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hXH 
 
 «. U I^ E S 
 
 or THE 
 
 MKIROPOIJTAN BUILDING 
 
 — AND — 
 
 m 
 
 O T T A AV A. 
 
 »:»?o*- 
 
 ICslnblished 1st October 1870. 
 
 I PRINTID BY BILL A WOODiURM, KLOIM STRUT, 
 
AC^OI 
 
 p-5 
 
 O^dV 
 
 ? 
 
 '^^^w 
 
 BOARD OF DIRECTORS. 
 
 J. B. LEWIS, Esq., Prbsidknt. 
 
 JAMES^ CUNNINGHAM, Esq., Viob-Pbesident. 
 
 JOHN ROCHESTER, WM. HUNTON, 
 
 J. G. ROBINSON, THOS. HUNTON, 
 
 H. N. BATE, JAS. ROCHESTER. 
 
 % 
 
 J. B. LEWIS, Esq., Solicitor. 
 JAMES COX, Secretary amd Trkasuhbr. 
 
 OfFioB— Elgin Street, Bangs' Block, Ottawa. 
 
 1^1 
 
 National Library Biblioth^ue natlonale 
 of Canada du Canada 
 
 
or Till 
 
 Metropolitaii BnMini anil Mm Society 
 
 Name and Objects of the Society. 
 
 1. This Society shall bo called the " Mktropolitam 
 Building and Savings Socibtt," and the intents and purpo- 
 ses for which it is establiHhed are to assist the members 
 thereof in the acquisition of freehold or leasehold property ; 
 in the erection of buildings, and otherwise improving the 
 same; and 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 furnish- 
 ing good mortgage security : and to facilitate the accumula- 
 tion, and the borrowing and redemption of capital. 
 
 Una<1vance«1 Shares— Mode and Time of Payment* 
 
 2. The Capital Stock of the Society shall consist of the 
 nnadvanced shares of the members thereof, either fully paid 
 up and invested as fixed or permanent capital, or in the 
 course of accumulation. 
 
 Each member shall pay thereon a monthly subscription 
 of one dollar per share for and during the full term of four 
 years, or four dollars per share for one year, to commence and 
 be paid on and from the first day of any month, in, or after 
 which he shall be admitted in respect of each new share, and 
 shall also pay on entering a deposit of two dollars per share, 
 making the total payments on each unadvanccd share fifty 
 dollars. After each share shall have been fully paid up, the 
 
Rinount 80 paid, with the net accumulated profits thereon 
 shall bo due and payable to the holder thereof, and may then 
 either be withdrawn from the Society, or invested therein as 
 fixed or permanent capital. 
 
 3. All perBons upon taking stock in the Society, shall 
 sign the rules, in a book to be kept for tlmt purpose, and 
 shall then elect the term in which each share or shares shall 
 be paid up. The time for which shares may have been 
 originally, taken up, may, on the application of the holder 
 thereof, be changed to any other time on such terms as the 
 Directors may from time to time determine. And the Direc- 
 tors shall have the power from time to time to limit the 
 number of new shares taken, or to charge a premium thereon^ 
 such premiums to form a part of the general funds of the 
 Society. 
 
 4. Monthly subscriptions, and all repayments, fines, and 
 other payments, shall be paid at the Society's Office, on the 
 first Wednesday of every month, or when the first Wednes- 
 day falls on a legal holiday, or on the first of July, then on 
 the day following, or to any of the Society's Agents authc>ri<- 
 zed to receive the same, three days previously, until other- 
 wise ordered by the Directors. 
 
 Sharelioltlers Paying In Aclvancr* 
 
 5. Shareholders making an immediate deposit of money, 
 for the purpose of meeting in advance their monthly dues, 
 shall be allowed interest on the amount so deposited, or so 
 much thereof as shall remain aft^ir deducting instalments 
 due, at such rate of interest as the Directors may from time 
 to time determine ; or shareholders paying any certain num- 
 ber of monthly subscriptions in advance, may, with the con- 
 sent of the Directors, be allowed a like number of additional 
 months credit without being subject to fines. All monies 
 paid by members, or which may be in possession of the 
 Society, belonging to any mt mbcr who may be in arrear, 
 shall be applied to his account in such manner as the DircC' 
 tors may from time to time direct. 
 
Power to Borro^fT or recolre Money on Deposit* 
 
 6. The Directors are authorized to borrow money for the 
 use, and on the assets of the Society, to receive money on 
 deposit, in laigj or small sums, and to pay such interest 
 therefor, and under such regulations as they may from time 
 to time deem advisable ; and to loan or invest such money 
 either on mortgage or real estate, or in any other way tlu*y 
 may think best for the interest of the institution. 
 
 Applf.^JAtlon of Fnntln* 
 
 7. All moneys which shall from time to time be subscri-^ 
 bed, paid or given to or for the use or benefit of the Society, 
 or which shall in anywise belong to the Society, shall, after 
 providing for the payment of the expenses and liabilities of 
 the Society, be appropriated and applied in paying off such 
 shares as shall have become due and payable to the holders 
 thereof, in the purchase of such shares as members may desire 
 to withdraw, and in loans or advances to the several mem- 
 bers. Should the funds of the Society not be taken up by 
 the members at the usual rates charged by the Directors, such 
 funds may be otherwise invested for the benefit of the 
 Society, at the discretion of the Directors, of which members 
 may nevertheless avail themselves. 
 
 DiTlslon of Profits* 
 
 8. Hereafter, the financial position of the Society shall 
 be ascertained on the 31st August in each year, and the pro- 
 fits and losses shall then bo apportioned equitably and 
 equally between the investing members, in proportion to th ) 
 value of their shares, and the time for which they shall have 
 been members, in respect thereof. But, if the Directors shall 
 consider it for the advantage and well-being of the Society 
 to set apart a portion of such profits for contingencies, they 
 shall have the power to do so, and the same shall form a part 
 of the general funds of the Society. Such portion of the net 
 nroftts thus ascertained and apportioned, as shall appertain 
 to shares which shall not have been fully paid up, shall be 
 
6 
 
 placed to the crcdlfc of such Bharog, to be payaM.-, to^.-tlu r 
 with the principal sum, on their becoming duo, and hucI. por- 
 tion of the not profits thus ascertained and apportioned a.* 
 shall apperUiin to sharea which shall have been fully pni.l'up 
 and invested us fixed or permanent capital, or shares in the' 
 bocicty, shall be payable to tho holders of s.u h slmro or 
 Bhares, and if tho Directors shall in their discretion see fit to 
 declare a dividend at a semiannual period, or to make a less 
 reservation for contingencies on shares which, when paid up, 
 shall be invcste<l as fixed or permanent capital, than on Kuch 
 shares, as when paid up or due, are withdrawn from tl.c 
 Society, they shall have tho power to do so. And on shares 
 becoming due during the currency of any year, the same pro- 
 portion of profits shall be payable as would have been pnid 
 at the date of the previous annual statement, unless in the 
 opinion of the Directors, there are circumstances which ren- 
 der advisable an increased or decreased amount. 
 
 Reserve Fluid* 
 
 9. There shall be a Reserve Fund, consisting of the 
 assets, set apart by the Directors as such fund, together with 
 such sums as the Directors shall from time to time direct to 
 be deducted, or retained under the powers hereinafter con- 
 ferred upon them, and, together with the profits and increase 
 of such assets and sums; and the said Reserve Fund, shall 
 belong to the holders of Permanent Shares for the time being 
 in proportion to the number of their shares, and shall be in- 
 vested and reinvested in like manner as the other funds of 
 the Society, and the same, or any part or parts thereof may, 
 according to the judgment of the Directors, from time to 
 time or at any time, be either retained as such Reserve Fund 
 or divided among tho holders of Permanent Slmres for thJ 
 time being, in proportion to tho number of thdr shares 
 
 The Directors may, from time to time, retain such pro- 
 portion as may at such time seem expedient, of the ascer- 
 tamed net profits imdivMeH "r *h" * , 
 
•till the same to the R*'Rervu Fund ; and the Directors shall 
 hereafter, from time to time, upon tlio conversion into a 
 permanent share or slinres of any sliare hereafter to mature, 
 deduct and retain out of the profits, payable in respect of 
 such share or shrtres at the time of such conversion, and add 
 to the said Heserve Fund a sum bearing, as near as may be, 
 the same proportion to the par value of such share or shares 
 as the then existing Reserve Fund shall bear to the par valuQ^ 
 of the whole number of the then existing permanent shares, 
 and one rate for this i)urpoae shall bo struck by the Direc- 
 tors lialf-yearly, or oftener, if they shall nt any time deem it 
 expedient to alter the existing rate. -^ 
 
 All provisions in the rules, inconsistent with this rule, 
 are hereby altered and amended so far as, but no further than 
 is necessary to give eft'oct to this rule ; and all such provi- 
 sions are to be read and construed nsso altered and amended 
 by this rule. 
 
 Traniftr of Shares. 
 
 10. Any shareholder may transfer his share or shares, by 
 causing an entry of such transfer to be made in the books of 
 the Society, in such manner as the Directors may appoint, 
 and thereupon the transferee (after signing the rules) and 
 upon payment of fifty cents, shall bo entitled to all the privi- 
 leges of the original shati-holdcr. 
 
 'Wltiulratval of Shares* 
 
 11. Any member being desirous of withdrawing from the 
 Society, part or the whole of his unadvanced shares, provided 
 guch shares shall not have been invested as fixed or perma- 
 nent capital, ma)-^, at the discretion of the Directors, be 
 allowed to do so, and may receive back the net amount of 
 his monthly subscriptions paid up, together with such in- 
 terest as ihe Directors may determine on, provided that no 
 member shall be entitled to receive interest on any share, 
 on which less than six monthly subscriptions shall have been 
 paid. 
 
8 
 
 -I. Ill "•"*'' ■"** P'*^ <>^ •^xjdo of each i.har«l.«i i 
 
 •hall bo entered In a Regi«t,y Book to be Wfor tw 
 POM ; and any member chanirinir hi« r.L ! . * '"""" 
 
 one calendar month thororft . ^ residence shall, within 
 
 Hecr.tar,ofrcr ha";^^^^^^^^^ -^^'"«. to the 
 
 address, or In default th^r^T:: ZZ^'llT'^'^ ^"' 
 13, In case of the d ftth nr in..»:i i. 
 
 «m« time exhibit .,.ewi,;',p:,^^^^^^^^^^ """' «' "«' 
 
 m»y bo) for the insnopHrm -^^ .. ""* "™^"W («« the caso 
 
 and shall payX ccntJ "o the T r'''"^ ^^'^^ ^^-ecton, ; 
 I y nity cents to the Secretary for aiich rcgi«trv 
 Mode of obtaiuliiir ... a i «> j. 
 
 1^ A '*»"«"« an Advaucc of Money. 
 
 .nd documents relating therl.^f, "^''"'"''^ '"'" •*""•» 
 8ocret»r,m,,eo„,ideCrt;tol:;^r;n"''" "" ""• 
 
 ~ie» to th^^M^uo^ /.rs^ir ^r ""^^^ 
 
 month, ,„ch member «haH pa, a «„« „f «f, ' """ 
 
 J«r month, if required by the DirectX ""^.f"'" '""''""' 
 h« been made or not • and tlrnr . ' """■ ""'' ''"''"»!» 
 PC. o, the money .Lt:^ L''J.ZT:Cr "''"^''" '"- 
 
 .mon'n't a^iS ^ ^nT te ^ ' "d'-""" ""> 
 
 traoces, tne time and manner of 
 
 ^Y 
 

 
 miiklnKtho »nmo, tho intcrent and I onus payaMo th.non, 
 and the time and amount of tho re-jMiymcnta to be motlo in 
 rt'itpect thereof. 
 
 The re-pftym< iitR on advftnci d shares shall bo for a fixed 
 period, in respect of each 8hare,ftnd shall not be liable to the 
 c.ntingency of losses or profits in the business of the Society, 
 nnd after a share has been advanced to any member, he shall 
 take no part in the management of the afiairs of tho Society 
 in respect thereof. 
 
 16. Tho Directors may accept property situated any- 
 where within tho limits cf that part of the Province formerly 
 Upper Canada, on tho unadvanced shares of any member of 
 the Society, as security for loans. The Society shall have a 
 first lien on all shares held by any member indebted or llablu 
 to the Society for the amount of such debt or liability. 
 
 17. All mortgage deeds and securities to the Society 
 shall be prepared in such form, and contain such clauses, 
 provisoes and agreements as tho Solicitors for the Society 
 shall think fit, with the approval of the Directors ; and that 
 in case the mortgagor shall at any time or times, neglect or 
 refuse to pay his re-payments, fines or other payments, for 
 the space of six months successively, then the Directors may, 
 either with or without the concurrence of the mortgagor, 
 appoint a person or persons, with such salary or commission 
 as they may think proper, to collect the rents and profits of 
 the mortgaged premises ; with the same power of enforcing 
 payment as the mortgagor himself may possess ; also, power 
 to sell and dispose of such premises, by public auction, or 
 private sale, whtn the Din ctors shall think proper, and that 
 in case the mortgagor shall be liimself the actual occupier of 
 such mortgaged premises, then the mortgage deed may con- 
 tain stipulations that he shall become tenant to the Society, 
 at a fair rent to be named in such deed ; and the Dir, ctors 
 shall havcj>ower to distrain as between landlord ^nd tenant, 
 and the Directors shali have the power to make such 
 
10 
 
 ftrranRenicnts for the repairing or Iccoping in repair, or for 
 finishing or putting in order any buildings or other improve- 
 ments, or for taking care of, and managing generally the 
 mortgaged property, as they shall deem expedient ; and all 
 charges or expenses attending the same shall be paid by the 
 mortgagor, and shall bo a charge upon the mortgaged pro- 
 porty. And when any sale shall take place of any property 
 mortgaged to the Society, the Directors shall have power to 
 retain and apply so much of the purchase money as will be 
 necessary to pay the same sum as would be required to redeem 
 the property, pursuant to the provisions contained in these 
 rules ; together with all other payments, moneys, and expen- 
 ses due to the SociL'tj, and to pay the surplus thereof to the 
 mortgagor, or whoever shall appear to be entitled to receive 
 the same. 
 
 Insurance of Moit gaged Premiseg, 
 
 18. All property secured to the Society, consisting of 
 buUdmgs, shall be insured by the mortgagor, if required by 
 the Directors, in such sum and office as they sliall think 
 advl^able ; and the Policy or Policies shall be in the name of, 
 or shall be assigned over to the Society. In case any mem- 
 ber, having executed a mortgage to the Society, shall make 
 default m payment of the expenses which may be incurred 
 in and about insuring, and keeping insured, the mortgaged 
 premises, or of the ground rent or other payments, to which 
 the said property may be subject, pursuant to the covenant 
 in the mortgage deed, he shall pay such fine as he would 
 have incurred for the non-payment of an equal amount of re- 
 payments, at the time appointed for the payment thereof, the 
 bociety not to be responsible for any consequences arising 
 from any omission in the payment of the premium, or other 
 payment due on any Policy of Insurance. 
 
 19 Every member executing a mortgage to the Society 
 Bhall,^if required at the time of such execution, give to the 
 ..ecrctary a written SKitcmcnt of all such particulars relating 
 
11 
 
 to the property com prised In such mortgftge, as are ustiull.v 
 nqiiircd by Insurance Companies ; and if at "*ny subsequent 
 period, any trade shall be commencQd, or erection made, oi 
 other matter or thinj; shall take place which would in any 
 way affect the validity of the Policy of Insurance, tho like 
 statement shall be given ; and the member neglecting to give 
 8uch states. 3nt shall pay a fine, at the discretion of the Direc- 
 tors, of not more than twcnty-flve cents, but not less than 
 three cents per week for each share ; and the Directors shall, 
 if they think fit to do so, at least once in every year, appoint 
 some competent pjrson to obtain all the information he can 
 with respect to trades, etc., carried on in and about the mort- 
 gaged premises, and to report to the Directors accord' ly. 
 
 20. In case of damage by fire, the Directors shall receive 
 from the Insurance Office, the amount payable in respect of 
 such damage ; and the receipt of the Secretary and Treasurer 
 of the Society, shall be a sufficient discharge to the Insurance 
 Office, for the money therein expressed to be received ; and 
 the Directors shall have full power to settle and adjust with 
 the Insurance Office any question relating to such insurance, 
 and to accept tho amount to be paid by the Insurance Office, 
 in respect to the damnge done to the premises ; or to make 
 such arrangements with the Insurance Office as to the re- 
 building or repairing of the said premises, or relating thereto, 
 as the Directors shall think reasonable. 
 
 21. Tho Directors shall at their discretion, either lay 
 out the money which shall be received from any Insurance 
 Office as aforesaid, or any part thereof, in repairing tho 
 damage done to the premises ; or pay the same to the mort- 
 gagor or his representative ; or retain and apply the same, or 
 such part thereof, as they shall think fit, in or towards pay- 
 ment and satisfaction of the amount which shall be due from 
 the mortgagor to the Society, and pay the surplus, if any, to 
 
 '« vBitj5,vi, Oi i-v- cuuii uiuci |;cicwn as uc Biliiii (uy wri- 
 ting) direct to receive the same. 
 
12 
 
 *""" «=»"»»««. or Redemption of Property lltor.g.g«T. 
 
 .„ « i ".""^ """"'""■ *''° •*'*" have executed « mortwwo 
 
 "Ul.jctt to the mortgage, he shall be «t liberty to ,1„ J „ith 
 he consent of the Director,, „p„„ first duly tLsferr « 
 
 -hares secured by such mortgage, to the intended purchaser 
 n manner provided by these rules; and upon such transf!^ 
 
 bemg completed, and all arrears due to the Society, f^m the 
 
 cxTJS's "r -t' """ '"" ""''^"^'"''« '» the ;«"cw 
 
 nav a r: „ ""T""'" """' ">enceforth become liable to 
 pay^_l re-payments payable in respect of such shares; and 
 
 o tflnddir' "T *" """ ""«'"'" "«-««''S'".»nd;this 
 thereof ' " "^ "" '"'""= """"'J' '» '""P-^^* 
 
 a m„!L" ""!■' "" ""^'" '■'"' """ '""""«'■•■ '■"""g "^'^oted 
 « mortgage m favor of the Society, to substitute, at his own 
 
 expense, and subject to the approval of the Di eetors .ny 
 o her property, as security to the Society, in lieu of th^ pro^ 
 perty originally mortgaged. 
 
 24^ If any member shall desire to have his property dis- 
 
 o t^f, r " "'T'"""' '" *'"' '~'"'^' "«'- *« « "n 
 
 « lowld t^^d " """' " ■"" "'*" *«>"'"' •>« '•■all be 
 allowed to do so on payment of all re-paymente, and anv 
 
 fines and other sums due in respect thereof, up to the time It 
 he redemption of such mortgage, and of the present .Z of 
 the future re-pa, ments, calculated to the end of the term, and 
 discounted at such rate of iut rest, and on such terms a the 
 Directors may determine. 
 
 when'tii*'" "'" '""""-'P""" °f »"y "■""rity by a member, or 
 m rln l"-f:""'-"l' " ^« "-" ""«'«' by him, on advances 
 pursuant to these rules, a full discharge of such security shall 
 
 be executeeUnd the same shall be delivered to such mem- 
 ber, with all other deeds and documents deposited by him in 
 
 rr r.: 'i^""" '--"^= -^ »-» ^-harge'shau ;: 
 
 '•'••■"•' "■'" "=« necessary signatures obtained, and any 
 
13 
 
 matters relating thereto transacted, l.y the Solicitor to tho 
 Society, nt the expense of such number. 
 
 Flueg. 
 26. The fines for the non-payment of the monthly or 
 other re-payments or subscriptions on advanced or unad- 
 vanced shares on the day on which the same are made paya- 
 ble by the rules of the Society, or of any other moneys what- 
 soever due and payable by any member, until otherwise 
 ordered by the Directors, shall be at the rate of two cents in 
 the dollar per month, on the amount due, and the same shnll 
 accrue and be payable immediately after the monthly sub- 
 scription day, and shall be chargeable to such member until 
 all arrears are paid. When the fines on unadvanced shares 
 shall equal the amount of subscriptions paid thereon, such 
 share or shares, and the interest of any member in respect 
 thereof, shall be forfeited to the Society. Provided, that 
 after any share shall be in default, the Directors shall have 
 power to recover from such shareholder the amount due to 
 the Society, by action in any Court of competent jurisdiction. 
 Bankluff Arrangement*. 
 
 27. The Directors may make such arrangements with 
 any of the Chartered Banks doing business in the City of 
 Ottawa, for the deposit of moneys and securities belonging 
 to the Society, and for conducting other financial matters, as 
 they shall from time to time deem necessary. 
 
 28. No moneys shall be drawn from the Bank without 
 the signature of the President, (or in case of his absence or 
 Illness, of the Vice-President orChairman appointed »ro. tern ) 
 and of the Treasurer. 
 
 General Meetings, 
 
 29. A General Annual Meeting of the members shall bo 
 held at the office or rooms of the Society, in the City of 
 ^***^^*'^»^<>'^s"ch place as the Directors may appoint, on the 
 third V/ednesday in September of each year, for the purpose 
 of electing four Directors to serve for the ensuing two years, 
 
14 
 
 and for nil other gcncml, purposcB relating to the raanngcmeTit 
 of the Society ; and at each of the said General Annual Meet- 
 ings shall be submitted a full and clear statement (.f the 
 affairs of the Society for the year ending on the thirty-first 
 day of August previous. 
 
 30. The Treasurer shall once at least in every year on 
 the Thirty-first day of August in each year prepare a general 
 statement of the funds and effects of or belonging to the 
 pociety, specifying in whose custody or possession sucli funds 
 or effects are then remaining, together wit. an account of 
 all sums of money received or expended by, or on account 
 of the Society, since the publicuti(.n of the preceding period- 
 ical statement. 
 
 31. Extra general meetings of the members of the 
 Society, may be called by the Directors upon the 
 requisition of Ten members, representing one hun- 
 dred shares, upon the members being* notified of sr.cli 
 meeting through the Post Office, or otherwise, at the dis- 
 cretion of the Directors. Any ordinary or special meeting 
 of the members or Directors may be adjourned, from time to 
 time, and such business may be transacted at such adjourned 
 meetings as might have been transacted at the original 
 meetings from which the adjournment took place. 
 
 Voting. 
 
 32. The election of Directors shall bo by ballot, and at 
 such election, any member either personally present, or 
 represented by any other member as his proxy, (such proxy 
 shall be in writing signed by the shareholder giving it, and 
 produced and left with the Secretary at the time of voting; 
 It shall be good for that occasion only ; it shall not contain 
 the names of more than one shareholder, except where several 
 ars jointly interested in the stock, in which case it shall 
 contain all their names, and be executed by all of them,) 
 shall be entitled to one vote on each share ; and that no 
 member shall vote at the election of Directors, or on any 
 
15 
 
 other question in respcctof any share, within throe months 
 
 after he shall have been admitted in respect thereof, and on 
 
 which less than three monthly instalments shall have been 
 paid. 
 
 33. All questions at the annual or other general meet- 
 ings of the Society, except the election of Directors, as herein- 
 before provided, and except as providt d by statute, shall be 
 decided by the majority of the members holding 
 unadranced shares, either in person, or by some othor 
 member as his proxy, represented at the meeting, provided 
 that any member, or members, representing unadvanced 
 shares may require the vote to be taken by shares, in which 
 case the shareholdtrs present represented by proxy shall 
 have a vote for each unadvanced share held by him, and the 
 question shall be decided by the majority of shares. The 
 Chairman at any meeting either of the Directors or members 
 shall, in the event of a tie, have a casting vote, in addition 
 to his vote as a member or Director. 
 
 Directors* 
 
 34. The affairs of the Society shall be under tho 
 control and management of a Board of Eight Directors, (of 
 whom five shall form a quorum for the transaction of busi- 
 ness,) who shall hold not less than twenty unadvanced 
 shares each ; and who shall choose from among themselves 
 a President and Vice-President. No Director shall hold the 
 office otTreasurer or Surveyor of the Society. 
 
 Tho Directors shall be elected for the term of two years 
 four to retire annually, but shall be eligible for re-election' 
 tho four who shall retire at the first annual meeting of the 
 Society, to decide by lot, as the Directors may determine. 
 
 35. The Directors elected at the formation of the Society 
 or herealter^to be elected, shall continue in office till the 
 fi.eotjon of their successors, unless in case of disqualification 
 or resignation. 
 
IC 
 
 for IW '"'" ^^"^*""' ""'"' *' » 'P^^^ »«<""'S «o ""i calKd 
 dLcL'^?""' °7V""^°"'"'"«'"""^' 'f" 'i^o remaining 
 
 r/ . °"" "'"^^'' '" ""o "O-™" of the term .,f 
 
 Ir'L^Tr"' ""«J-"^"f«'e Direct.., prc-I 
 wid the Board shall Imve power to malie any By-laws and 
 regu afonn, for tho guidance of the Society, L offlc ^ 
 ««ente an ^shareholders, provided that such rciul'tionsaTc 
 
 wnicn the bociety is incorporated. 
 
 PrcsidenJ" th! t""T "' '""' "" ''""'*''"* »»" Vice- 
 Rr.M i!'„u "•■''"■' P'*'^"'- "' »"y """"ting of tho 
 
 inca™bl!'toT, ''"l<^'"/'»" <"«. O' «»!«>., or become 
 mcapahletoact as Director, or become banlcrupt, or insol- 
 
 Paired TT T"' "" ""•"""«' "' ""^"^ "old the 
 f^m hf, ^r V "' "»«'™'«=«-'<' »harc,, or be rem„ve<l 
 ^ of t ' •/««"»«<"' of » "Peci"! general meet- 
 ing of the members, or shall for three months 
 
 ^ZZT '"' """■" '™"' ""^ "-""S" of tho Z5 
 without the consent of the Directors, he shall thereupon ca™ 
 
 •ppont another member of the Society to be a DirectoHn 
 h« place, „ hereinbefore provided ; and no Director sha^ at 
 «ny meeting of the BoaM, take part in any diseus^o 
 
 .rrel,."''" ^""""° '" ""■'' '" »-"" -« r--"^ 
 
 Solicit ora* 
 
 trance; ^Zl' '"°'' "'"'^'r '''^" ^^' '^^P"*"'^^' ^^»o «»'«" 
 tiansact such necessary business of the Society as the 
 
 Directors may require, for which he shall receive a fair and 
 reasonable allowance. 
 
 nrr. ^^i ^^J ^^'''''^' ^^"^^ investigate the title to any 
 property offered by any member as socnity ♦. *,,« «^,... "f 
 
17 
 
 and8hall in all cases render to the Directors a report in 
 wntinp whether such title be deemed by him good and 
 sufficient for the purposes of the Society; and shall prepare 
 all necessary mortgage deeds and instruments in favor of 
 the bocioty. The Solicitor's and Surveyor's fees and othrr 
 charges, shall, in all cases, bo paid by the member, on whoso 
 acccount they may be incurnd. 
 
 Secretary and Treasurer. 
 
 41. A Treasurer shall be appointed, who shall also per- 
 form the duties of Secretary, and who shall be empowered to 
 receive and ,,ay all moneys f„r and on behalf of the Society 
 and his receipt .hall, in all cases, be a sufficient discharge J 
 and he shall deposit with the Rank all such moneys asl.o 
 shall have on hand. He shall attend all meetings of the 
 Directors, or members of the Society, enter minutes of all 
 resolutions or proceedings in the minute-book, and shall 
 keep the accounts in order,-in proper books to be provi.k-d 
 for that purpose, and prepare the same or a balance sheet 
 thereof for the inspection and signature of the auditors Ho 
 shall summon the Directors to all meetings, (by circular) 
 and issue all circulars and notices to members which may 
 from time to time, be thought necessary by the Directors • 
 conduct the correspondence of the SociefJ^, and perform all 
 other duties that the nature of his office may require. 
 
 42. The proceedings of the Society shall be entered in a 
 mmute-book in detail, such entries to be signed by the 
 President, ViccvPresident, or Chairman, as well as by the 
 Secretary and Treasurer. 
 
 Appraisers. 
 
 43. Persons approved by the Directors may, fron time 
 to time, be appointed as appraisers, who shall receive pro- 
 posals for loans, examine the property offered as security to 
 the Society, ifthe Directors shall consider it necessary, and 
 shall render to the Directors a report in writinir of th^ -fnf. 
 and value of such property, and such further particulars as 
 
18 
 
 think «„„„.«<, ^" """" '"• " '"• "'"'tor. -h«n 
 
 pmi/ettotoTv'o .^bLTo?-"'""' °f ""^ ""«<» »'•'' "P" 
 
 of the SociX and n! "^ "' *" ""'''• """"'5" "" ««™unt 
 o oocicty, and no payment of monoT to nr ..nj ^ • • 
 
 by an appmiae^hall be held to be a payment ^rr"*^ 
 nndertakinK bv tlm «~.i . , P^y"*"" "ado to, or an 
 
 .peciany au'thoLeX^w f'„;kt™ "-""/PP™"- •- 
 
 .^«rt';:ymr:r°t • r ■ '~-" ^^^^^^^^ 
 
 payment to all ,„t.„t8 and purpose, whatsoerer. 
 ClMnge of Olllcora. 
 
 n^rVh.ntf"*''' ^."""""'' ""' «•» Secretao-an Treaad 
 nror, shall be removed from their rcsoectiv,. «ffi 
 
 «t a meeting gpoeially convened for tw ""' ''*'"'" 
 
 »ajor»y of the .hole BcZfvZoZ "'"""'' "' "' ' 
 
 kept by the Secr.a".;:„^2n,f «''''<>''» -"^ -„„„,« 
 
 pereonsasspeeialandgCral^olt? '""'" *° "»<""' 
 for the Society and to n»wf '""'"""'"J' ""'"in^M 
 
 Society, sneh renutralrL' C tlWh^V" ""' "' ""' 
 and subscriptions or o»W ^ *'"'' """asonable; 
 
 agents, „ben^:^a:rxrSv:rs: '"'- 'r-'"" 
 
 B'r^c'trtT, "^ --''"- ~:tr 
 
 held to hare power i^Wn^.f^L"'"" '""*' »•• "'all be 
 what he sXtl^ori^ I . •" ''" '" ""^ ""^' •^^o-' 
 under the Corp^rs:r.^:?r J^^^!'''' '' ">« '"-'««'. 
 
^^asf. 
 
 19 
 
 Conatmctlon of Rnica. 
 
 46. In the practical application of these rulcg or unir 
 
 Corporate Seal. 
 
 )„„ t^ '■'"'''"'• Society .hall have a CorpomteSeal bear- 
 n>g the word, .'The Metropolitan Building and skviZ 
 
TERMINA BLE BRANCH. 
 
 Wlu reas it is considered necessary and expedient, and that 
 t would tc^d to the interests of a greater number, that a 
 Bmncli of the said Society should be worked exclusivdy on 
 what is termed the terminable principle, separate from the 
 Permanent department thereof, to be known in contra- 
 distmction from that part of the Society, established by tho 
 foregoing rules, as the Terminable Branch of " The Metro- 
 politan Building and Savings Society ;" and that in addition 
 to tho foregoing rules, which are to apply to tho manage- 
 ment of the said terminable Branch so far as applicable, the 
 following rules should be adopted as more especially 
 applicable thereto. ■ 
 
 Therefore tho Members of tho said Society in general 
 meeting assembled, do hereby enact and ordain, that a 
 Terminable Branch of the said Society shall be formed and 
 separate books opened therefor, and that the following rules 
 or By-laws shall be more especially applicable to the «iid 
 Terminable Branch of the said Society, hereby established. 
 
 1. The stock of the Terminable Branch shall consist of an 
 imlimited number of shares of Fifty dollars each, shall be 
 payable by monthly instalments of Twenty-five cents per 
 Bhare of Capital, and one cent per share for management 
 fees, on the first Wednesday of each month, commencing on 
 the first Wednesday of October next, such payments to con- 
 tinue until the assets of the said Terminable Branch shall be 
 equal to the amount of the shares then held, when all pay- 
 ments, except those in arrears, shall cease, and tlie members 
 who have not received their shares in advance, shall then 
 receive their respective amounts, and the securities of those 
 who may have received advances shall be caMcelled. 
 
 2. An entra' fee of Twenty-five cents shall' be pa)-- 
 able by each member on subscribing for stock, or on paying 
 
(( 
 
 (( 
 
 (( 
 
 « 
 
 (i 
 
 21 
 
 the first instalment, and after the Hrst of March next, mem- 
 bers shall pay such premium ne may bo dc term i nod on by 
 the Directors. 
 
 3. Any member of the Branch neglecting to pay monthly 
 his dues, shall be fined as follows. 
 
 For One month in default, One cent per share 
 
 " Two « « « Two cents 
 
 •' Three " « «« Three " 
 
 " B'our " «< «« Four " 
 
 " Five <« « a Five " 
 
 For each subsequent month, Five " 
 
 Ijnless and until such share shall be declared forfeited 
 
 to the Society for such default. And it shall be lawful for 
 
 the Directors of the said Society, whenever default shall have 
 
 been made for one year in payment of any of the monthly 
 
 dues upon any share or shares of the said stock, to declare 
 
 such share or shares forfeited to the said Society, and such 
 
 share or shares shall thenceforth be the property of the said 
 
 Society. 
 
 And provided also that in case the defaulter shall be a 
 borrower, then the fines shall be respectively twice the 
 above amounts, as per scale, and at the end of six months 
 default of payments, the mortgage shall be liable to fore- 
 closure, and to be declared forfeited if the Directors shall so 
 decide; and until such forfeiture be declared the fines 
 thereon shall be payable. 
 
 4. Members shall have the privilege of paying in 
 advance on account of their shares, and shall be allowed 
 interest at such rate p.r annum, upon the amounts so ad- 
 vanced until due, as tlie Directors in their discretion shall 
 think proper, not however exceeding six per cent. 
 
 5. Any member, not having received a loan or advance 
 from the Society, wishing to withdraw therefrom, shall be 
 allowed to do so, on giving one month's notice in writing to 
 tuc Secretary, and he shall receive the net amount of his 
 
22 
 
 Hd MP cpU.1, »„g„tl,„ with Mub mu, of , -*««,t u .. . , 
 not exceeding f„„r ,«r cnt p.-, ,„„„„, j,.,; „, ,'' 
 year of .he Society, «. .h„ oir«,„r, ,„»; .hi„k J «„" 
 
 ntvM !.f "' *"' P"'" l-^' "■" Wrectors each year • 
 
 aeauctcd from the capital to ho returned j provided aim. tl,«* 
 
 no moremo.ey,h«li he «, returne.. in an/oLInfht:; 'he 
 who amount paid in during that or the next prcc"^ „, 
 m.."'"; and provided al,„, that if more than one mcmWT 
 »pply fora return of capital in any one month then The ««[ 
 
 in r^or, and" Z " ' """ ""'' "''""''" '" "« "'« ■"«' 
 6 Any member having received a !,«„ or a-lvance 
 Un at ;■'"'?'• ."""' '"'^" *"« ''"^"^•«« "f-t- ning nch 
 
 month, ;"°T' r '"'^ " "»" ""'■'"■"^■'^ •«»" for-ix 
 
 securities for such ioau to be then cancelled, or discharged at 
 the expenw of the borrower. "■"cnarfcca, at 
 
 .mJ' "r^J^ '"'" '^^"og' »h»» be held at the Society, 
 office or the Society's room,, in the City of Ottawa on he 
 Evemng of the first Wednesday of each month. 
 
 Svan^ f ^ competition among t the members, to be 
 advanced in shares to the member who offers the highest 
 monthly bonus, In addition to the hgal intere ^Csf pe 
 
 ZlZZr\'° "r.'^' ■"°"**"^- P~vid.Vti.at 'he 
 the ^ ♦ f' '. v" "'' ""-''dered for the advantage of 
 the Society to withdraw the funds from competition and 
 
 X?Zt?r ••: '"''"' "" "^ "- '• -t"", p2i"d ^ 
 bythe»«,H mI**"™'' <""■'"'»''"« P«'sl.a. -V, i., made 
 by the «„d bidder, su. h deposit to be forf.U •. f cV- Udd, r 
 <lo not furuish sufficient security, to the a.*,;, .. ti.n X' 
 
23 
 
 Directors, within twenty days from ti»u date of purch,i«ing. 
 
 9. All flncH and forfeitures shall be charge, to the 
 members J .able to the same, and if not paid, deducted from 
 uny capital to the credit of 8«ch member, and shall bo carried 
 to the credit of the Society. 
 
 10. Each m.mber upon joining ihis Society, shall pro- 
 cure from the Secretary of tl.o said Society, one of the 
 Society's Pass-books and sL.!! pay fifteen cents to the 
 bociety for the same ; .nd hall, on paying his monthly dues 
 produce such passbook to the Secrertary-Tr.asurer, whose 
 duty It shall bu ig enter such payments therein.