me to time made and in- force for the mana- Membfrs^nd tement of such Society ami entered and re- officers of lorded as aforesaid, shnil be binding on the S^^'^^y- jveral members and oiTicers of the said So- iiety, and the several contributors theieto, and leir representatives, all of whom shall be jemed and taken to have lull notice thereof such entry and record as aforesaid ; and le entry of such rules in the book or books the said Society as aforesaid, or a true copy 'the same, examined with the original and roved to be a true r.opy, shall be received as ^idence of such Rules respectively, in all ' ises. VH. And bt it enacted, That no Ilule en- jj^^^g ^^ ,,^ jred as aforesaid shall be altered, rescinded altered, &c.> repealed, unless at a General Meeting of the M^^jo'lVSiirv Tembets of such Society, convened by public )tice written or printed, signed by the Se- nary or President of the said Society in irsuance of a requisition for that purpose by )t less than fifteen of the Members of such )ciety, which requisition shall slate the ob- its for which the meeting is called, and shall adressed to the President and Directors ; [hereupon each member shall be notified of le proposed alterations through the Post Of- )e, within fifteen days ; such meeting to con- ^t oi not less than one-third of the share'- ^Idersi three-fourths of which meeting must lur in such alterations or repeal. v c *i — li- ly 'I Kulet to spe- cify I'lace of utetiug. Directors to a))point Offi- cers of So- ciety. ^ OfScprs to give BC'Cuiily VJII. And be it enacted, That the Rules of every such Society shall specify the place or places at which it is intended that the said Society shall hold its meetings,and shall con-l tain provisions with respect to the powers dnd duties of the members at large, and of such officers as may be appointed for the manage- ment of the ailairs of the said Society. IX. And be it enacted, That the Directorsl of every such Society shall and may froffij time to time at any of their usual meetings,! elect and appoint such person or persons^loj be Otfi^ers of the said Society as they shalll think proper, and grant such salaries and emo-j luments as they may deem fit, and pay suclij necessary expenses attending the managementf of the said Society as may be incurred ; adi siiall and may from time to time elect, when if| shall be deemed necessary to carry into exei cution the purposes of the said Society, foi Kuch space of time and for such purposes a| shall be fixed and established by the RuIps oij the said Society, and may from time to tim( discharge such person or persons, and elec^ and appoint others in the loom of those who si)ail vacate or die or be so discharged ; and all and every such officer or other person] whatsoever who shall be appointed to an) . office in any wise touching or concerning thel receipt, management or expenditure of anyl ►sum of money co-Uected for the purposes oil the said Societv, before he shall be admittedj to take upon hi»ii the execution of any sucli] office or trust, shall become bound in a bond in such form and for such amount as the Di^ rectors may determine, with two sufficienl sureties, for the just and faithful execution oi at (he Rules iify the place that the saidi ind shall con- le powers andl and of suchi the manage- ciety. the Directors! d may from >ual meetings, or persons^toj as they shall ries and emo- ind pay sucli ; management ncurred ; and elect, when ii arry into exe- I Society, for h purposes a y the RuIps oi| time to tim •ns, and elect of those who; charged ; and! other person )inted to any )ncerning the! diture of an) e purposes o II be admittedi n of anv suci nd in a bon unt as the Di wo sufficien execution o? luch ind tn lidSi hbediei lay ind ho| iond ted t^ ^a me I lembel adv iiety, f issignn >r the r equi Ihall hi >f the • feeing, of the ( jlies of interesl J)e broi the use Ifeules I — 15 — luch office of trust, and for rendering n just Ind true account according to the Rules of the lid Society, and in all matters lawful, to pay Obedience to the same. X. And be it enacted, That it shall andsocietTmar lay be lawful for every such Society to take ^"'^♦' ""^^ •'•<''<* ind hold any real estate, or securities thereon, &c., mortcj^a- wnd fide mortgajred, asslajned or hynothe-s'''^<'»^"«'^^y» Wted to the said Society, ei:her to secure themeutcfsharei" payment of tne shares subscribed for by its lembers, or to secure the payment of any loan* |ir advances made by, or debts due to such So- ciety, and may also proceed on siich mortgaires, Assignments or other securities, for the recovery »f the moneys thereby secured, cither at law or equity or otherwise, and that such Society ihall have the power of investing in the names of the President and Treasurer for the time '"^"tment of being, any surplus funds in the stocks of any of the Chartered Banks or other public securi- fies of the Province, and that all dividends, interest and proceeds arising therefrom shall pe brought to account and applied to and for [he use of the said Society according to the bules thereof. XI. And be it enacted. That if any person Mode of pro- ..j, rn I ,10 'i I ceedin* when Ippomted to any otfice by such Society, and an oiRcer of )eini( entrusted with and having in his hands \iic Society ^ . , . , /• I • . 1 /v» 3l'"'*'l die or be- )r possession, by virtue 01 his said otnce, any come IbsoI- lonies or effects belongin«; to such Society, or ^^'»*- my deeds or securities relating aid or satis- s and effects id discharge 1 1 ways, that :o the preju- 1 real estate, 1 estate only, aoiutment of all real and ds, chattels IS, securities ruments and other effects [is belonging be vested in said Society id benefit of ve members ecutors, cu- according to ts, and after resident or :eeding' Pre- e estate and d Treasurer same trusts, ^ance what- es of action in law as in concerning to be, and (when ne- I t -m — i: - cessarv) be sUteti to be, the proi^rtv of the >"'' **»*^* ^•. per5urer t»f the Niilii Swieiy lor Hie time'-"''^-*7^ P*'' being, in the prv^^^or names of such President ^^ and Treasurer, without further description, and such persons shall, and they are hereby authorised to brinij or defend or cause to be brought or ilefended any action, suit or prv^se- rution, criminal as well as civil, in law »»r in equity, touching or concerninir the pro^vny, right or claim atoiesaid, of or belongmg to or had by the siild Society, and in all cases con- cerning the property, rioht or claim aforesaid of the Sidd SiK-iety, mav sue and be sued, plead and be impleadetl in their proper names as President and Treasurer of the said Society, without other description, and no such suit, president asd action or prosecution shall be discontinued or Twasurtr abateti by the death of such |>ersons or their i--™cLbs?1c. iDoval from the oflSces of President or Trea- surer, but shall continue in the proper name of the persons commencing the same, any 'aw, usa^e ^r custom to the contrarv notwithstand- ing ; and the succeeding President and Trea- srtrer shall have the same ri^b' • and liabilities, and shall pay or receive like o^sts as if the action or suit or prosecution had teen com- As totheir irenced in their names, for the benefit of or to*"*^"**°"* be satisfied out of the funds of the said Society. XIII. And b2 it enacted. That in all such actions, suits and prosecutions as aforesaid, the Secretary of such Society shall be a com- petent witness, notwithstanding he may also be Treasurer of the said Society, and that his f^J^peJeut * name may have been used in such action suit witness. or prosecution as such Treasurer. XIV. And be it enacted, That the Presi- '^.7i;J*p;Ji;! dent, Vice-President and Directors of every ueni, ic. such Society shall in^their private capacity be #^ — 18 — y p. ' I Particulars. exonerated trom all responsibility in relation to the liabilities of such Society. XV. And be it enacted, That the Rules of every such Society shall provide that the Trea- Treasurer to ^^^ ^j. ^^^^^ principal Officer thereof shall Iirepare year- . i ' y a statement once at least in every year prepare or cause to theS^oS'°^'^®P'"®P^''®^ a general statement of the funds ° ** ^' and effects of and belonging to the said So- ciety ; specifying in whose custody or pos- session the said funds or effects shall then be remaining, together with an account of all and every the various sums of money received and expended by or on account of the said Society since the publication of tiie preceding periodi- cal statement ; and every such periodical statement shall be attested by two or more members of the said Society appointed Audi- tors for that purpose, who shall not be Direct- ors, and shall be countersigned by the Secre- tary or Clerk of the said Society, and every member shall be entitled to receive from the said Society a copy of such periodical state- ment without charge. Sarin of the ^^^* ^^^ ^® ^^ enacted, That nothing rights^of tiie herein contained shall affect or be construed to Montreal affect or interfere with any of the rights or Society^nd privileges conferred upon the ^'Montreal v***®g^''*** Building Society," under the Act passed in the eighth year of Her Majesty's Reign, and intituled, An Act for the incorporation of certain individuals under the name and style of''^ The Montreal Building Society ^^^ nor in any wise to affect the said Act. Interpretation XVII. And be it enacted, That the words oiaase. u Lower-Canada" in this Act shall be under- stood to mean that part of the Province which formerly constituted the Province of Lowor- AttestatioAj in relation e Rules of t the Trea- ^reof shall )r cause to the funds said So- y or pos- 11 then be of all and leived and id Society g periodi- periodical ' or more ted Audi- )e Direct- the Sccre- and every from the [:al state- nothing istrued to rights or Montreal lassed in iign, and alion of ime and e words J under- e which Lower- r El Cam part stitut the inclul stituti authc inclu(| tions numbl persoi thing, vidual — 19 — Canada ; the words " Upper-Canada" that part of the said Province which formerly con- stituted the Province of Upper-Canada ; and the word " Society" shall be understood to include and to mean Building Societies and In- stitutions established under the provisions and authority of this Act ; the word "Rules" to include Rules, Orders, By-Laws and Regula- tions ; every word importing the singular number shall extend and be applied to several persons or things as well as one person or thing, and bodies corporate as well as indi- viduals ; and every word importing the plural number shall extend and be applied to one per- son or thing as well as several persons or things ; and every word importing the mascu- line gender only, shall extend and be applied to a female as well as a male ; the words " Real Estate" shall extend and apply to immovea- bio estate and property generally ; and the word " Securities" shall extend and apply to privileges, mortgages, (equitable as well as legal,] hypotMques and incumbrances upon real and immoveable estate, as well as to other rights and privileges upon personal estate and property : That this Act shall extend to aliens, To whom tbi» denizens and females, both to make them tendf subject thereto and to entitle them to all the benefits given thereby ; and that this Act shall be construed in the most beneficial manner for promoting the ends thereby intended. XVIII. And be it enacted. That this Act Public Ac* shall be deemed a Public Act, and shall ex- tend to all Courts of Law or Equity in this Province, and ue judicially taken notice of as suchbyallJudges, Justices and other persons whatsoever without the same being specially shown or pleaded. - ■'{': RULES AND REOULATIONS. m \:\ I Preamble. 1st. — That the intents and purposes for which this Society is intended to be established, are, to assist the members thereof in the acquisition of freehold or leasehold property : — and in the removal of incumbrances or liabilities upon pro- perty already held by them ; and to enable them to receive the amount of their shares in advance, upon furnishing good mortgage security. Howsubscrip- 2nd.— I'hat all monies which shall from time lirJJi^aUd.''^" to ti«^e be subscribed, paid, or given to or for the use or benefit of the Society, o!* which shall in any wise belong to the Society, shall be ap- propriated and applied, in the first place, in loans or adv^inces to the several members, and towards the necessary expenses of the Society : but no member shall be entitled to receive, by way of loan or advance, more than the amount of his share or shares subscribed for, except as herein- after provided for : if not taken up among the members, any funds may be otherwise invested for the benefit of the Society, at the discretion of the directors, of which members may, never- theless, avail themselves. Interest to be Q^d. — That Shareholders who may be desirous de°.^ait^8 made ^^ making an immediate deposit of money, (at the in advBQce. rate of not less than £5 per share for each share subscribed for) for the purpose of meeting in ad- vance their monthly dues, be allowed interest Uitl It INS. !s for which ished, are, acquisition -and in the I upon pro- mable them in advance, ity. i from time 1 to or for vhich shall shall be ap- ice, in loans nd towards ty : but no by way of ount of his i as herein- among the se invested > discretion ay, never- be desirous ney, (at the each share sting in ad- ed interest upon t per cei the ai ' Society month of sha deduct posit a at the allowe next e whole taken 4-Ua Cr, 21 — upon the amount so deposited at the rate of six per centum per annum for the first three months, the amount that will have become due to the Society by the Shareholder in payment of his monthly dues, interest, &c., upon such number of shares as he may have subscribed for, to be deducted from the collective amount of such de- posit and of the interest thereon, and that interest at the rate of six per centum per annum be then allowed upon the balance at his credit for the next ensuing three months, and so on until the whole amount of his deposit shall have been taken up in the payment of his monthly dues to the Society. 4th.— That the stock of the Society shall ^^hjres to be consist of shares of £100 currency each, payable ^f^ioo^ach by monthly instalments of 10s. each share, on the how to be first Monday of each month, commencing on the P ^"1* *"^ ^} first Monday in the month of February, 1850. Directors ; 5th. — That the affairs of the Society shall be t^^e'r qi orum ; under the control and management of a Board viVe.Presi-" of seven Directors (of whom four shall be a dent how to quorum) and who i^hall choose from among them- ^^ chosen, selves a President and Vice-President. 6th. — In the absence of both President and I" tjeo^'cnce Vice-President the Directors present at any Q^gg^g'^'J* meeting of the Board shall have poM'er to appoint Chairman pro. a chairman pro. tem., and with such chairman tem. may be shall be competent to transact the business of the Society on Board days. 7th. — That the election of Directors shall be Election o( by ballot, and at such election members shall be Jl'ify ballot^' entitled to votes upon the following scale, viz : — scale of votes. • For 4 shares or less 1 vote. ** 5 to 10 shares ,...2 votes, « 10 to 20 3 " " 21 to 30 4 « But no shareholdet shall be entitled to more than 4 votes. ^;f 00 Duration of 8th. — That the Directors elected at the form- office of Di- ation of the Society, or hereafter to be elected, shall continue in office till the election of their successors, unless in case of disqualification op resignation : — and the Directors shall, severally, take one week's turn of duty, in rotation, in supervising the general affairs of the Society. Directors may 9th. — That the Directors may make such ar- malte arrange- j..^,^crement3 with any of the chartered banks any chartered doing business in the City of C^uebec, lor the Banlc ia Que- deposit of monies and securities belonging to the Society, and for conducting other financial con- cerns, as they shall from time to time deem ne- cessary. bee General an- nual meeting for the elec- tion of Direc- tors, when to be held ; Trea- surer to pro- vide yearly a statement of the funds. 10th. — That a general annual meeting of the members shall be held in the Parliament Build- ings, City of Quebec, on the third Monday in the month of January in each year, commencing in 1851 (and in the event of that day being a holidiiy, on the Monday next ensuing,) for the purpose of electing Directors to serve for the en- suing year, and for all general purposes relating to the management of the Society ; — and at each of the said general annual meetings shall be sub- mitted a full and clear statement of the affairs of the Society for the previous twelve months ; and every such periodical statement shall be attested by two or more members of the Society, ap- pointed auditors for that purpose, who shall not be Directors. meetings for ^ l^h. — That extra general meetings of the So- the purpose of cicty may be called by the Board of Directors, canciesln the "P^" *^® members being notified of such meeting Board, &c., through the Post Office, or otherwise, at the how to be discretion of the Board : — that vacancies in the c&iifid board of directors by death, insolvency, bank- ruptcy, or otherwise, shall be supplied at tho next ensuing meeting of Directors, by notifying the person who had the next highest number of the iform- e elected, I of their cation or severally, tation, in ociety. ) such ar- ed banks , for the ing to the iclal con- deem ne- ing of the nt Build- fonday in nmencing f being a ,) for the or the en- 's relating nd at each ill be sub- e affairs of iths ; and e attested ;iety, ap- ) shall not of the So- Directors^ ih meeting 30, at the ies in the cv, bank- ied at tho notifying jumber ^^' from the date of such commencement : those joining within six months shall pay interest upon such subscriptions, and those joining after that period a proportionate bonus irjesides, according to a scale to be settled by the Directors. d2nd. — That any Shareholder may transfer his Shareholders share or shares by causing an entry of such their ShaiM^ transfer to be made in the books of the Society, in such manner as the Directors may appoint, and upon payment of the sum of 2s. 6d. for each share so transferred and of all arrears then due; and thereupon the transferee, (after sign- ing the rules) shall be entitled to all the privUe- gv^s of the original shareholder. 33rd — That in case of the death of any mem- A Member ber, the legatee or legal representative of such p?o?eed?°^^for deceased member, shall, before becoming en- a legatee or titled to the privileges of an original shareholder, ^^g*" represen- procure his place of abode, and the particulars of *o*^^e® a°Share- liis title, to be registered in the books of the holder. Society, and shall at the same time exhibit the ; will or probate thereof, or grant of letters of ad- ministration (as the case may be,) for the in- spection and satisfaction of the Directors, and pay for such registry the sum of 2s. 6d. per share.- 34th. — That the Directors elected at the for- Directors not mation of the Society, as well as those hereafter i^J'^^il^^'f.,^"; , , - 1 11 1 . 1 'n • 1 rt 1 responsibilities to be elected, shall be mderanmoa out of the of the Society. funds of the Society, or otherwise, from all ex- penses in reference to the formation, conduct, and management of the Society. -^- For the due observance and performance of all and every the foregoing By-Laws, Rules and Regulations, and of all and every the future By-Laws, Rules and Regulations of " The Quebec BuUding Society,''* We, the Members of the said Society, who have hereunto sub- scribed, and set our hands and seals, do hereby severally, each for himself, his executors and ad- ministrators, and not jointly or the one for the other, covenant and declare to and with the Pre- sident and Treasurer of the said Society, and their successois in oflRce, that we, and our seve- ral and respeci,ive executors and administrators, shall and will well and truly observe, perform, fulfil, and. keep all and singular the said forego- ing and future By-Laws, Rules and Rcg-ulations of the said Society, which on our several and respective parts are, or ought to be, observed, prepared, fulfilled, and kapt. {Pamd 1st Oct,, 1849.) , r'"^ I ^ / \0 ilum Bui Jit Mci 2d 3d 4tli • 0th 6tli 7|h 8th 9th 10th 11th 12th 3d yeai 4th d( 5th d( 6th d< ■hawi 1( ■ IS * IJ \i 16 n 18 IS 2(] 21 22 23 24 25 26 27 28 29 30 35 40 60 QUEBEC A ITAIBILS Showing the Mode of Oalcnlating the Zntereot on PiTo Building Society* deducting each Monthly Znetalment oil riBBT YEAH. Iflt Month's Int. on £ >. d. £500 at 6 per cent- per an. 2 10 497 10«. - " » - - 2d 3d 4th 5th 6th 71 h 8th 9th 10th nth 13th 490 492 10a. 490 487 lOs. 485 482 lOs. 480 477 lOs. 475 472 10a. (( (( (( (t {• it tt -299 - 2 9 6 - 2 9 3 -290 - 2 8 9 - 2 8 6 - 2 8 3 -280 - 2 7 9 - 2 7 6 - 2 7 3 X29 3 6 lit Month's Int. £470 467 10.' 2d - 3d - 4th - 5th - 6th - 7th - 8th - 9th 465 ' 462 10* 460 ! 457 10> 455 452 lOi 450 I 10th - 447 10} nth - 445 ' 12th 442 10>' lit The Interest reducing annually £1 1 THIRD AND SUCCEEOINO YEARS.! £25 11 6 7th years* int<( 23 15 6 8th do. dJi 21 19 6 9th do. i^ 20 3 6 10th do. di 3d years' intereiit 4th do. do. . 5tk do. do. - 6th do. do. - Shewing the Rate of Interest actually Paid by the Bov 10 per cent. Bonus is equal to JC6 13 - 4 per £100 or 6. 11 — n- u do. . 7 4 7 ^-m « . % do. > do. . 7 6 4 —^ t( • do. - do. mm 7 8 — . (t - I do. - do. m 7 10 — tt m do. « do. m 7 116 _ it m do. - do. m 7 14 li — it . do. - do. « 7 15 8 — tt . 1 do. • do. ~ 7 17 10 — . it - f do. . do. - 8 — it . H do. . do. . 8 2 3 — tt _ 1 do. > do. . 8 4 7 .— tt . f do. - do. . 8 6 8 ~-. tt ^ g do. - do. . 8 9 4 — it _ ^ do. . do. . 8 11 tt m fc do. - do. - 9 4 9 -— « - $ 40 — do. - do. - 10 — (( 60 do. - do. 12 — « - 1 QVEBSC BUILDING SOCIETY. / / Showing the n Building Soeie Jst Month's Inl \- on £500 2d - 497 10s. 3d - 495 4th - 492 lOs. 5th - 490 6th - 487 lOs. 7th - 485 8th - 482 10s. 9th - 480 10th - 477 lOs. nth - 475 13th - 472 1 10s. 3d yean* iBtere»t 4th do. do. _ 5th do. do. . 6th do. do. m ■hewing the Ral 10 per cent. I 11 . -r ■' 12 _^ ' '13 ^— •: J. U — ( V? 'v ;•• 15 — ( (' M L 16 — ( U;)'. 17 — < 18 — ( 19 .^. •- -w. 2Q , < ^'21 .— < 22 — i 1.^!, ^:: 23 — { *' '-' "-i; 24 — — ( ;, 25 __ i 26 — < 27 _ 1 u tia 28 — < 29 — d 30 — ( ■ ■ --*r*«*^^ 35 — c 40 — _ d 60 — d QUSBSC BUILDING A WAIBILB «j ihowing the Mode of Oalcttlativff the Xntereit on Tbro Iharee of Stock in Qisebee Biiildiiiflr Society, doductinff each Monthly Instalment of 4:9 lOs. or lOe. per Share. 1 riBST YEAR 1 BECOAD YE All. 1st Month's Int. on £ s. d. 1st Month's Int. on £ *. d. £500 at 6 per cent, per an. 2 10 £470 at 6 per cent, f »er an. 2 7 2d - 497 lOs. - t( - 2 9 9 2d - 467 10*. i< * - 2 6 9 3d - 495 • (( - 2 9 6 3d • 465 t( • 266 4th • 492 lOi. (( - 2 9 3 4th - 462 104. (1 - 2 6 3 5th - 490 <( - 2 9 6th - 460 tt m •260 6th - 487 lOs. « - 2 8 9 6th - 467 10 J. it - 2 6 9 7th - 485 <* - 2 8 6 7th - 455 it - 2 5 6 8th - 482 10s. <( - 2 8 3 8th - 452 10s. tt - 8 5 3 9th - 480 't - 2 S 9lh - 450 It -250 10th - 477 lOs. « - 2 7 9 10th - 447 10«. tt - 2 4 9 11th - 475 m tt - 2 7 6 nth - 445 « - 2 4 6 ISth - 472 10a. m *l - 2 7 3 12th - 442 10«. (.' - 2 4 3 . 1 \ - ' * ' " , X29 3 6 £27 7 6 i 1.. 1 The Interest reducing annually £1 IGs. THIBD AND SUCCEEDING YEAHS. 3d yean' intereat m m - je2o 11 6 7th years' interest ■ m • - £18 7 6 4th do. do. . •m m - 23 15 6 8th do. do. • • - 16 11 6 6th do. do. - . - 21 19 6 9th do. do. • - - 14 15 6 6th do. do. - * mt - - 20 3 6 10th do. do. m . . 12 19 6 ■) ^ ■hewing' the Rate of Zntersst actnally Paid by the Borrower, on the flnm RecelTed. 10 per cent. Bonus is equal to £6 13 4 per £100 or 6^ per cent, on £90 received* 11 — do. . do. - 6 14 10 ..^ t( . er « __ 89 (( ; 12 do. . do. - 6 16 2A .— w^ Five shares of XlOO ... jcsoq Deduct 30 per cent Bonus • - 150 Leaves 350 Allowing on« year for building, leavea 7 years' re Jt at £35 per annum - 245 ^£595 EXAliPLU of an Ordinary loan of Eight years' 'nterest at £21 per annum Amount paid Ordinary lender AmovAt actually paid into the ^iety Balance in favor of Society's loan £350 168 • £618 423 £ 96 Payable 10s. per Share, or, £2 10s. per month— or per annum • - • JE 30 Bight years' payments v| ^^30 make £210 liiight years' interest as per annexed \^^ Table on the' reducing scale - 183 ^. EXAMPLE 3,— At en average Bonus ^if 40PEtt CENT t|»^ Society would run out in less Uiaa 7 years-- sayTpar*. I^aVable lOs. per Shares <)«•, £2 lOs- pef^ • ifaonth— or per annum - - " *_£2. Fiv:j, Shares of XlOO - - - -£500 Deduct 40 peir cent Bonus - - • 200 .- Leaves Allowing on>(^year for boiMine:' leaves, 6 years rent at £30 pcr annum 300 ■ - ') 180 £4b;0 £X AUPLE of aa Ordinary loan of Seven yean' io*rrcst at 418 per annum Amount pnid Ordinary lender Amount actually paid into the Society Balance in favoir M'Socipty's loan - jti'M t26_0 - £«6 . 37g 8 - £ <» ll" Amoiint actually paid into ihe Society 423 Balance of gain - • - " 172 p ,,t „ -,.,.^4.. -., . vi« -- >£59j SeVeh years' liayraents -of XSO roak% £210 Sev-^n years' interest aa pei annexed . TaAle on the reducing scale - - lob S G Amount actually paid ipto the Sjocicty Balance of gain * , i> * •))» 6 £4d0 376 8 103 11 nf own The actual 'dvantajre is theHonsn ItssU, which the Subscriber pays for in thit ttt$y >»a,,utr, and /"Wch at tl. i. The iSsiW2«"laUuce.- of £249 eS-ZxiTZ and £103 lU^ edf meet t'a,^ ditference of 'f-Jf '; ^ejween the (andUie a£ou.->t he pays monthly into the Society, besides leavinc a profit. Jrom tlxe «l'"v« f'"™P)"' '* '!, .«r, and wUlch at tlie eiid of ?Uic term i» his - amouiit he rcuei»e* for evtileut^tuata buililkag imtand Uie ainou.->thepays monthly into the Society, besides leavinc a pront. rrom wie «""7 "'*'"'';"',"" ,"j„-,d" " M(Vmy;e«|t|ltels,nctw<'^taDding &« Donus paid, than.it would, if Qie money were borrowed from «n «rjii««i»y Kauer *t. par. QUEBEC BUILDINQ SOCIETT, Deotmbor, 1840. IPrintcd by Sinclair ic Pooler, 8i, Mounlaia Street.! Iruax 0VIK.1 m-su fp^ij^ ^^s.iW'^iiL 80 or ao per cent. «to run cttt,l>a say lOyeaw. rj£3 lOs. jier of £30 will £ 30 200 (HI. ./to; i>Ie monthly. - £2d 3 C 27 7 6 25 11 6 23 15 C >fll 19 6 20 3 G J8 7 6 IG II (> 14 15 6 ' 12 19 6 ^ ^f £2 10 15 the Society ~5Wld~0 - 219 5 _;■ '"--■■-■■--■' £760 0~~0 irs to run ouU- £2I0s. i)er • X 30 £30 make £240 jr aanexeil ■' ale - - 183 y , Ihe Society 423 ' 172 £59j 7 jreaw- say7 jear». e2 103.pej'' ? £ 30 CSO mak^ £210 U r annexed e - '126 8_6 le Society 376 *S (f ^,; 103 11 6 J;£480 0" ».4Ui ' It the eiiJ of ?Uie term U hia tiitf amuuat uu ruceiire* for it is eviileut'tuat a builUiox lary leudef At par. '' ' ' '■'' ^'ri'I'.-.j lrs>« otia.] at*' 'v/'S^^';:"*: „.>,«;..,, z.^^-; ...Jf .- •,X^..-,,, ■*,;', .> . i .: ■«■■ ■" "'•<■- ',' i-;'. ^ ■ » . *:•■ ^^;^-.' ■ f« .? ;' -ii^