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 xa 
 
 kirs. 
 
 1 
 J 
 
 1 
 
 2 
 
 3 
 
 1 
 
 6 
 
H 
 
 l\ 
 
\ 
 
 THE 
 
 WESTERN 
 
 J 
 
 INCORPORATED IN ACCORDANCE WITH 
 
 AN ACT 0¥ THE PROVINCIAL LEGISLATURE, A.D. 1846 ; 
 
 KUR THE PURPOSE OF ASSISTING THE MEMBERS BV ADVANCIVO THE 
 
 AMOUNT OF THEIR SHAKES ON GOOD MORTGAGE SECURITY, IN THE 
 
 ERECTION OF DWELLINGS OR FARM BUILDINGS ; THE ACQUISITION 
 
 OF FREEHOLD OR LEASHOLD PPOPEUTY; THE REMOVAL 
 
 OF INCUMBRANCES OR LIABILITIES UPON PROPERTY 
 
 ALREADY HELD BY THEM ; 
 
 THE IMPIIOVEMENT OF LAND •, 
 
 AND ALSO, TO AFFORD SUCH AS DO NOT DESIRE THEIR SHARES IN ADVANCE 
 
 AN EFFICIENT AND PROFITABLE 
 
 MODE OF INVESTING SMALL SAVINGS, 
 
 HAMILTON : 
 
 PRINTED AT THE " HAMILTON SPECTATOR" OFFICE, JAMES STREET. 
 
 1851. 
 
 W 
 U 
 
■ -'■<IW>W»WI I.HW I HWIi ' % ! .|i 4 « . I I wm i w ili H 
 
 Jzl B'Bj 03A 
 
 ■s 
 
 ■ 1 
 
 
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 h 
 
 PROSPECTUS 
 
 or TUB 
 
 INCORPORATED BY ACT OF PARLIAMENT. 
 
 SHARES £50 EACH. 
 
 ■KTIANCB FEE Ss. 6d. PER SHARE. TRANSFER FEB U, 3d. FIB WARB, 
 BUT NOT EXCEEDING lOs. FOR AN¥ ONE TRAN«FER. 
 
 MONTHLY SUBSCRIPTION 5b. PER SHARE. 
 
 Limikd to 120 MonthSj or 10 Years. 
 
 PATMERT8 BXJE OK THE THIBD MONDAY W EACH KOHTH. 
 
 DIRECTORS. 
 
 Me«B James Osborne, FmiJenf ,( John F. Moorb, Vice Prtiidtnt. 
 James D. Piiinglk, Neu. Merritt, 
 
 RoBT. Osborne, 
 Geo. W, Burton, 
 Wn. Craigib, 
 
 HUGH C. BAKER, Secretary and Treaaurer. js^a 
 
 BURTON & SADLEIR, Solieito^B. 
 
 THE GORE BANK, Banker$. 
 
 It may be remembered that the Western Buiwino Societt 
 
 whioh was established iu May, 1850, was Jntended to be the first of » 
 neriea of societies to be commenced at iutervals of 12 or 18 Mouths, 
 with fiview to secure to the investor a frequent opportunity of Bubscrib- 
 ing without the necessity of paying hea>7 arrears and a corrwponain* 
 premium J and to the borrower the longest time ia which to wake t 
 payments at, consequently, the least annual «o«t. 
 
 f 
 
 •b^SUHty 
 
VipMF^iifSl 
 
 WXSTSRN rBEMANENT SVILOINO fiOCIKTY. 
 
 la preparing to establieh the seeond of tbit proposed aerietflt wat 
 determined to take the opportanity of incorporating in it« ro!«f auch 
 iroprovementSf ft» the Mperience of earlier Boeietie* in Great Brttiin 
 ttad abown to b« beneficial, and not uneuited to thia Province. 
 
 To this may be attributed the name ** Permanent," which| in the 
 opinion of the Directors, implies a very important and beneficial change. 
 
 Power is granted to tlie Directors to open, from time to time, new 
 classes of Members, each of which will continue for the fuU term deter- 
 mined at its commencement ^ as the Board can thus prolong the oper- 
 ations of the Society to an indefinite period, it may correctly be 
 termed permanent^ in contradistinction to Societies heretofore esta' 
 blished, which expire upon the attainment of certain ends required by 
 their rules, ofter duratione varying from seven and a*hasblf to sine 
 years. 
 
 It must be evident that the accumulative character thus secured (all 
 
 the classes forming but one Society) will prove very important as a 
 
 means of economising the expenses of managemcnt-->for a large So* 
 
 elety is always managed with less proportionate expense and trouble 
 
 than several small ones, with their respective Boards, Officers, sets <oi 
 
 Koo}(S,^c. ; and in proof of this, the Directors can point to the relative 
 
 I'OBt of the two small societies first established in Hamilton^ and the 
 
 Western, the salaries in which arc respectively 7b., 4s. 3d,, and 2s. 7d, 
 
 per share, while, were the duties of^the three united, the cost could not 
 
 ••tcced Ss. a share. By appointing the Secretary of the Western to the 
 
 corresponding office in this Society, the Directors have provided for 
 
 the management of 1000 shares without any increase of emolument 
 
 whatever, and, under any circumstances, the cost of management can* 
 
 not reach 2s. per share. 
 
 Another important change !s, in providing that the instalments shall 
 
 be payable for a certain number of years, instead of an indefinite period 
 as at present *, the borrower will thus be able to calculate exactly the 
 extent of his engagement, and regulate the bonus he is willing to offer 
 accordingly; while, should he, at any future period, require to redeem 
 Im mortgage, the Directors will be able to arrive at the accurate sura 
 ^liich he should be called upon to pay. Under the system hiiuerto 
 
 IV 
 
H 
 
 % 
 
 wiflVJSUN pEiMASiNT ■tfitPiMo iocirry* 
 
 led 0erie«,itwai 
 in its ro!«t 8uch 
 is Great Britain 
 
 rovinoe. 
 
 ," whicb, in the 
 encfic'ml chatige. 
 ne to time, new 
 fuU t«rindet«r- 
 roloug the o]>er- 
 lay correctly be 
 heretofore «sta' 
 nds required by 
 I a-bsif to sino 
 
 ihos secured (all 
 important as a 
 •for a large So> 
 nso and trouble 
 Officers, sets of 
 it to the relative 
 milton, and the 
 3d.,andSs. 7d. 
 e cost could not 
 I Western to the 
 i^e provided for 
 3 of crooIumeDt 
 mngemeitt can* 
 
 istalments shall 
 
 ndofinite period 
 ate exactly the 
 willing to offer 
 uire to redeem 
 3 accurate sura 
 ystem hiiuerto 
 
 adopted of working BuUdmgS>cieticetWs ha^becn lmpos.>M^, in con- 
 sequetkeeof that oncorlaluty in 'regard to,diratlon, whwh has been felt 
 espeelttlly during the earlier years of their existence. 
 
 The term of ten years has been selected for the fir>»l class, altho' 
 power b granted to the Directors to namt a shorter .*r e longer t«rm 
 for future classes, making a correspond i.ig increase or demase .n the 
 monthly payment. In that lime the sun. of X^iO per share may be 
 depended upon; and more, should the con peUlion for money prote 
 
 brisk .md continued. -.^.^u 
 
 Tlie purchase by the Society of its own sl»arcs, after the e«piratio«» 
 of 12 months, at a portion of tho realized profit, (a system first adopted 
 by the Western) has been ineorporated in the rules-, iV.ih llio 
 further provision, that upon the opening of a new class the Members 
 of any prcceeding one m.y transfer their shares to that new class ut a 
 valuation somewhat higher tlian the priee payable in cash towuhdraw 
 Ing members j by this means, those shaucholders who have nearly .n- 
 ritedall their spare means will be enaUUd to keep them acUvely em- 
 ployed in the Society, and the cash purchases will be limited to these 
 who require their funds for other purposes. 
 
 No annual expense fee ia recjuired j the entrance fee of 2s. 6d. upon 
 every share subscribed will most probably cover aU the expeneea of 
 
 management. ^t. . 
 
 Discount upon all prepayments will be allowed at preiient at the rate 
 
 of six per cent. ..-«•. 
 
 The transfer fee has been considerably reduced in this^Soctety j 
 being, when many shares are concerned, limited to 10«.on anyone 
 
 transfer* 
 
 Among other changes introduced in the roles is one which pro- 
 vides for the absolute retirement of one-third of the Board at each an- 
 nual election, only sij being eligible for re-election; and the stale of 
 votes isalso materially altered. Instead of a sliding scale which gives 
 greater influence to a number of shareholders holding a few shares 
 each than to a few representing the same interest; the influence w 
 apportioned e«nctly to the number of shares, by giving eaeh share* 
 holder a vote for ereryOiaretlwt he posise»8««« ^^ 
 
 /I^^H;^^ 
 
 •O 
 
 ii'\ 
 
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 V.^ '^^ 
 
 \ v\y 
 
 y 
 
 r 
 
 ■Bnitj 
 
 '/i^''-' 
 
mm 
 
 WItTlftll rBMiMANBNT BVILDINO lOCIBTT. 
 
 Any abttM of ibis power is pTovided against, by requiring the pre- 
 sence of m shar«hoia«rs who detire to Tote (thus dcnyin^^ the right 
 of ?oto by proxy,) aiul further that they shall have h«ld thoir shares 
 30 days before th(» day of dection. 
 
 A re.ison for this change will appear if tho altered character of 
 a borrower is examined. In tho carfior Societies lie has been, In 
 faot, more interested about t!»o successfui worltin;? of tho Society than 
 the invester ; hot in thi8S<K3}ety ho Is in noway interested m whether 
 the mana^einetit i>« good or bad, the amount and mmhvr nf his monthly 
 payrnentw remain unchanged. Assuming that tho plan cf this Society 
 is carried out for a few years with oven rrtodtratc 8ueee«s, it must bo 
 evident that tho borrowers ri|}, in nitrnfier, far cxcoed the investers; 
 and were the principle of n sliding sea'; • ., the management 
 
 might easily fall into the hands of borrow has been proved 
 
 would havo no interest wiuiiever at st; r the amount of 
 
 stock bo the guide, no such contingency ; »|,t from apathy 
 
 on the part of investing members. 
 
 Tl»e Directors desire to sug»e«t to the hoMor.<i «v .ocic In the three 
 older Building Societies the propriety of gradually disposing of their 
 present shares and investiug the suni thus obtained in tlic first class of 
 thi.^ Society. 
 
 Borrowers as a general role prefer that Soeieiy wliich, from Its 
 recent establishment, requires the least present deduction for the cost 
 of ita shares, and offers the longest time for tho re-paymtr.t of the sura 
 borrowed ; on this account tho funds of the Hamilton nnd Goro Dia- 
 trjot Building Soclelies have been for some time polcly employed In 
 ♦he purchase of their own stock, and such will henceforward be tho 
 ease In the Western. Tliis preference by borrowers oeing mlmitted, 
 the investors are called upon of necessity to place their money where 
 it wiil command the most competition, and the power to withdraw 
 firora aa old Society, at aportioaof the realised profit, enables them to 
 inakfl this change at will. 
 
 The advantage of sa h a change depends upon the proportion of 
 pfoat which the Society will allow. In each of the three SocieUca 
 named the Directora are confident It will prore more beneiieial to tell 
 
r. 
 
 uiring th« pre- 
 oyln^ the right 
 eld tboir •har«s 
 
 d character of 
 e hA9 been, In 
 lie Socitly than 
 iti'd iiK whether 
 p of his monthly 
 I cf this Society 
 i^efis, it must bo 
 tl»c investcn ; 
 10 niaiiagomcni 
 IS been proved, 
 the amount of 
 ^i>i from apathy 
 
 eh in the three 
 posing of their 
 ihc (iffit class of 
 
 ftliich, from its 
 L>ti for the cost 
 nt'Rt of the sum 
 nnd Gore Dis- 
 ty employed In 
 forward be tho 
 >eing admitted, 
 r money where 
 it to wtthdraw 
 nablcs them to 
 
 WISTSKN rilMAMENT tOILDIMO fOCIETT. 
 
 out and subscribe anew, than to totaln the present sfok until the olott 
 of the Society in which it is held. 
 
 A share in the" Hamilton" will now command £48 \o»., in the 'Tiore 
 Pi^rtfct" £18 :»».» and in iho»* Western" £'5 lis. 81., which sums will 
 Bever.illy pay up for one year in this Society 13 shares, 5 eharc*, and 
 2 shares (while the member can subHcribo in addition as many shares 
 AS his present monthly payment, or any sum he can afford, will cov^r). 
 At the end of the year a similar exchange can be benefically made in 
 the Society itself by transfer to a new classy and with crre In «he 
 arrangement of his transfers a member can always provide that a ccr- 
 tain portion of his investment will be available in cash at a month- 
 
 # 
 
 ""•Th^Dlrectors believe tliat through the agency of this Society many 
 tenants will bo cn.ibled to convert their lease- inl^ . .cas at a com- 
 noratlvely small advance upon their yearly rent , m<. that the owners 
 of real property requiring loans of money will find this Society ablo 
 lo advance it to them, as shareholders, at a cost considerably below that 
 f«,r money when borrowed from'other sources •, while owners of vacaat 
 town lots will with case be enable* to erect cottages thereon fti a cost 
 not exeeeding their present rentals. 
 
 The advantages such Societies offer lo investort are so well Known 
 that it is quite unnecessary to enlarge upon them. They can be par- 
 ticipated in as well by the wealthy capitalist aa the citizen who B»ay 
 only be able to spare his 3s. or 1 Os. a month. 
 
 For every 3s. paid monthly, or £30 In all, the sum «f £50 at least 
 will be received in ten years j the member cm at any time b^^rrow 
 the value of his share on furnishing mortgage security, and be can 
 also after 12 months convert his past payments into cash at s band. 
 
 •ome profit. „ - . »%. 
 
 The hooka for anbeoription In CUisa One wlfl remain open at the 
 office of the Secretary nntU Monday, thu Wth Jannary, 18:^2. 
 
 \ 
 
 e proportion of 
 three Societiea 
 beneiieialtoteU 
 
 V * i» 
 
 ^^' 
 
r 
 
 RULES 
 
 OF Till 
 
 Wtslmi H^rmmtul SSuilhing $m% 
 
 i. Thi objects for which this Socioty is established ore, to raise a fund 
 to advance to its members the valuo of one or more rharcs to enablo 
 them to ertiOl d willing houses, to pir-'hasc or iiuprove real property, or 
 to remove inoumbrances upf>n sucti property nlrcady !ti tbcir poMcs- 
 aion ; and to provide for those wlio r!j not re<]«ii c vm'h advances a safs 
 aud romunerativj method of inve8t:n):j Birtall etims ctf money, 
 
 II. That all monies w). eh rfiall from iJmy to time bo Kub^icribcd, 
 paid, or givo:i to, or for, the use or b^nefituf the Society, or which »h;iU 
 in any wise bvloog^ to the Society, shall bo appropriated and applied as 
 fullovsrs t • t 
 
 In the payment of the ncccssnry current cxpences — 
 
 In Advances to such memberi a% require to borrov«r the amount of 
 their respective shares "upon their fyrnishing suSicicnt niortgago 
 seeurity— 
 
 la the piirehsflo under the rules hereinafter provided of the shares of 
 th<»«e members who de»ire to withdraw from the S-jciety— 
 
 In tho payment at tho expiration of the terir of each iiiu'CCBfilve c^iUBf 
 of the full value of such shares therein as may remmii unJidvanced — 
 
 And, whenever any Burplui may remain otherwise unemployed, in 
 such temporary investmen*^ as tlio Pireewr*' in thair disurction may 
 determine. 
 
 III. That the nnmher of ehnres shall be nnlimited, and of tho value 
 of jCoO each, or such a sum as tnay be accamulatcj by the monthly 
 payment of 5s, for the full term of 10 years. 
 
 Thit in order to afford a frequent opportunity for subscription with- 
 out the payment of heavy arrears, and a F>"e"iiuro corresponding to 
 tho past profits of the Ssoiety, the Direoxors shall be authorised to open, 
 from time to time, a distinct class or list of members, ea h of v.-hic1i 
 elassesihall continue lor the term of 10 yearn, that an insitalment of 5». 
 shall be paid upon each share en the third Monday of every Month, 
 oonmenoing with the opening of the clasa m which it may be tubsort- 
 
 
 It< 
 
jm^ 
 
 iW^K^m 
 
 wxffrBKN fi»iiAiiiirr boiimimi •oa«»f. 
 
 re, to raise a fund 
 shares to enablo 
 r real property, or 
 r 5h tlicir powes- 
 !i .Ktviincca a safe 
 mont-y, 
 
 >c bo (iub<icribc(I, 
 ly, ou which wluiU 
 ud and applied as 
 
 w the amount of 
 ricicnt niortgago 
 
 ;d of tho ebarea of 
 
 iety— 
 
 hi:iU.Cifl55;lveC?MW, 
 1 uniidvanced — 
 
 unemployed, in 
 ivt disurction may 
 
 and of tho valua 
 
 1 by the monthly 
 
 subscription wlth- 
 corresponding to 
 LUthorised toopcn^ 
 rs, ea h of Vihicli 
 nin^ntalment ofSa. 
 of every Month, 
 it may be aubson- 
 
 bed,andoontiiitthig antiiihe^dof toiiy«iw,o* ]?> rr?"!;-!!^ 
 SeC-mbtrmay pf«v?ouily withdraw aader ilia rule* l.«re»aaftw 
 
 ^'iV** That any periwB du«irinR to tubwribe at any other time than 
 thfo J.?m«7a^S" .h«n ,>ay a. n»«ny i«.tHimen.. a* may hairj 
 uien S by th« members of tlJ clus. ..i which he may ««b«c. .be «4 
 ftfr^Stn a pr«mitt.n n« ih.? 1 Mv^ctora may nMiuirt. not h.>wever ca- 
 fc^dhm he amount of profit rt ali/ed on ihe «h»r«« of the ^aui c.a.«. 
 
 V II rUhe Dirvitorn «l.uU be empowered t« allow .woh a rale uf 
 ditciun for the prcpavment .)t Jn.tnhntnls »»h nmy to thiin seem nu. i 
 
 vT ThaJ a» vntraile. fee of Ss. «d. .hail bo paid upuu every .hui-^ 
 
 ^^'^ri'TLu^ltS^oV the Society .ban be man«,.d l,y and ,01 
 thP oowlr» nol fTxciuUv reiicrvcd arc Rraiited to, a Hoard ol i) Direo- 
 t^rfffXr 3«lmH bca .,«oru».) and who .ball choose from 
 wnonalt I!u-nr«tlvc^ a I'r.sidlnt and Vic.- in««id.Dt Kvery Share- 
 
 ** Vlil -^That vactuuMOH occurin.^ in the lionrd of Directors «hnU bo 
 immeaiatoly filled by tlio r^miaiuiug l>itec»ora, at naetings .F^ial.y 
 
 ""iX l^uu l\ Trjih.., of the S«eh.|y, or the Board, the Preri- 
 dent, or Vicf rresidwit. or in thrir ftb.cn<n. a Clwuinnn ten.porar.iy 
 anno ntcd.tiiull liave a caseins* vote, in «<!a}t{on lo lus .i.'bb.3rat.v« vole 
 *^*X Thirthe election »f I )irc.:or« .iu*li be by b,»llot, and at Bueb 
 electiuK mctnbcrs .ball bo cntithd to a voto for «icb f^lmro held by 
 them, not kss than 30 daye before ib<» date uf «»weh eleot.on. 
 
 \l That the l>ir...lor» in onico sball in idl casts be continned 
 nntii the election of their succcsdws, unless in casoof dis»ittahfacatumof 
 
 riwirnatjori.^^ ^^ Dircctiri* are authorized to make nuch nrran£ra- 
 ments OH th*'y may rfceai necessary, with any chartered liauk, t.) Wvi 
 eondoct of the financial aftaire of the Society. 
 
 VUl That a ccneral meetinjf of tbt- members "hall be held at tn» 
 ro^msoftheSoftrty^or *uch other place as tho K'»ard may appoint 
 on the second Monday of January, ISSli, nnd yearly ihereaftev •, for 
 the pnvpone of tleetir_|? i>irectoi-H to nerve for ihe ensuuig year, and 
 for S «nlier general purposes velatin.? to the management of the Society, 
 and at euoh of ihe said meetingrs shall be submitted, as required by tho 
 Act of Itt<*orporatioa, a full and clear stfv.emciit ot the affair, ot the 
 Society, aud the receipt, atid expcndituw of the previous twelve 
 
 "'xiv'Tha'af-ach annual meet»n«,the Shareholders shall not re- 
 ekc»; more than i.i«of the retirins; Board of j:)irectors, the Scrutmeew 
 beinff instructed when making up their reiarn should the nine genilemen 
 baTiDg tba gteatea; number «' votea, iftcludc ore vhan sjx of the re- 
 
 'Mf- \ 
 
10 
 
 WEtTKlIN PERMANCNT BVILDINO fdCIBTT. 
 
 / 
 
 tirinjDT Board, to strike oat aM but tlie six hl^hott of the retiring Hoard 
 
 And to complete th« tiiuub<;r nine by rt'turning m duly ekcted the 
 Sliareholder or Sliiirulioldtirs next in numbtu* who liave not served tb» 
 previous year. 
 
 XV. Tliut extra peneral meetfnjf of t?«o membcrti may be cnlled 
 by the li lard of J)i rectors, duo notice beiiijj sent to each mombtr at 
 lejwt ten days previously, through the Po»t*utHc0 or othcrwuM}, as tho 
 lioiu'd may determine. 
 
 XV I. That all questions at the j[;eneral meetinn;9 (except the elec- 
 tion of Directors) shall be decided by a majority of tbo njemhisrs 
 present. 
 
 XVir. Tliat tho Treasurer shall deposit weekly with the Bank to 
 the credit of the Society, all monies which he may receive oo it« ao- 
 Count, and in all eases his receipt shall be a sutHcient disjharn"e. 
 
 XVIII. That no money shall be drawn from the Bank without tlio 
 signature of the President (or, in case of his absence or illness, of the 
 Vice President or two Directors), and the Treasurer. 
 
 XfX. That there shall be two or more Inspeetort, whose duty it 
 shall be to examine and determine the value of all properly oftered tti 
 the Society as security • and to report their opinion in writing : pro- 
 vided that in special cases the Directors may dis^<nse with such ex- 
 amination and report. 
 
 XX. That in default «f the panctu.Hl payment of the monthly til- 
 etalment every member in arrear shall jxiy towards the general funds 
 of tlui Society, a fine of 
 
 3 pence per Share for the Ist month^s defiivlt. 
 
 6 " " " 2iid »« 
 
 9 " " « 3rd " 
 
 1». " « « 4th ♦* 
 
 Is. 3 »» " »* 5th « 
 
 Is. 6 « " " 6th " 
 
 at which period, upon notice being sent by mail, addressed to the last 
 place of resilience recorded in the books of tho Society, if the arreani 
 remain unpaid, the Share or Shares so in default shall be forfeited, aad 
 that borrowers in default shall pay double the fifies here provided. 
 
 XX [. That the residence of each member shall be recorded, and 
 every member changing his address shall within one calendar month 
 give notice in writing to the Secretary, of such change, and of biso«w 
 address, or in default thereof shall be fined 2s. 6d. 
 
 XXli. That advances shall be made to members upon the follow- 
 ing system : 
 
 1st.— That the Directors shall have power to establish, from time to 
 time, a minimum bonus for the members of the several classes, regula- 
 ting the same according to the duration of their paymenta, with a vi«w 
 to place all the members upon equal ternM. 
 
 >! ■ 
 
 i!; 
 
 
 - i 
 
T. 
 
 wKsTBftK riRttANiirr Bffitonio Booinf . 
 
 It 
 
 luly ek'cted the 
 i not served tbo 
 
 1 may be cnlled 
 ach menibiT at 
 iicrwuM}, as tha 
 
 xeept tlic elco- 
 ' the members 
 
 h the Bank to 
 eive on it« M' 
 sjharge. 
 nk without tlie 
 r iUne«s, of (he 
 
 whose duty it 
 
 >erty affered tt» 
 
 writinsj : Pro- 
 
 with such CX' 
 
 9 monthly til* 
 gi-'oeral funds 
 
 oDtU^s defiivlt. 
 
 •* 
 (( 
 
 sed to the Inst 
 if the arrt^ni 
 furfeiterl. and 
 provided, 
 'ecorded^ and 
 tendar month 
 lad ofbuia«w 
 
 1 the foIiow> 
 
 from tire* to 
 
 asses, rt'gula* 
 I, with a vinw 
 
 2nd. — That meetings ?hatt he ht*ld at •uch times as the Director* 
 may appoint, for the disposal of the fund* the Society may have to 
 advaoijc, due notice being given^— the mode of disposal being deter- 
 mined by the lioard. 
 
 3rd.— That the Fuecessful bidder at a loan m«>etin?v or a ppopoeed 
 borrower whose ofter is accepted, shall be liable to a fine of 10s. fur 
 eeoh share proposed (or, unless he produces, within ten days, seeuvi- 
 ty Katisfactory to the Board, and promptly thereatter complete* tb* 
 jjecessary papers, or has their permission to extend thy time. 
 
 4th.— That every member who may obtain advances opon his St<«eh, 
 trhall pay on the third'Monday of each month, from the date of his nicf I- 
 
 fage, utitil the end of ten years from the opening of the class in which 
 e^ecomesa boirower, 10s. for each share so advanced, — Ss. being tlje 
 ttstta) monthly iustalr,.ent, and 5s. being the legal interest fur ono 
 month upon the amount of the share so advanced to him. 
 
 XXI II. That property situated anywhere within the limits of Westerii 
 Canada may be accepted as secarity for loans or advances to memlH'fs 
 of the Society ; and that the Directors be instructed, except in v<ry 
 Rpeeiai and particular cases not to receive in security hind upon xvJiieh 
 good and sutiieient buildings are not found or engnged to be erected. 
 
 XXIV. That after inf'pection of the property pn^posed, the purcha- 
 ser shall, if the security be approved, execute a mortgage or transfer, to 
 the satisfaction of the Directors, and at his own expense, securing th« 
 nionies advanced, with interest, and iils^o the due payment of the ordi- 
 nary moiuhly subscriptions, and any fines and forleiturc^ thai may b* 
 incurred \ which niortgnge fhall, at tlie option of the Directors, con- 
 tain a covenant by the mortgagor, to insure the buildings comprised 
 therein from loss or damage by fire, for eueh anicunt as they shall 
 think proper, and to assign over the policy or policies to tho vSociety ; 
 atid al'ioa power to the Society, in case the mortgagor shall neglmi't to 
 pay his subscriptions, intt'rest, fines, and forfeitures, for the sj»ace tif 
 •is months, successively, to take possession of the premises mortgaged, 
 to collect the reiits and profits thereof, and to sell such premises either 
 together or in separate parcels, by public auction or private sale, on tb* 
 most advantageous terms, without any further consent or concurrence 
 of the mortgagor, and convey the same to the purchaser or purchfiser* 
 thereof, absolutely freed and discharged of and from all equity or right 
 of redemption of the mortgai^or, his heirs ,ind assigns, and to apply tlw 
 proceeds (after deducting ;»U expenses,) to the payment of wluitever 
 may he due to the Society. 
 
 XXV. That after such mortgage or transfer shall have been execn- 
 ted, together with such policies of Insurance and other securities at 
 the Directors may require, the mortgagor shall at once receive the 
 amount of share or shares borrowed, purchased, or advanced, deduct- 
 ing the bonus agreed to be paid thereon ; or if one or more buildings 
 
 
 0\' 
 
 ■ -1 1 
 
 f 
 
St 
 
 WtSTtllN »llMANK!rr •VtUltNG MCIKTV. 
 
 . ', 
 
 ■f 
 
 be in procuress of «reetIon, or if improvements are being maile, 9uch 
 
 amount shall bo advanced upon one or more reports fronn the Inspec- 
 tors^ and from time to time as th« Directors shaU determine, according 
 to the progress of the work. 
 
 XXVI. That the Directors shall hav« pov/cr tu effector rcftew from 
 ticne to time, ah'eady effected insurance from loss by fire, of alt build- 
 ings, and to pay the ground r«nts of all premises mortgaged to tho 
 Society, which payments may be »nade out of the funds of the Soeioty, 
 88 such insurances and rents become due, and shall be charged to tlie 
 mortgagor, and repaid by him when the following monthly subscrip- 
 tions fail due; in default of which repayment, a forfeiture shall accrue 
 to the Society of 15 per cent., upon the amount so paid, 
 
 XXVli. That the Directors shall be required, at least every two 
 months, to cause a careful and exact valuation to be made of the assets 
 and liabilities of the Society, the income arising from advances being cal- 
 culated at 6 per cent, interest ; and they shall fairly apportion the profita 
 wjiich may thus appear to be realized amongst the members of the 
 several cla^^^es in accordance with the number of monthly payments 
 received from each, such profit however only becoming vested at the 
 expiration of each class, and tlutsuch valuation sliall be entered in thft 
 minute book of the Society. 
 
 XXVIIL That any member desirous of withdrawing from the 
 Society, may on giving one calendar month's notice in writing to the 
 Secretary be allowed to do sa, and may receive back the net amount 
 of his monthly instalments already paid, deducting any fines or forfei- 
 tures that may be due, provided that if 12 instalments have been 
 received, the Directors are liereby empowered to pay to any such with- 
 drawing member a proportion not exceeding one-third of the profit reali- 
 zed on his stock, and to increase such proportion in an equitable ratio, 
 according to the length of membership auti) the end of the elass, when 
 the full amount of profit will be payable. 
 
 The i>irector8 being authorised to determine the right of priority 
 bt veen members desiring to withdra\v. 
 
 XXIX. That on the opening of a new n\a»% the members of former 
 classes shall have the option of selling their existing shares to tho 
 Society, and subscribing new shares to the full amount of money thus 
 due to them, and that under these circumstances, the Directors may 
 allow them a proportion not exceeding one-half of the profits realized 
 in respect to shares of one year's standing, and a gradually iucreasing 
 proportion according to any greater duration. 
 
 XXX. That any Shareholder may transfer hii or hit tharo or sharca, 
 by causing an entry of such transfer to be made in the books of the So- 
 ciety, in such manner aa the Directors may appoint, and upon payment 
 of the sum of Is. 3d. for each share so transferred, not exceeding 10s. 
 in any oho transfer j and thereafter tU« transferee (After tigning th» 
 
 fe^\ 
 
\ 
 
 BTf. 
 
 being mnde, duch 
 J from the Inspee- 
 termine, according 
 
 rc'ct or roftew from 
 
 fire, of alt build- 
 mortgaged to tho 
 ids of the Society, 
 be charged to tlj« 
 monthly subscrip- 
 eiture shall accrue 
 mid. 
 
 at least every two 
 nade of the assets 
 idvances being cal- 
 )portion the profita 
 e members of the 
 nonthly payment* 
 Tiing vested ai the 
 > be entered in thft 
 
 rawing from th© 
 in writing to the 
 s the net amount 
 ny fines or forfei- 
 orients have been 
 r to any such with- 
 I of the profit rcali* 
 an equitable ratio, 
 of the elasSf when 
 
 8 right of priority 
 
 icmbera of former 
 ing shares to the 
 int of money thus 
 le Directors may 
 lie profits realized 
 adually iucreasing 
 
 I r share or sharca, 
 
 8 books of the So« 
 md upon payment 
 lot exceeding 10s. 
 (after signing th^ 
 
 WmttN PBftMAlllirr BVILOING tOClKTV. 
 
 13 
 
 Kt)l««« &c.) sball be entitled to all tho privileges of tho original 
 
 Shareholder, 
 
 XXXI. That in ^aseof the death of any member, the legatee or legal 
 
 representative of such deceased u. umber, shall, before becoming enti- 
 tled to the privileges of an original Shareholder, procure his place of 
 abode and the particulars of !»is title io be registered in the books of tho 
 Society, and shall at the same time exhibit the Will or Probate thereof, 
 or grant of letters of administi-ation (as the case may be), for the in- 
 spection and satisfaction of tho Directors, and pay for such regietfy 
 the sum of 5s. 
 
 XXXII. That the Birectors elected at tha formation of the Society, 
 as well as those subsequently to be elected, shall be indemnified out of 
 the funds of the Society from all expenses in reference to the fo?» 
 mation, conduct, and management of the Society. 
 
 XXXIII. That the Directors shall have power to release ftny exist- 
 ing mortgage, upon receiving in lieu thereof another sufficient security, 
 or a sum of money equivalent to the then value at legal interest of the 
 future payments of tbe mortgagor, all expenses to be paid by the 
 mortgagor. 
 
 XXXIV. That no paid officer shall be permitted to traffic In the 
 phares of the Society, otherwise than in the legitimate subscription, or 
 purchase of the shares for the purpose of investment and of future 
 sale to the Society. 
 
 XXXV. That provided the Directors eball at any future period de- 
 termine during two successive years, to discontinue the opening of 
 new classes, and thus necessarily to cause tho Society to terminate at 
 the end of the term of the longest class. They shall be empowered to 
 make such reasonable increase as the circumstances of the Society may 
 seem from time to time to require, in the proportion of profit r<cturnable 
 to retiring members, to the end that the number of proprietory or unpaid 
 shares may be reduced as rapidly as the income will permit, and at an 
 equitably increasing profit to the members who remain the longest. 
 
 XXXVI. Whereas circumstances may hereafter render it expedi- 
 ent to change the duration of ten years provided by these rules for 
 every class of members. 
 
 That the Directors shall be authorised, when opening any new class 
 or classes, to select such a duration as they may think proper, and to 
 determine the relative monthly payment required to attain the value of 
 of the share according to such duration, and the monthly amount pay- 
 able by borrowers, with full power to alter or modify th^ particular 
 portions of these tules which ancb a change in the length of the term 
 may require. /'