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The end of ^ticle 10 should read as follows :— And the amount of their subscription shall be payable to the sharehoUers who may not have yet received an appropri- ation. w BY-LAWS OP THE lominiQi ADOPTED AT THE GENERAL MEETING HELD THE 20th JUNE 1872. AUTICLE I. NAME. This Society shall ho called "The Dominion Bi iLDiNd tSociETr," and whall have its principal place of business in the City and District of Montreal. It is incorporated under Chap. 69 of the Cons. Stat. L. C. entitled " An Act respecting- Building Societies," and shall form a Permanent Building Society under the said Act. ARTICLE II. OBJECT. The object of this Society shall be to offer to its members a secm-e and advantageous means of in- vesting their savings; to aid them in the acquisi- tion of property, in freeing their holdings from debt and mortgage, and in improving their real estate ; and to otter eas}^ terms of loan and payment to borrowers, on mortgage, public and other Secur- ities. ARTICLE III. STOCK. The Capital Stock of the Society shall be divided into Permanent, Accruini^ and Aj)j)roi)riation Stock. ARTICLE IV. The amount of each species of Stock shall he determined from time to time by the Directors, eacli increase of Permanent Stock 'whall be designated as "First Issue," '' Second Issue," and so on. The Accruing Stock shall be divided into classes, and shall be designated by the Letters of the alphabet, as : Class '' A," Class ^' B," &c. The Appropriation Stock shall be known as 1st Appropriation Stock," "2nd Appropriation Stock," and so on, and each is.^ue shall be divided into Books designated as " Book ]Vfo. 1," " Book No. 2," and so on, each Book to consist of Ten Shares. ARTICLE V. SHARES. The Shares in the diHerent kinds of Stock shall be of one hundred dollars each, ARTICLE VI. PERMANENT SHARES, HOW PAYA- BLE AND WHEN. Permanent Shares shall be -ayable at the office of the Society, by instalments of ten per cent, at the call of the Directors, who shall give one month's notice of such call. Holders of Per- manent Stock shall not be obliged to pay, nor the Society to receive, more than four instalment per year, on each share of Permanent Stock. s 3 ARTICLE VIT, ACCRUING SHAREfi, HOW PAYABLE AND WHEN. Accruinii; Shares arc payable at the office of the Society by monthly instalmentn, pa;yable mi ad- vaiice," of one per cent., on such days as may oe (iosionatcd from time to time, by the iMrcctorH. ARTICLE VIII. DURATION OF CLASSES. The lcno;th of time during which payments are to be made, on Accruing Shares, is indeterminate ; f as soon as the realized profits in addition to tho monthly payment.^, are sufficient for the payment of the amount of such Accruing Shares, it shall be tho duty of the Directors, after providing for pro- bable losses, to fix the date of such payment, and to notify the Shareholder '" ""^ '^ Tf, on the closing of tl to the monthly payment for the payment of the Shares of such Class, the .. ^ the Shareholders of such Class, .n the form ot a bonus, pr()porti(mate to the amount of the Shares of each of them. ARTICLE IX. APPROPRIATION SHARES, HOW PAY- ABLE AND WHEN. The Subscription on the Appropriation Shares, shall be of fifty ceiits per week for each book, payable at the office of the Society, on such days as the Directors shall fix. On payment of twenty- tive cents, the Appropriation Shareholders shall be entitled to an entry book,in which shal 1 be enter- ed all payments made by then on their shares. b f^r" >f. . the profits added than sufficient f the Accruing shall be paid to •t AnriCLE X. DUIU'IK.N OF I'AVMKNTb TlKMinuMl,M-i„o. wl,i<-h ..,„•!, ,.aym,.nt.sh,,|| I,., m.ilois mdconninalo; as s.,o„,.,s l.ciiik.rosl an.l roa h.e,l ,„..„Us a.klo.l lo II,o wocUlv |,avnu. ,1 n sl.aroM ,1 sliail l,o U,,,. dm v ..I' tlic J)in>ctoiN aflor P'ovali,,:; for |„.„l,al,l. losVos. „, fix ,| c Nt , imnroi ;r"''V^' '"'•^■""•"•^ ^''"" '•"-"' ••'"'''■•'« ARTICLE XT. FIXES OK PAYMENT IN ADVANCE FOR AliREAlJS. IfthoSiihsccipti,,,, |,or.,)t paid, ailne often fouls « 1.00k-, pe. wool., sl,all l.o oharoo,! un.l i, ,, ° i' s ,al avroavs of ,s„hsoriptio„ l.o^.ooeivo w itl,; at the Aooraod tino., unless as nu.nv weeks I J. •n advance as may have I.eon in aVroars. ' ARTICLE XII. MEMBERS IN ARREARS. Al>in-opriationShai-ohoIder.<,wl,ose'aecoun(sw,lh uio hooiofy are m arrears, sliallnot Le permitted to partK'.pato in tl.o l.aliots for approjn-iutions ARTICLE XIII. An Appropriation Shareholder, whose snbsorin- tion and hnes are six montlis in arrears, shall be no- hedtheroot by thoSeeretary: and nnioss the s', ,e ot sucb .lutiheai.on, to.o-ether with thoamount snl,- .se.iuently accrued, the directors ,navn said Appro- ARTICLE XXIX. BY PURCHASE " te J'f? f'VPropvmtion, by purchase, shall be submit- t on ?"'■"> "'""•"'/"• ^''""°"^ '■"■'-'J the Appro™ . .;;on sh,i, oo adjudged to the last and feest bidd ARTICLE XX. TENDERS FROM NON-MEMBERS The Direct()r8 may ticcept tenders from mem- bers holding shares in other departments, and even from persons not members of the S( ciety, on their depositing, previous to tendering, with the Secretary, if required, two per oenton such Appro- priation, as security of their good faith, which sum shall be forfeited to the Society,in the even * of their refusing to accept an Appropriation which may have been adjudged to them : but in the event of a person, not a 'member in this department, being ad- judged an Appropriation, he shall not receive the iimount thereof, until such time as he shall have fultilled the conditionsdetermined by the Directors, and have paid up a sum of money equal to the amount of fees and weekly subscriptions already paid by the other members, and also profits and in terest thereon, at such rates and on such condi- tions as the Directors may determine. ARTICLE XXI. BONUS The bonus, or premium, made on such Appropri- ation, by purcha^e, shall be carried to the fund of the Appropriation department. ARTICLE XXII, The mode of making all xippropriations, and the conditions upon which they shall be made, &hall be determined by the directors. ARTICLE XXIII. DEPOSIT BY RECEIVERS OF APPROPRIATION The Appropriation Shareholder, who has receiv- ed an Appropriation, by purchase, shall immediate- 8 ly deposit, ill the hands of the Secretary Treasn... er two per cent, on such Appropi-iation; to secure heS^ciety the inltilnK.U<)i-this\.[>li^ations ^X^ der ; and, it henei^leet to ^ive theseemities required witiuii such dehiy as the Directcrs luay lix, such sum shall betorteited, and the Appropriation sJiall bold at jus risk and ])eril (a folic enchere) li-evious to receiviiii.- the amount of an Appro- jnMat^ion, the receiver must pay all char^^es lixed, hy the Directors for notarial, k-al, inspection Imd other fees, with abcmuson the amount of eacli Ap- propriation if the Directors so determine. ARTICLE XXIV. 8ECUEITY FOR PAYMENT OF APPROPRIATION An Appropriation can only be paid over, on tJie (security of paid up Permanent shares, or Of real estate; and the same must be ofa sufficient value, in the opinion of the board and valuators, to secure to the ^ociety repayment of the sum so advanced, and 01 all tines, weekly dues accrued, and to accrue. ARTICLE XXV. SECURITY FOR REPAYMENT OF APPROPRIATION. The Apjyropriation, Shareholder, who neodects to pay al instalments due on an Ap],ropriatjon -rant- od to him, shall pay a tine of two and a half per cent. ])er month, on the instalments due, until full payment, m addition to the tines due for non-pay- ment of weekly dues. ^ "^ He shall, however, ],o exempt from all fines on payn o. m advance as many instalments as may nave been in arrears. I !» reasiir- secure as bid- q Hired, X, such )n sliall A ppro- xed, hy on and cli Ap- r OF on the )f real due, in Hire to 3d, and rue. :t OF dcts to grant- ilf per il full Q-pay- les on may ARTICLE XXVI. DISCHAHGE OF 8P:0UKITY. The Permanent SllaJ•e^^, advanced as security and the real estate mortt;-aged, for the pjayment of the amount of the Appropriation so advanced, shall not be refunded, nor freed from the mortgage, until tiie fullpayment of all tines, charges, ten per cent, instalments and weekly dues, payahle upon each Appropriation vShare. AKTICLE XXVII. INSTALMENT ON APPRO- PRIATION. The member who has obtained an Appropria- tion shall, without discontinuing his weekly pay- ments, have to re-imburse the amount thereof to the Society, in the form of interest, by one hun- dred and"^ twenty equal monthly consecutive instalments, which shall be paid at the office of the Society, commencing on the first payment day of the second month, after the ballot, or sale, of such appro])riation. However. Vvhen all the members shall have re- ceived their Appropriations, the issue shall be considered fully paid up, and all payments, not yet due on such issue, shall be extinguished ; but all ai'rem-s and tines, due by members, shall be collected, and the amount shall be distributed amongst the members, pro rata, after provision for all the debts due on account of this department, and after the same shall have been paid. No member can receive more than one Appropriation per book. 10 CAPlTAJi. AKTICLE XXVITI. EMPLOYMENT OF CAPITAL. The Capital .shall l;e iiyed as follows : 1st. The coHt of Jiianagemeiit ; 2iul. For buy- ing up of Accruing and Appropriation Shares of members ceasing to belong to tlie Society ; 3rd. For loans from the Society to the Shareholders, and to ordinary borrowers ; 4th. For the payment of semi-annual dividends on the Permanent Shares, provided such dividends be not paid out of the profits produced by the Capital of the Accruing and Appropriation Shares ; 5th. For the payment of the amount of Accruingand Appropriation Shares : and if at any time there be funds of tlie Society, which may not be used, or required for tlie above purposes, the Directors may otherwise dispose of them for the benefit ot the Society, according to the Act respecting Building Societies. ARTICLE XXIX. INTEREST. When funds belonging to one department sliall be used for the purposes of another department, interest thereon shall be due, by the latter depart- ment to the former, at such rates as the Directors may fix. ARTICLE XXX. MEMBERS.. The Society shall be composed of an undeter- mined number of members, as follows: 1st. Per- manent Shareholders; 2nd. xVccruing Sharehold- ers ; 3rd. Appropriation Shareholders. 4th. Borrowing Shareholders, persons who bein-<»- nro- prictors of Permanent, Accruing or Appropriation- stock, borrow from the Society on, the security of I 11 •ITAL. or buy- larea of 7 ; 3rd. lolders, ay me lit Shares, of the inij^fiiid nent of Shares : ^ociet}', above pose of cliug to lit sliall I'tment, depart- rectors udeter- it. Per- rehold- 4th. -o i ►riation irity of such stock, or on other securities. 5th. Borrowers who, without beino- shareholders or members, bor- row from tlie Society, and are by reason thereof subject to the rules of the Society. ARTICLE XXXI. NUMBER OF SHARES LIMITED. No shareholder shall possess more than ten thousand dollars in the Permanent stock ; twenty in the Accruing, nor more than thirty thousaini dollars in the Appropriation stock. ARTICLE XXXII. SIGNATURE OF MEMBERS TO SUBSCRIPTION BOOK. Every person, wishing to become ashareholderor member of the Society, shall sign by himself or attorney, and if he ciinnot sign, shall approve by his usual mark, in the presence of a witness, the book in which are entered the rules of the Society, with the promise to conform to the same, as also to the amendments, changes and modilications, which may, from time to time, be made to the same. ARTICLE XXXIII. ENJOYMENT OF RIGHTS OF MEMBERS. To he a member, and to exercise the rights of a member, he must have paid his entrance fee, and at least made one payment on his shares. ARTICLE XXXIV. ENTRANCE FEE. Every person becoming a member (except by succession), by reason of his having an Accruing Share on or about the iss'^ing of such share, or becoming a Permanent shareholder as a subscriber, at the issuing oT capital stock, or by reason of the 12 ire::;:;;: ^s^i" t:^ f '^p-'^'''--' «<-'^ of oiu. nnr n...f ?,.^''- ."" "t l'"y «» entnuico lo„ Share, ut the issiiinff of si.ohSA";"'','" ;','""""'"" ARTICLE XXXV. BONUS. rowhSrcSo^ that of his shares Th!)/' V'' '*cc"'-'t.y tlmn cent., i„...,!;;;;:i;-^tr;^^j 1-,.^^^ AKTICLK XXXI. OTHER BONUS a sharehol.ler ornot ,L T*""' '^'''"''«'- ^^ he to he«.x-e,| hv them ',; d t r '"'""^ '^'■"" «""">nt to the interest pavn o v slh V'''''"' '""' "<''l«'' «mo„nt advanoe,! to hln, ■' ''ovrower oi, tl,e ABTICLE XXXVII. KINES PAYABLE BY PERUA NENT SHAREHOLDERS. pa^tra,sr:?reS":sr/r''' '?«'«''^'"^ "^ often per eenf on fL ' '^'^'^"^ ^'^ P«V ^ fl'H> noMand calls, ^yhu,]^ •x^^'oniedue, his.fo(d. in th'e S ^a>'thereaf(er ^oeiefv nia^' I •e sold i: >n Stock in CO i'ee solution •»nin<^ ji :^i'i{itioii pi\y nil er, bor ^y til an )ne per ik pi'o- • he be mount bonus adde-l >ii tfie bv tlie Directors, and the proceeds ibereof sliall be pai" sued. But the above fine, on the Accruin.i»; Shares, hav- ino- l)een tixed more for the purpose of enforcing oiPthe members pmvtuality in tlieir engagements 14 r I !;;^!l'^?:!'V^'' ^''^^? ton-eatcarevomio, it w,!! I.o at tl 10 option ofinemhoi-s in arroni-s, to ox( I ' , -■• i»i ill nur N, lo oxonint thorn- u. H ,1,10 as many |m.v,„enls i„ advance, as Lev m ylnvc hoon.n an-onr.; l>ut ll.isoxon.p ion c-an- " .0 r It I? '," ""^r' '," ^^'''"'' "- nHMnhcM- n no. ,m.v,'ded ■' «^-'^'""«"i^l'eJ in H,o n.an- ARTICLE XL. EXTIiiCTION OF SHARES. Whon a non-borrou'in.s.- inombor, in the Acoruin"- Stock .shall 1,0 ,n arrears si.x months or more, I c Directors may, without previous notice hein.^ g.ven, o.x-t,n,pish his SharL. and tinallv clo e i*^ U'count, eiihor l,y puttino. u, his credit, or I v returninj^thc payments which ho may have ma fe on h,s Shares, with interest, after deducWn all t.he ,da,ms of the Society a^ai.'.st such men be " r arrears, interest, fines, or other rio-hts, whatev;,* ARTICLE XLI. CLOSm« AmyilNTS OF BORROWING To cio.se finally the account of a borrowing member indebted for a balance, before or af^.o^ suit and forced sale of his ettecis, the Dire tors may ext.ns'nish, or sell his Shares, n si'cl, man, er as they sha I judj^e fitting, and tiie value of ^ Shares shall be e.stabli.shed according to the nro visions Of the precedinir paragrapfK unless the D.roctors shall jud,^e it to b'e prfpe'r, ;ccord L o the circ.-...a -ver : h , oml.cr tliV voinnindoi- of the produot ot ll.o i ol hiH sai.l Hh».es, if there he auyren.m,,- '"-' ARTICLK Xl.ll. SUITS. In M..V case iiothinii in the ahovo arti(dos shall „,lvc' Ulo I)i eet.n.nVo,n suing for tl>e rec.vory nU ho said arrears, interest, tiues.l.ilai.oes, and . lai,ns. ^vhon they eousider >t to ho mo e the heiielit of the Society, nor t<. grant, u eei- n ea oshv aureement witl, the meniher >n !:;.,"ars'or'sued.h,nger;^Xui , ei- =■ sum of money, the amount ot Ashieh slull r.'rovio'^ly tixed hy t.i,e Directors, to guarantee : j;:rs;rcieti the repayment of Jl- expenses .n eiirred hv sucli apitlu-atiou, in case the t.oiurtvei s out not irive, it the propertimo.tho guarantees ogU sufficient by tL i>irectors, or that the, nuiv consider his title deeds deiect.ve. ARTICLE XLIV. TRANSFERS. In Accruing and Appropriation Stocl^ members .vl>o have paKl two i,Utalments, an.l n> Permane Stock, member who have pa,d one nsUhuent o _ call may transfer their i'bares, by .. ^i-m 'e ma'ie in writing in a book kept tor that purpose (i 1)\' liU' Societ V ami surli Iraii^lrr rmisl fn' ^;il>•|lO(l l»v Ihc! nssiii'iioi* iind trniisitTce ; (lie I)ir('('t()rs luiiv, liowoviM'. ir tliev iii<]L''e proixM*. {iIIdw li'aiirs- ibrs to be made, In etore Notary or M'ilnoxses. A fee of tiity eeiits Hhall l)e paid to IhcSoeiety, loi'eaeli share transferred; the Direc- tors may, liowevei', if they deem it proper, (h)away will), re luee. or increa-^e the a hove fee. ARTICLE XLV. FORM & CONDITIONS OF TRANSFERS. The Society shall not he held lo recognize any ti-ansier, iiiuess made in the form, and on thecon- dition>])rescril)ed ))_>' the Directors, and tlu;nonly when tlie assignor and transferee liave fultliled ail I heir ol)ligations and engagements to the Society. ARTICLE XLVI. TRANSFER BY SUCCESSION. In t]>e event of the decease of anv member, liis lieirs, or legal representatives, shall f)e held to sub- mit to the Board oi' Directors, the documents ])roving such dec-ca>e, and establishing their qual- ity and right to replace such member; and if after examination, such documents be deemed satisfac- tory, the name of buch heir or representative shall be substituted for that of the deceased member. n li'aiis- arv or )jii(l to DilHM- oawjn- I8FERS. zo iiny he <-oii- Ml Olll\' Hod ail iocicty. ION. Mil', Ills to .sub- iiincrits irqiial- if ixfiev atisfac- Vki ^•.hall nl)er. held to created larew in C'C ruing B lial;)le le right ARTICLE XLVIII. MONTHLY REIMBURSEMENTS. All the sums lent by the Soeiety, and the inter- est tiiereon, must be re-imbursed by monthly pay- ments, unless it be otherwise specially agreed upon. ARTICLE XLIX. If a borrower should insist on freeing his pro- perty, nortgaged to the Society, before the expiry of the lerm for which he has mortgaged it, he may do so on the payment of the amount lent, and interest, and of all arrears due as tines, bonus and otherwise, up to the date of such payment, and on such other conditions as the Directors may deter- mine. He may also substitute, at his own cost, another property for the one originally mortgaged, pro- vided the Directors consider such other property sufficient for the security of the sum then due to the Society. ARTICLE L PROOF OF DELIBERATIONS. All deliberations and declarations of the Board of Directors, relative to the duration of classes, to their payment, to the surplus granted, to the re- serve made for probable losses, and in general to the liquidation of the shares of each depart- ment, and class, or issue, shall be final, and shall form jyroof prima facie, until contray proof shall be made, of the truth and propriety of their contents, and shall be obligatory on all interested, without the necessity, in any case,of producing the books or st^'ti^TYl Antsi ft'OTYi +La LnoVa nf* fhn ftrkoia+Tr rw Q-p-rr other proof whatever ; and copies of the same certi- IS I twd I'V thoSocivtui'v-Tfoasujvr, imd l»v I ho Pro.i- (k'nf, or Vico-!>i'osi,k>nt, shall nialco full pmol'oi' thoircoMtonts, unless contradicted by other i»ro)f. AKTICIJO LI. GlJAIiANTEK OF ADVANCK. Every loan oi- advance made, must he made on TTiort,o-jio«o or other ^-narantee deemed sufficient l)y the Directors to secure payment of tl^e sum lent, and ol all luterest, boniM and exjjenses, c'tc The buildmn-s, upon the proi)ertv morti.-aoed, shall be insured tor the hem fit oi* the Society, whenever the latter sliall require it, at the cost of the l>()r- rower, and durin,i>- the whole term of the loan unless otherwise determined, with such Insurance Com])any, as the Directors may consider suitable, and that for sucii an amount' as mav be iudo-cfi sufficient by the Dii'cctors, and the Pdlicy of such insurance shall be made in the name of 'the Soci- ety, or shall be duly transfoi'red to it, in order to enable it 1o collect the amount, should cause arise. ARTICLE LIT. TNSURANCi:. And in I he same way, it shall be allowable tor the Society, at all times, to effect such Insurance iiself HI /s own name, or v^ tlie name of the bor- I'ow^ers, at the expense of the latter, and to pay any preminm due, or to become due. on policies of Insurance, \nthout necessity on the j)art of the So- ciety j<,r any nolitication, or wise en demeurc. In all cases the Society sluill have possession of (he policy r»f Insurance. AKTIOLE LIII. Hul the Society shall in no way be resixmsible fnr any deiay or ne,<' -n., vone.v of tho TnHr.ranoo Com- pnny wh,( iMt n.ny havo oho.on, or fr.m tho no I <'X(;ut,on, „, whoh^ or I,, |mrt, of tho on-.-a.-enion s ^'"d oM,i>.ations of suoh Insuranoo (\)mi.uiy AUTJCJvK J IV. IMSHUliSKMENTS. A II luoiioy whioh sliaJl j,av oI.oojj di.bnrsod hv tho NKMoty <,n account Mf any of its hoiTovvor. or inem- hcrs o.tlior m rospect oi prominiiis of InMirance oxpon.os tor loans or otherwise, shall boar inter' est m.til repaid at tho same rate as that stipnlatod in tho Act of Ob io^ation of such borrowers, aid s a )o rocovorablofnmi tho lattor, at tho iirst, Applioa- tion, or],oriodicall3', according, to agreoniont. AKTICLE LV. • In case of fire in buildings insured, or of .. nart t^ho in or o clama<,e caused by tiro, the Directors ni.n but without bom- bound to do so, establish an(ll,<,u,datowiththoInsurauco(V)mpan;^witho he concurrence or consent of tho Insured, ifho ~t'ot tl'^ ''''^'\^ of Montreal, all claims /n uspoct of tijo such dama^-os or losses, and also ;; jtani trom the Insurance CV.mpany or Compan os. al sums ihcnv, arising; in all cases thorodipt <. f ho .Seorotaiy-Troasuror shall bo a valid and bind • no- dischm;<40, as regards such Insurance, for all moneys which shall l)o so obtained. ARTICLE LVI. .,So';^V:''^TV'''^''-''^^^"^' discretion, either fi ' u'li*' .,^ ''^' ^^^ l'^^'^^ ^h^' money which hey shall collect, in virtue of the transfers of ho insurances made by borrowers or members in 20 repairing damages done to the property, or re- tain and employ such money, either wholly or partially, as they shall judge proper, in liquida- tion of the amount due by such borrowers, or members, to the Society; and the surplus, it* there be any, shall be paid over to the borrowers or to whom it belongs of right, ARTICLE LVII. BOARD OF DIRECTORS. The aifairs of the Society shall be under the control and government of a Board of Directors, to the number of seven, so long as Article 63 shall not be put in force, and only five as soc-n as the said article shall come into effect. The Directors shall elect their President and Vice President, and the quorum at their meetings shall consist of three. The President, Vice-President and Direc- tors shall, in their private capacity, be exonerated from ail responsibility in relation to the liabilities of the Society. ARTICLE LVIII. ELECTION. The Directors are elected each year, at the Annual General Meeting of the Society, by an absolute majority of the votes cast at said meeting. The Directors once elected shall remain in office until replace.! by their successors, unless they cease to be Directors by one of the following causes, namely: death, resignation, possession of less than the required number of shares, insolvency, bankruptcy, or conviction for crime or serious offence. Directors must possess at least five shares in the Permanent, ten in the Accruing, or thirty in the Appropriation stock of the Society. 21 ARTICLE LJX. VACANCIES IK BOAKD. When a Director shall absent hinij^elt from the meetings of the Board of Directors, during three consecutive months, the majority of the quorum of the other Directors may, by resolution, declare his office vacant. ARTICLE LX. RESIGNATIONS. Every Director has a right to give in writing his resignation of the office, and he shall be ini- mediately replaced in the manner hereinafter provided. ARTICLE LXI. VACANCY IN BOARD. Every vacancy in the Board of Directors, hap- pening in the course of che year, from whatever cause, shall be tilled by by the choice of the remain- ing Directors, ahd the substituted Director shall remain in office until replaced at the election of Directors, by the Annual General Meeting. ARTICLE LXII. NO DIRECTOR TO BE EMPI OYED. No Director, so long as he shall be in office, nor before the expiry of six months after leaving it,can fill any lucrative office in .the Society. ARTICLE LXIII. FEE TO DIRECTORS. Every Director, duly named by virtue of the above prescribed rules, has a right to two dollars for each meeting of the Board of Directors, when there is a quorum, and at whichhe shall be present during the whole sitting ; but no Director shall I'eceive more than sixty dolh s, in any one year lor surh service, even when tiic number of meet- ings, during such yea^*, shall be more than thirty. '".1^ •f'> AKTICLE LXIV. INDEMNITY TO PKESIDENT. IsotwitliMlauding, the S(X'iety may vote to the President, over and above what is allowed to hiiu as a Director, an indemnity on account of the greater amount of time and attetition which he .shall give to the business of the Society. The above two Articles, shall not come int(^ force until a period fixed by special resolution, and j)assed by a General Annual iMeeting of theSociety. ARTICLE LXV. ISSUE OF STOCK. The ])irectors shall tix the date at which each new issue of the stock shall be made, and the first payment shall be made on the day appointed hy the Directors. ARTICLE LXVI. ARRANGEMENT WITH BANKS. The Directors mav make, with one or more of the Banks, holdinij; a charter and doin<»* buisness in Montreal, such ai'j'anii^ements, for the dej)osit of money and funds, belonging to the Society, for the opening of credit and the transaction of all other buisness, as shall seem to them advantaueous. ARTICLE I XVII. POWERS OF DIRECTORS. The President, and, in his absence, the Vice-Pre- sident, and Secretary-Treasurer, on deliberation of the Board of Directors, thereto authorizing them, may, in the name of the Society, negociate all Bales or purchases of Bank Stock or Public Funds, lend and contract all loans deemed neces- sary and useful by the Directors, on such condi- tions, and under such restrictions, as may be ap- proved by them ; they may, \\\ the same manner, and on similar deliberation, accept, acquire, hold, 0\} sell, alienate, IraiiHier, bind and mortira.re for and in the name of tho Society, all lieal Estate, heri- tages, monej^s, merchandize, moveables and ellects whatsoever, and all titles, deeds, and other instru- ments bearing obligations, for moneys, transfers cessions and subrogations, acts or titles and ali ()ther erTects, ardall rights and claims, whic'i the Society may lawfully accept, acquire, hold, sell, alienate, transfer, bind and mortgage, in virtue of the law, make abatements in pai-t, and com])oi)nd with all persons whatsoever, for claims of which they may consider the recoverv doubtful, or more or CSS uncertain or distant, inake abatement, In certain cases, of tines incurred; and all acts re- quired to give effect to the above, shall be signed by the President, or in his absence, or if he be i)er- sonally interested, }>y the Vice-President, and also countei'-signed by the Secretary Treasurer, and if the latter be absent, or personally interested.by the Assistant Secretary- Treasurer, or by any other person specially authorized by resolution of the Directors. ARTICLE LXVIII. ADVANCES TO MEMBERS. The Directors may, at anytime, make advances to members wishing it, on their shares, on such members giving such security to the Society as the Directors may deem sufficient, and on their determining, with such members, the terms and <'on( itions of repayment of such advances, the whole without liability as to the profits or losses ol the bu,siness of the Society. ARTICLE LXIX. RATE OF INTEREST. The Directors shall determine the rate of inter- • - VrLiicn o„ai. I).; ciiargea on loans or ativances maoe to or l)v the Sociot\'. I 24 AKTICLE LXX. RESERVE FUND. The Directors may create a Reserve Fund, out of the profits of the Permanent Stock, and they may declare what shall be the object and employment of such Eeserve Fund. ARTICLE LXXI. EXPENSES. The Directors shall, by resolution, determine as clearly as possible the manner in which the gene- ral and special expenses and profits shall he divided amongst the Permanent and other Share- holders. ARTICLE LXXII. DIVIDENDS. The Directors shall determine, at the proper time, theamount of each semi-annual dividend, to be accorded to Permanent shareholders from the net capital of the Permanent stock, loans and other transactions of the Society, deduction being- made therefrom of the amount required for the reserve fund, and for a proportionate amount of the expenses. They shall also determine the time at which such dividend shall be payable at the offtce of the Society. ARTICLE LXXIII. NOTARY. On the passing of every deed, to which the So- ciety shall be a party, the Directors shall have the right of choosing the notary, before whom ^ such deed shall be passed. ARTICLE LXXIV SECRETARY-TREASURER. Immediately on the passing of the By-laws, the members present shall name a Secretary-Trea-| surer, who shall be authorized to act for the So- cietv until.the election of the Board of DirectorsJ 1^5 id, out of hey may )loymont rniine aw the gene- shall he er Share- le proper ridend, to from the oans and ion being )d for the imount of Q the time ble at the ch the So- hall havoj ■ore whoml SURER. ►^-laws, thel >tary-Trea-j lor ine ooi ARTICLE LXXV. On their election, the Directors shall name a Secretary, who shall at the same time be Trea- surer, and who shall manage the business of the Society, under the control of the Directors. He shall be be obliged within one month of such nomination, to furnish such security as the Direc- tors may deem sufficient. ARTICLE LXXVI, DUTY OF SECRETARY-TREA- SURER. The Secretary -Treasurer is authorized to pay and receive all moneys due by and to the Society; and his receipts shall discharge all debts for all legal purposes. He shall deposit with the bank, as early as possible, all sums of money received for the Society. ARTICLE LXXVII. CHECKS. All checks on the the Bank and all notes given by the Society, shall be signed by the Secretary- Treasurer and by the President, and in his absence, by the Vice-President, and in their absence by any two Directors. ARTICLE LXXVIIL SECRETARY OF GENERAL MEETINGS. The Secretary-Treasurer shall ex-officio bo Sec- retary of all (leneral Meetings of the Society. ARTICLE LXXIX. EXAMINATION OF BOOKS. The President, and in his default, one of the Directors, shall examine the booke-. and verify the cash, once a month, and certifv to such examina- BirectorsJ '2(1 ARTICLE LXXX. OFFICERS. mi!''^!^?! ^^^!^^^^-^^'^0-Trea.urer, the Director., ma} at their discretion name: ].st An A.wsi.stant 8ecretary-Ti-casurer to aid the Secretary-rreasurer in the ],ern,rii,ance oi* his duties, and to rephice him in hi.s absence. 2ml. An Attorney (who may at the sane time be feecj'etary-Treasurer. or Assistant Secretarv- -I reasurer), to make all searches and to examine aJl deeds, relative to i-eal estate and other pro- perty ottered as security ibr loans, and for all other legal business of the Society. 3rd. Inspectors to visit and value all pro- perty otterd as security for h)ans. 4th. Agents in the country parts; and they may also establish Branches 'in the Province ot Quebec. 5th Three Auditors from amoni)-st the mem- bers, to examine at any time, the "books and ac- counts o the Society, and to attest the Annual Jieport ot the Secretary-Treasurer. b'rh. A book-kee]^er and all other clerks und othcers and agents that they lind necessary. An V person named l)y tlie J)irectors may fiilHl and discharge the duties of two or more offices in the society, provided the same bo not iru-ompatible. ARTICLE LXXXI. REPORT OF AUDITORS. The Eeport of the rns])ectors shall always Ix^ m writing, and nuisj be sworn t.). if (he Diivciors require it. ec'tors, !ii(l the 01' Jiis e time •etai-y- amine »r pro- tor all 1 pro- I thoy nee of mcni- 11(1 ae -iiiiual 8 and ^fuitil een 111 itib le. I>e :K'U )rs 27 AimCLELXXXII. FEES. ARTICLE. XXX„L SHARES POSSESSED BV om.' ^t.RS, AND SECURITY. Every offiopr tyiiio+ i, '•'. the lirman^n . rfiv e"^'th* ^^'' *h'-eo shares the Appropriation Stocrofthe'so"'-"f' '" '''' "' raustgivesuchseeuritv whin 1 "^'^ ^'' ''"'' ''« niiiybe required bv fh. n- ^®''™*"'"0''essar7as discharge If hfsdSiS '''"''' ^•''- "'« ^^itW"' ARTICLE LXXXIV. SEAL. n«Srd'to Sf re'Kr: f "'- ^^''-'^ ^^'-H he Society or of thrDireS^w P7,««^,">ff« of the 'leem it necessary. ' ^'^«n the latter shall ARTICLE LXXXV. LOAN REGISTE. AND BOOK O. DELIBERATIONS. ^^ Besides all the hr,r.l-c „ Ejanagement oKetsireTs'oTIhfV'" "''"P- directors shall have a Ke^kt,? , > ^".'"^^y, the tei'ed their resolutions of .1 ^^'""'^ '''<''" ^^ en- "'■"iol-y theSo,.iet\ audonn'! I T' ""^' '^'Ivanoos 28 tions of the Diroctorn, and siicli Eei^istcr shall he called the -'Book of DeliberationsV' in this last Register shall be entered all the minutes of the General Meetings of the members of the Society, whether ordinary or special meetings. ARTICLE LXXXVI. HONORARY DIRECTORS. The Society may have Honorary Directors, the number of whom shall not be more than five, nor less than three, they shall be chosen, each year, by the ordinary Directors from amongst the members of the Society. When the Honorary Directors are present at the meetings of the Ordinary Directors, they can, if they so wish it, take part in the proceedings of such meetings, on all affairs of the Society, and they shall have a consultative voice, without incurring any responsibility ; they shall not, how ever, have the right to vote. At any of said meetings, where there are at least two honorary Directors, and a quorum of the ordinary Directors, there shall be chosen from amongst the Honorary Directors, by a majority of all the Direi-tors present, an Honorary President of the Society. When such Honorary President shall be present at any of the meetings of the Directors or of the Society, he shall sit at the ri^ht of the presidinir officer. ^ ^ "^ ARTICLE LXXXV^I. GENERAL MEETINGS. There shall each year, be a General Meetino- of the Members of the Society, at its office, inlhe shall be his last ^ of the Society, [•ORS. ors, the five, nor ^^ear, by lembers >sent at ley can, eeding's Society, without ot, how 3 are at n of the in from ority of ■esident present • of the esidinii* GS. itinj? of , in the 29 ARTICLE LXXXVm. SPECIAL MEETINGS. Extraordinary Meetinfr« nf ft.« *r i be called bv ihi ^. ^""^^'^ ^^ tlie Members may ARTICLE LXXXIX. Extraordinary^ ffenoral uZr ^ ^Special or n^and to thaf ^^JS^^T^:^'^ '^^ members. -^ ^^*"'^^ niteen Every demand for such meetincr ^h«ll c.^ i ARTICLE XC. VACANC. itJ^Afl^,wfZ.„*'"!'«^y'>*^♦«««ver, all oramaior. • > pi'oecod to the eleo- tioii new l)n*oeiors, oi* to the election of Huceossors, lo tf'ose whose office shjill luive become vacant; and llie Directors t^o elected shall remain in otfice, until re})laced by the election of Directors, {i^ tlio next Annual Meeting. ARTICLE XCI. GENERAL MEETINGS HOW CALLED All General Meetings, whether ordiruiry or spe- cial, shall he called hy the Hecretary-Treasurer, and in his absence, by t!ie Assistant Secretary Treasurer, .and that by notice insert..! twice a week for two weeks, in at least, tAvo newf^papers, published at the City of xMontroal, in the English and French language. ARTICLE XCII. ADJOURNMENT. Every General Meeting of the Society, as well as all meetings of -Directors, may be adjourned Irom day to day, or to any subsequent day, which shall be considered proper and suitable to decide and terminate the business submitted to delibe- ration. ARTICLE XCIII- PLACE OF MEETING. All meetings of the Society, or of the Directors, shall take place in the City of Montreal, at the place indicated in the notice calling such meeting. They shall be presided over by the President, and in his absence by the Vice-t resident, and ii' both be absent, by a President, pro tewvore, chosen by the majority of members present. The Secretary shall be ex-officio Secretary of everv gen( Assi and MlUsI rafio ands (he h At 1 of Dli bers fc ihay ; In (en s\\ f<->j* evi \u { f^ ha res evejy in {] (en sIk e\ei"y i Mem iibove ►>- vote foi less t/ia one vot^ ^o or of JDCjjil I'eal. an' ii t> A <^'nor.'»| III ,^'^''".i4'; in (1)0 al ^VSNlsf;nit.S0(T0f{UV-a •I 11/ 1 / 1. .. . • ./ ^'^m-^oi' Oio lalUM- II ii/id ill »*a(j()/ ^' iMiMutcs ortJiaso ( ^•^^'^n-orshalKakolnsnl le u ^t.'nenil Mcol and I lie 8 •■^o^'tl.o Director..; shall I J^-nedl.rUioCl '•^^•i'i''fdintl,cHook<;n j>iace ">/' ( \ AiJTICLE XCIV. VOTVti -vmy twenty .ddifional !sWs '"'" '"''''^•^ '<"• '^vei-y tvvc.,.,y a,i: emaJe sJiaj'elioI (1 iO 1 1 (iO i'S. I.sl aj)d cvce '■)! I/ji. k H2 xxmWv tiftecn yejirs of a.t,a', who may bo leiu'escnl- ed l)y their i2:iuiiHiiini!S. In the event of any question arising as to the aire of a minor, proof of a-e must !»e furnished to the satisfaction of tlie Directors, whose (lecisn)n shall he tinal. ARTICLE XCVI. VOTE OF FIRMS, &c. When shares are owned by a Company, Hrm or partnership, the members thereof must authorize one of their members, by special power of attor- ney, to vote for them. ARTICLE XCVIJ. CASTING VOTE OF PllESIDENT, AT GENERAL MEETING. At all t^^eneral mectin,i]:s of members the Chair- man shall have only a castinDiectm shali vote as such, u]k,',i any question in ^^hich he shall be personally interested; in the event of a tie, the Chairman sbrll also have a casting vote. ARTICLE XCVIII. NON-JURIDICIAL. Wh^n a day fixed by the By-Laws, for a meeting, the pavment of duei, or for any other purpose, Lap'lensto be a n(m-jurLdicial day, the business shall be performed on the next juridiciai day. All NUrer or ad( J) I ace the b( ]K)ses. In i Hy-Lji made, but u ] Cener; The tiouM, i the By In th the By h^ve s have th the spii shall, a nary or cases in The amende( of(;hapt Canada. 33 ARTJC E XCIX. CHANUE OF RESJ r ', All incmLers must notiiy the Soci-ofnrv ARTICLE C. INTKUPKETATION ARTICLE CI. RULES the By-Lavvs. ^ ''"'' execution of ARTICLE CII. NEW BY-LAWS have the riirht of Z?J.r ' ^''" -Directors «hall shall, at, the next Genlnil Meetin ' ^'l KfJ^'^^^^^y nary or special, presen a wTaw t me'et ^T. """^t cases in future. alJ such ARTICLE cm. ofC-hapte.. ^^^r.heCoSL-,'L\trSre: u AKTICLE CIV. JSTo new by-law, or amendment to the By-laws, shall be presented, unless notice thereof shall be given in writing one month previous to the meet- ing, at which amendments to the By-laws must be presented, to the Secretary-Treasurer, who shall immediately post up the same in the office of th^ Society. ARTICLE CV. The Society cannot be dissolved, unless by a two- thirds majority of the votes cast at a General Meeting, and notice of any motion of dissolution mu^t be given, at least, three months previous to the same being presented, to fhe Secretary-Trea- surer, who shall immediately post up the same in the office of the Society. F. A. QuiNN, M. H. Brissette, Secretary. Chairman.