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 -: 5i 
 
 
 
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 ^ ' 
 
 THE 
 
 y// 
 
 e 
 i 
 
 FARMERS' AND MECIIAMCS' 
 
 BUILDING SOCIETY. 
 
 
 Jp^-* 
 
 1^- 
 lis.''-. 
 
 
 INCOIUMilATED IN ArCCRDANCL VvlTII AX ACT OF 
 THE PUOVINCIAL LEGISLATURE, IN ISI7. 
 
 TOIIONTO: 
 
 PRINTED BY SCOIJIE & BALFOUR. 
 
 isr. 
 
 •A. ;- 
 
I 
 
 BU 
 
 INCO] 
 
 AND T< 
 SJ 
 
 ^«, 
 
THE 
 
 lAilMERS' ABD MECHANICS' 
 
 BUILDING SOCIETY. 
 
 ***^^* aa^^*. » ""-i'* a v*n" i< v\A/w\j mjm_ 
 
 INCOBPOKATED IN ACCORDANCE WITH AN ACT OP 
 THE PBOVINCIAL LEGISLATURE. IN 1846. 
 
 ^^AA^^MMMMA«WWMWWMWMi 
 
 fOK Tnx PoitFosK or 
 
 lUBISTINOTHE MEMBERS OF THE SOCIETY IVTHE ArOTTT^TTTftV 
 OF FREEHOLD AND LEASEHOLD PROPERTY; 
 
 KSO IN THE REMOVAL OF INCUMBRRANCES OR LIABILITIES 
 I UPON PROPERTY ALREADY HELD BY THEM, 
 
 ^^ 12^ H^^^'^ "T"^^ TO RECEIVE THE AMOUNT OF 
 
 SHARES IW ADVANCE UPON FURNISHING GOOD 
 
 MORTGAGE SECURITY. 
 
 TORONTO: 
 
 PRINTED BY SCOBIE & BALFOUR. 
 
 184?. 
 
 • « 
 > 
 
 > • 
 
 • » ». 
 
I? 
 
 Orj^ <S^ V»25.d> . 
 
 - 'iWli 
 
 JUN 20 1935 
 
PROSPECTUS 
 
 or THB 
 
 PAKMEBS' AND MECHANICS' BUILDING SOCIETY. 
 
 IXeomrOBATBD by act of PARLIAMSMT. 
 
 SHARES £100 Each. 
 
 EptrMceFM 2*. W. per shar*. 
 
 Month y Subscription 10 per >haro. 
 
 Monthly Management Fee 74 per share. 
 
 TmnsfeirFee 2 6 pershara. 
 
 9XR1I0T01KVI 
 
 W. B. JARVIS, Esquire, President, 
 
 J. D. RIDOUT, Esquire, Vice-PmuUnt, 
 
 THOS. BRUNSKILL, Esquire. 
 
 nOBERT BEEKMAN, EsQuiRB. 
 
 THOS. CHAMPION, Esquire. 
 
 3, W. MUTTLEBURY, Esquibb. 
 
 £. G. O'BRIEN, Esquire. 
 
 A. B. TOWNLEY, Esquire, Treatunr and Stcrttarff, 
 
 J. W. MUTTLEBURY, Esquire, Solicitor, 
 
 BANK OF UPPER CANADA, Bankert, 
 
 The great success which has attended the Toronto 
 Building Society, since its establishment, has 
 increased the value of its stock to such an extent 
 tha*, the premium demanded from non-subscribers is 
 Buch as to render the formation of a second society ia 
 the Home District desirable, and a means is now 
 offered to the Farmers and Mechanics to join this 
 institution as original subscribers, without the pay- 
 ment of any premium. 
 
 ^ It is not intended that this institution shall be a 
 rival to that already formed in Toronto, and which 
 has been so ably conducted ; but, on the contrary, it 
 a2 
 
 /^ 
 
f • 
 
 • IT 
 
 f 
 
 10 oroposed to follow in its footsteps, and work hand 
 in hand for the general good, inasmuch as it is con- 
 templated that there is ample field for both. 
 
 Building Societies, established in England, have 
 been in full and successful operation for the last 25 
 years, or thereabouts ; the benefits and advantages 
 arising from them having been fully developed and 
 ascertained during that period. The introduction 
 of the system into this country has been sanctioned 
 by the Legislature, and an Act has been passed to 
 outhorize^ the incorporation of such associations; 
 under which similar institutions have been established 
 m the cities of Montreal, Toronto, Hamilton and 
 Kingston, with the most satisfactory results. 
 
 The shares of the society are cfilOO each, and 
 are paid up by regular monthly instalments of lOs. 
 on each share. These monthly payments are com- 
 pulsory, and continue to the termination of the society, 
 which will be in about ten years. The money thus 
 paid ill IS allowed to accumulate for a few months ; 
 and, as soon as the amount is sufficient, a meeting of 
 the members takes place, and tho money is offered 
 m loans to the highest bidders, who pay such bonuses 
 therefor as they may consider it worth while. Any 
 member desirous either of building or purchasing a 
 bouse (whether for his own use or to : "t,) or of 
 paying for one ah-eady purchased, is thus enabled to 
 obtam funds from the society, to an extent not 
 Exceeding the amount of his share or shares sub- 
 scribed for. As security for such advance, he gives 
 the society a mortgage upon real estate ; upon which 
 mortgage he continues to pay the interest merely 
 until the funds of the society, from bonuses and other 
 sources, have so increased, that the full amount of 
 the shares subscribed for has been realized,— and the 
 society consequently terminates. Then, without hav- 
 ing (apparently) repaid the principal, otherwise than 
 by the monthly subscriptions before mentioned, the 
 mortgage is given up to him, and his property is thns 
 freed from all incnnihi-ance. 
 
 I 
 
 1 
 
 proi 
 
 out 
 
 tob 
 
 the 
 
 Bevf. 
 
 tho 
 
 mon 
 
 alls 
 
 A 
 
 inte] 
 
 a ttii 
 
 has 
 
 from 
 
 intei 
 
 reali 
 
 by n 
 
 . Ai 
 from 
 enun 
 
 1. 
 
 distri 
 kmpej 
 
 2. 
 
 to ap 
 sitior 
 ultim 
 Savii 
 that 
 advai 
 that 1 
 on th 
 
 3. 
 
 Labo 
 other 
 to be 
 
 4. 
 
 uispOi 
 
: work hand 
 M it is con- 
 ;h. 
 
 gland, have 
 the last 25 
 advantages 
 eloped and 
 ntroduction 
 
 sanctioned 
 I passed to 
 isociations ; 
 established 
 miltoa and 
 ts. 
 
 each, and 
 nts of lOs. 
 3 are com- 
 the society, 
 Honey thus 
 w months ; 
 meeting of 
 f is offered 
 ich bonuses 
 hile. ^ Any 
 rchasing a 
 
 "t,) or of 
 enabled to 
 extent not 
 hares sub- 
 3, he gives 
 ipon which 
 est merely 
 s and other 
 amount of 
 , — and the 
 ithout hav- 
 rwise than 
 ioned, the 
 irty is thus 
 
 ( 
 
 To a party already possessing leasehold or freehold 
 property, having incumbrances on it, the society holds 
 out peculiar advauiages ; for, instead of being liable 
 to bo peremptorily called upon for the repayment of 
 the pnucipal sum borrowed, and being subjected to 
 severe loss and expense if unable to meet the demand, 
 the mere payment of the interest (in addition to the 
 monthly subscription,) absolutely exempts him Irom 
 all such liability. 
 
 Again, to a person becoming a member without any 
 intention either of purchasing, building, or borrowing, 
 a mode of investment is presented which experience 
 has proved to be most pro6tiible and satisfactory ; as 
 from the uiiited accumulations arising froj- es 
 
 Interest, cfec, the full amount of the sha *4 
 
 realized long before the same thing wou!d -i 
 
 by means of the monthly payments. 
 
 Among other beneficial results to be anticx. ^ 
 from the establishment of Building Societies, may be 
 enumerated the following : 
 
 1.^ The permanent improvement of the city and 
 
 district, by increasing the number of buildings of a 
 trtiperior class. 
 
 2. Enabling persons of small, but regular ineomes 
 to apply a portion of their savings towards the acqui- 
 sition of property and independence, with creater 
 ultimate profit than can possibly accrue from a 
 Savings Bank ; and with this additional advanta^re. 
 that they are at all times in a situation to take 
 advantage oi any cheap purchase of landed property 
 that may present itself, by borrowing from the soc'ety 
 on the easiest possible terms. 
 
 3. Merchants Farmers, Builders, Mechanics, 
 Labourers and Clerks in Commercial, Banking and 
 other establishments, are among the classes mostfikely 
 to be benefited, more or less by the institution. 
 
 4. Proprietors of building lots will be enabled to 
 dispose 01 property which would otherwise remain on 
 
I 
 
 e 
 
 their hands for years, without producing any rent or 
 interest whatever. 
 
 The shares being transferable, members who, from 
 various circumstances, cannot allow their deposits to 
 remain the requisite length of time, may assign or 
 dispose of their shares at anytime ; and the purchase 
 may sometimes be made to advantage by the locietj 
 itself, for thu general b«^nefit of the members. 
 
 The facilities in the way of loan are of such a 
 nature, that a person possessed of a amall sum, say 
 from £50 to £lOO (probably useless to him fcr most 
 practical purposes), tr ay, by means of an advance 
 horn the society, at once acquire a property of five or 
 six times the amount, or even upwards. 
 
 As institutions of this nature have stood the test of 
 a quarter of a century's experience in England (where 
 abundance of money could always be had at a low rate 
 of interest,) their principles having, during that period, 
 been thoroughly and satisfactorily elucidated, it is but 
 reasonable to assume that in this country, where the 
 comparative scarcity of money increases its value in 
 direct proportion, the profits and advantages arising 
 from a. society of the same description, properly cod« 
 ducted, will place its success beyond a doubt. In 
 the confident expectation that such will be the case 
 in the present instance, the above prospectus is sub* 
 mitted to the public and to intending subscribers. 
 
 TOSOMTO, JuMt 18, Ihil, 
 
 To € 
 
 w 
 
 and I 
 tieSf 
 purp< 
 fund 1 
 bered 
 by ar 
 reign 
 for 811 
 and E 
 provi 
 of thj 
 confe 
 to ei 
 throu 
 const 
 the i 
 desir< 
 this s 
 and £ 
 that ] 
 provi 
 const 
 have 
 hand: 
 inten 
 Bociet 
 Clerl< 
 resid( 
 tledt 
 
my rent or 
 
 3 who, from 
 deposits to 
 Y assign or 
 le purchase 
 the society 
 ^rs. 
 
 of such a 
 Xi sum« say 
 im for most 
 m advance 
 ty of five or 
 
 I the test of 
 land (where 
 t a low rate 
 :hat period, 
 ed, it is but 
 , where the 
 ts value in 
 ,ges arising 
 operl) coD« 
 doubt. In 
 be the case 
 bus is 8ub» 
 cribers. 
 
 AN ACT 
 
 To enemirage the establishment of certain Sodetiett 
 commonly called Biuldin^ Societiei, in that part 
 of the Proviw:e of Canada , formerly consHtutinj 
 Upper Canada, 
 
 [Paused 18th May, 1816.] 
 
 WhetvEas \t\n desirable to afford encouragement '^"•"^••» 
 and protection to the establishment of certain aocie- 
 ties, commonly called Building Societies, for the 
 purpose of raising by «mall periodical subscriptions a 
 fund to enable the members tnercof to obtaiu unincum- 
 bered freehold OT leasehold property ;— And whereas, 
 by an act passed in the eighth year of her Majesty's 
 reign, certain persons were incorporated as a society 
 for such purposes in the city of Montreal, by the name 
 and style of ^* The Montreal Building Society j" and 
 provisions were made for the conduct and management 
 of that society, and certain privileges and xmmunities 
 conferred upon it ;— And whereas it is expedient 
 to encourage the formation of similar societies 
 throughout hat part of this province heretofore 
 constituting the province of Upper Canada, whenever 
 the inhabitants of any particular locality may be 
 desirous of availing themselves of the provisions of 
 this act ; — Be it therefore enacted, <fec., That v/hen, 
 and so soon as, any twenty persons or upwards, in ^ZliZ 
 that part of this province heretofore constituting thec5,mV2'ea 
 province of Upper Canada, shall have agreed to fb"y'l'>'u.rb"'a^' 
 constitute themselves a building society, and shall '4'r""""^"' 
 have signed and executed, under their respective 
 hands and eeala, a declaration of their wish and 
 intention so to constitute themselves such building 
 society, and shall have deposited the same with the 
 Clerk of the Peace in the district in which they shall 
 reside (who for receiving such deposits shall be enti- 
 
 — J. _ _ 55j.^ B4-4. pCUVw, 
 
 W'lWn twfnty 
 ilmll 
 
 (lurpiixp, 
 alter liavitifr 
 CDiiiiilied with 
 oirniii 
 iormalr'ef. 
 
 rv s -^-»-vs T V Mt 
 
 tvv V» VTTT.- Bii4A444iJ 
 
 
such persons, and such other persons as may after- 
 wards become memberri of such Society, and their 
 several and respective executors, administrators and 
 assigns, shall be ordained, constituted and declared 
 to be, and shall be a corporation, body corporate and 
 politic, by such name and style, as a building society, 
 as by such declaration so deposited as aforesaid shall 
 have been declared to be the name by which the 
 persons so executing the same, desire such society to 
 be known, for the purpose of raising by monthly or 
 other periodical subscriptions of the several members 
 of the said society, and in shares not exceeding the 
 value of one hundred pounds for each share (such 
 subscriptions not to exceed twenty shillings per month 
 for each share,) a stock or fund for the purpose of 
 enabling each member thereof to receive out of the 
 funds of the said society the amount or value of his 
 share or shares therein, to erect or purchase one or 
 more dwelling house or houses, or other freehold or 
 leasehold estate, to be secured by way of mortgage 
 or otherwise to the said society until the amount or 
 value of his share or shares shall have been fully paid 
 to the said society, with the inierest thereon, and 
 with all fines or liabilities incurred in respect thereof : 
 Sr&Uc. ^^^ ^^''^^ i<^ shall and may be lawful to and for the 
 several members of sucL society, from time to time, 
 to assemble together and to make, ordain and consti- 
 tute, such proper and wholesome rules and regulations 
 for the government and guidance of the same, as the 
 major part of the members thereof so assembled 
 together shall deem meet, so as such rules shall not 
 be repugnant to the express provisions of this act, or 
 to the general laws of this province or of Upper 
 Canada ; and to impose and inflict such reasonable 
 fines, }>enalties and forfeitures, upon the several 
 members of the said society who shall offend against 
 anj such rules, as the majority of the members may 
 thiul^ fit, to be respectively paid to such uses for the 
 benefit of the said society, as the said society by Buch 
 
 rules 
 amen 
 or an 
 in lie 
 act c< 
 or be 
 any ii 
 perio* 
 sociel 
 shall 
 of su 
 societ 
 
 I II. 
 j lawfu' 
 
 i receiv 
 
 i 
 
 i sums 
 
 I for th 
 
 I prior 
 
 I the si 
 
 ' witho 
 
 1 any o 
 
 i act or 
 
 that f 
 
 relatii 
 
 III 
 
 shall ; 
 any n 
 a Boa 
 and "V 
 therec 
 and si 
 any oi 
 and SI 
 shall ( 
 he ap] 
 of sm 
 said r 
 afkpoii 
 deiegr 
 
as may after- 
 sty, and their 
 listrators and 
 and declared 
 corporate and 
 ding society, 
 ■oresaid shall 
 )y which the 
 ch society to 
 y monthly or 
 ral members 
 xceeding the 
 
 share (such 
 p per month 
 e purpose of 
 e out of the 
 
 value of his 
 chase one or 
 r freehold or 
 3f mortgage 
 e amount or 
 en fully paid 
 hereon, and 
 )ect thereof; 
 
 and for the 
 ime to time, 
 
 and consti- 
 i regulations 
 lame, as the 
 • assemble(i 
 les shall not 
 ' this act, or 
 r of Upper 
 I reasonable 
 the several 
 ■end against 
 jmbers may 
 uses for t.he 
 ety by such 
 
 9 
 
 rvle» shall direct ; and also from time to time to 
 amend and alter such rules as occasion may require, 
 or Jinnul or repeal the same, and to make new rules 
 in lieu thereof, under such restrictions as are in this 
 act contained : Provided that no member shall receive 
 or be entitled to receive from the funds of such society 
 any interest or dividend by way of annual or other 
 periodical profit upon any share or shares in the said 
 society until the amount or value of his share or shares 
 shall have been realized ; except on the withdrawal 
 of such member according to the rules of the jsaidi 
 society then in force. 
 
 II. And be it enacted. That it shall and may be 
 lawful to and for every such society to have and 
 receive from any member or members, such sum or 
 sums of money by way of bonus on any share or shares, 
 for the privilege of receiving the same in advance 
 prior to the same being realized, besides interest fop 
 the share or shares so received, or any part thereof, 
 without being subject or liable on account thereof to 
 any of the forfeitures or penalties imposed by any 
 act or acts of parliament, or by any laws in force ii| 
 that part of the province heretofore Upper Canada, 
 relating to usury, 
 
 III. And be it enacted. That every such society 
 shall and may, from time to time, elect and appoint 
 any number of the members of the said society to be 
 a Board of Directors (who shall choose a President 
 and Vice President), the number and qualification 
 thereof to be declared in the rules of such society ; 
 and shall and may delegate to such Directors all or 
 any of the powers given by this act to be executed ; 
 and such Directors, being so elected and appointed, 
 shall continue to act for and during such time as shall 
 be appointed by the rules of such society, the powers 
 of such Directors being first declared in and by the 
 said rules ; and in all cases where Directors shall be 
 appointed for any particular purpose, tlxe powers 
 delegat«d to them shall be reduced to writing an4 
 
 B 
 
 ProviM. 
 
 Society majr 
 receive boiiuM 
 from membrn 
 without being 
 
 «UltJFCt to 
 
 pKrialtie* 
 inflicted by 
 Uvury L«wt. 
 
 Society to elect 
 rtom time to 
 lime a Board of 
 Director*. 
 
Pfovim. 
 
 Kuleg to deelara 
 
 pur|«igPB for 
 
 wliich Society 
 is establiihed, i(e 
 
 froriio. 
 
 I 
 
 10 
 
 entered in a book by the Secretary or Clerk of the 
 
 said society ; and a majority of the number of such 
 
 Directors present at any meeting thereof shall at all 
 
 times be necessary to concur in any act of such 
 
 Directors, and they shall in all things delegated to 
 
 them act for and in the name of such society ; and 
 
 all acts and orders of such Directors, under the 
 
 powers delegated to them, shall have the like force 
 
 and effect as the acts and orders of such society at 
 
 any general meeting thereof could or might have had 
 
 in pursuance of this act : Provided always, that the 
 
 trans;ictions of such J)irectors shall be entered in a 
 
 book belonging to such society, and shall from time 
 
 to time and at all times be subject and liable to the 
 
 review, allowance and disallowance of such society, in 
 
 such manner and form as such society shall by their 
 
 general rules have directed and appointed or shall in 
 
 like manner direct and appoint. 
 
 IV. And be it enacted, That every such society 
 so established as aforesaid shall in or by one or more 
 of their said rules declare all and every the intents 
 and purposes for which such society is intended to be 
 established, and shall also in and by such rules direct 
 all and every the uses and purposes to which the 
 money which shall from time to time be subscribed, 
 paid or given to or for the use or benefit of the said 
 society, or which shall arise therefrom or in anywise 
 shall belong to the said society, shall be appropriated 
 and applied, and in what shares or proportions and 
 under what circu'i: stances any member of such society, 
 or other person, shall or may become entitled to the 
 same or any part thereof: Provided that the applica- 
 tion thereof shall not in any wise be repugnant to the 
 uses, intents or purposes of such society, or any of 
 them to be declared as aforesaid ; and all such rules 
 during the continuance of the same shall be complied 
 with and enforced ; and the moniee so subscribed, 
 paid or given, or so arising to or for the use or benefit 
 of the said society or belonging thereto, shall not be 
 
 liverte 
 )irect( 
 ociety 
 orfeitu 
 ,nd inf 
 
 V. 
 
 iianagi 
 ,nd rec 
 jrhich 1 
 he ins 
 levertl 
 pre\ 
 luch ri 
 
 lew ru 
 nanne] 
 ime tc 
 
 yi. 
 
 io time 
 lociety 
 e bine 
 aid so 
 heir r< 
 ,nd ta] 
 ,nd re< 
 n the 
 •r a tri 
 land pr 
 eviden* 
 no cert 
 or allo^ 
 Majest 
 
 VII, 
 
 aforesa 
 unless 
 
 signed 
 Societ; 
 by not 
 which 
 
ll(',» fo h« 
 
 orded III a 
 
 11 
 
 Clerk of the liverted or misapplied either by the Treasurer or 
 
 t^\, ?i ^^ )irectors, or any other officer or member of such 
 
 or snail at all ociety entrusted therewith, under such penalty or 
 
 act 01 such orfeiture as such society shall by any rule enforco 
 
 delegated to ind inflict for such offence. 
 
 r under ^^ ^' "^^^ ^® '^ enacted. That the rules for the «;' 
 
 th I'k f ^ iianagement of every such society shall be entered K uaiUlL' 
 
 1 . tnd recorded in a book to be kept for that purpose, 
 
 bf b h A ^^^^^ book shall be open at all seasonable times for 
 
 th t th ^® inspection of the members of such society, but 
 
 t r1 * levertheless, nothing contained herein shall extend 
 
 , 1-. /. . o prevent any alteration in or amendment of any 
 
 V h] t th '^ch rules, in the whole or in part, or making any 
 
 1 . *.® lew rules for the management of such society in such 
 
 1, n u I^ ^^ nanner as by the rules of the said society shall from 
 shall by their • x ^* i. -j 
 
 3d or shall in '^"^® *^ *^"^® ^® providea. 
 
 VI. And be it enacted, That all rules from time K',g''o^ 
 ;o time made and in force for the management of such "ffiee'jrot"'"* 
 such society ! jociety and entered and recorded as aforesaid, shall ■""'^'y- 
 one or more ; jg binding on the several members and officers of the 
 J "**^^^^ jsaid society, and the several contributors thereto, and 
 tended to be kjigir representatives, all of whom shall be deemed 
 
 I rules direct Ljjd taken to have full notice thereof, by such entry 
 which the Lnd record as aforesaid ; and the entry of such rules 
 ) subscribed, Ijj f\^Q book or books of the said society as aforesaid, 
 it ot the said Li. g, true copy of the same, examined with the original 
 r in anywise Ljjd proved to be '^ true copy, shall be received as 
 appropriated - - - ..... 
 
 portions and 
 such society, 
 [titled to the 
 the applica- 
 gnant to the 
 y, or any of 
 
 II such rules 
 be complied 
 
 subscribed, 
 se or benefit 
 
 evidence of such rules respectively, in all casec ; and 
 no certiorari or other legal process shall be brought 
 or allowed to remove any such rules into any of Her 
 
 Majesty's Courts of Record. 
 
 VII. And be it enacted, That no rule entered as J°J^*°J^ 
 aforesaid shall be altered, rescinded or repealed, J|4*"*~[jJ 
 unless at a general meeting of the members of such 
 >3ociety, convened by public notice written or printed, 
 signea by the Secretary or President of the said 
 Society, m pursuance of a requisition for that purpose 
 by not less than fifteen of the members of such society, 
 
 6 . no e y^i^Y^ requisition shall state the objects for whica the 
 
lain to 
 •pecify plw* 
 
 IMreelon to 
 
 >poiDt o< 
 ' Meittjr 
 
 ■ppoipt officwt 
 
 12 
 
 meeting is called, and shall be addressed to the Pre^ 
 sident and Directors ; whereupon each member shall 
 be notified of the proposed alterations through thJ 
 l-ost Office, within fifteen days ; such meetinff t( 
 consist of not less than one-third of the shareholders 
 three-fourths of which meeting must concur in sucl 
 alterations or repeal. 
 
 VIII. And be it enacted. That the rules of even 
 such society shall specify the place or places at which 
 It is intendea that the said society shall hold its meet- 
 uigs, and shall contain provisions with respect to the 
 powers and duties of the members at large, and of 
 Buch officers as may be appointed for the manage 
 ment of the affairs of the said society. 
 
 IX. And be it enacted, That the Directors of 
 every such society shall and may from time to time 
 Ut any of their usual meetings, elect and appoint such 
 person or persons to be officers of the said society as 
 they shall thmk proper, and grant such salaries atid 
 emoluments as they may deem fit, and pay such 
 necessary expenses attending the management of the 
 J^id society as may be incurred ; and shall and mav 
 trora time to time elect, when it shall be deemed 
 necessary to carry iu.o execution the purposes of the 
 «aid society for such space of time and for such pur- 
 poses as shall be fixed and established by the rulos of 
 the said society, and may from time to time discharge 
 such person or persons, and elect and appoint others 
 m the room of those who shall vacate, or die or be so 
 discharged; and all and every such officer or other 
 P|rson whatsoever who shall be appointed to any 
 omce in any wise touching or concerning the receint 
 '^^.TTt'^Ku ^^P^^^iture of any sum of money 
 h« 1 n /''' :^^«. Purposes of the said society, before 
 he shall be admitted to take upon him the execution 
 of any such office or trust, shall become bound in* 
 bond m such form ^nd for such amount as the Direc- 
 tors may determine, with two sufficient weties, for 
 
13 
 
 3d to the Pre 
 member shal 
 
 5 through th 
 
 ih meeting t( 
 shareholders 
 
 oncur in such 
 
 
 rules of even! 
 aces at which 
 hold its meet- 
 respect to the 
 large, and of 
 the manage* 
 
 Directors of 
 time to time 
 appoint such 
 lid society as 
 
 salaries and 
 id pay such 
 ement of the 
 ball and may 
 
 be deemed 
 rposes of the 
 or such pur- 
 
 the rules of 
 ne discharge 
 point others 
 die or be so 
 cer or other 
 nted to any 
 the receipt, 
 1 of money 
 Jiety, before 
 le execution 
 
 bound in ft 
 3 the Direc- 
 suretiea, for 
 
 the just and faithful execution of such office or trust, 
 and for rendering a just and true account according 
 to the rules of the said society, and in all matters 
 lawful to pay obedience to the same. 
 
 X. And be it enacted. That it shall and may be 
 lawful for every such society to take and hold any real 
 estate, or securities thereon, bond fide mortgaged, or 
 assigned to the said society, either to secure the pay* 
 ment of the shares subscribed for by its members, or 
 to secure the payment of any loans or advances made 
 by, or debts due to such society, and they may also 
 proceed on such mortgages, assignments or other 
 securities, for the recovery of the monies thereby 
 secured, either at law or in equity or otherwise, and 
 that such society shall have the power of investing ia 
 the names of the President and Treasurer for the 
 time being, any surplus funds in the stocks of any of 
 the chartered Banks or other public securities of the 
 province, and that all dividends, interest and proceeds 
 arising therefrom shall be brought to account and 
 applied to and for the use of the said society, accord^ 
 ing to the rules thereof, 
 
 XI. And be it enacted, That if any person 
 appointed to any office by such society, and being 
 entrusted with and having in his hands or possession, 
 by virtue of his said office, any monies or effects 
 belonging to such society, or any deeds or securitieB 
 relating to the same, shall die or become bankrupt or 
 insolvent, his heirs, executors, curators, administnt- 
 tors or assigns, or other person having a legal right 
 shall, within fifteen days after demand made by the 
 ordef of the Directors of such society, or the major 
 part of them assembled at any meeting thereof, deliv- 
 er over all things belonging to the said society, to 
 «uch persons as the said Directors shall appoint. 
 
 XII. And be it enacted. That all real estate, 
 monies, ^oods, chattels, property and effects whatever 
 and all titles, securities for money or other obligatory 
 
 Society mty 
 tukx and hold 
 rral etti'r, &e., 
 iiiQrt);figi^ to 
 ■oci«iy to leeura 
 payment of 
 iiharei, Ice. 
 
 proceetlinf 
 
 an offieor of tba 
 society :^h4U 4M 
 or becMkV 
 iaNlvent 
 
 instruments and evidences or 
 
 tVi 1 1 r» irvi A « 
 
 ts, and all 
 
 Property TNta4 
 in Prciident vaA 
 Treaiurer of 
 Society for th* 
 time Ming. 
 
ii 
 
 14 
 
 other effects whatever, and all rights and claims 
 belong^g to or had by such societyT shall be vested 
 in the President and Treasurer of the said society for 
 the t.me being, for the use and benefit of the said 
 society and the respective members thereof, their res- 
 pective executors, administrators or assigns, according 
 to their respective claims and interests,\nd after thf 
 death or removal ol any President or Treasurer, shall 
 vest ,u the succeeding President and Treasurer for 
 the saine estate and iuterest as the former President 
 fr,t ^''^f ,"'■'"■ h^d 'herein, and subject to the same 
 tiusts, without any assignment or conveyance what- 
 ever; and a so shall, for all r-urposes of action o7sut 
 as we 1 criminal as civil, in law as in oqu=ty. in any- 
 wise touching or concerning the same, ,e deemed 
 and taken to be, and shall in eveiy such procee<W 
 (when necessary) be stated to be, the property of thi 
 persons appointed to the offices of Resident and 
 Treasurer ot the said society for the time being, in the 
 proper names of such President and Treasuri;. with! 
 out further description, and such persons shall, and 
 they are hereby authorized to bring or defend, or 
 cause to be brought or defended any action, suit or 
 prosecu ion criminal as well as civil, in law or in 
 equity, touching or concerning the property, right or 
 claim aforesaid, of or belonging to or had by thi said 
 society, and in all cases concerning the propertv 
 right or claim aforesaid of the safd socie^t^.^S 
 sue and be sued plead and be impleaded in their 
 proper names as President and Treasurer of the said 
 society, without other description, and no such suit 
 action or prosecution shall be discontinued or abated 
 
 Z^ffl f ^ """^ P*"''°"'' "^ ''»«''• removal from 
 the offices of President or Treasurer, but shall con- 
 tinue in the proper name of the persons commencinff 
 tne same any law. usage or custom to be contrary 
 notwuhstanding; and the succeeding President aak 
 , Ireasurer shall have the same rights and liabilitle0. 
 
 a 
 
8 and claims 
 hall be vested 
 lid society for 
 t of the said 
 •eof, their res- 
 ins, according 
 and after the 
 Basurer, shall 
 Creasurer for 
 ler President 
 
 to the same 
 eyance what- 
 iction or suit 
 u'ty, in any- 
 »e deemed 
 I proceeding 
 3perty of the 
 •esident and 
 being, in the 
 asurer, with- 
 s shall, and 
 
 defend, or 
 ion, suit or 
 n law or ia 
 rty, right or 
 
 by the said 
 e property, 
 )ciety, may 
 ed iu their 
 ' of the said 
 10 such suit 
 d or abated 
 moval from 
 t shall con« 
 ommencing 
 )e contrary 
 Bsident and 
 
 liabilities. 
 
 15 
 
 land shall pay or receive like costs as if the action or 
 Isuit or prosecution had been commenced in their 
 names, for the benefit of or to be satisfied out of the 
 funds of the said society. 
 
 XIII. And be it enacted. That in all such actions, secretary 
 [suits and prosecutions as aforesaid^ the Secretary of ^S!'*"* 
 jsuch society shall be a competent witness, notwith- 
 Istanding he may also be Treasurer of the said society, 
 
 land that his name may have been used in such action, 
 suit or prosecution as such Treasurer- 
 
 XIV. And be it enacted, That the President, p^"''''^"'.**, 
 Vice-President and Directors of every such society ''"i"""i''ief'>r 
 
 ' shall, in their private capacity, be exonerated from ""cleiyr ** 
 all responsibility in relation to the liabilities of such 
 society. 
 
 XV. And be it enacted. That the Rules of every TreMurerto 
 such society shall provide that the Treasurer or other B.Z'm'nt of 
 principal officer thereof shall, once at least in every *^"'"'' ^""^ '*"' 
 year, prepare or cause to be prepared a general state- 
 ment of the funds and effects of or belonging to the 
 
 said society ; specifying in whose custody or possession 
 the said funds or effects shall then be remaining, to- 
 gether with an account of all and every the various 
 sums of money received and expended by or on ac- 
 count of the said society, since the publication of the 
 preceding periodical statement ; and every such 
 periodical statement shall be attested by two or more 
 members of the said society, appointed Auditors for 
 that purpose, who shall not be Directors, and shall be 
 countersigned by the Secretary or Clerk of the said 
 society, and every member shall be entitled to receive 
 from the said society a copy of such periodical state- 
 ment, without charge. 
 
 Xyi. And be it enacted. That the word "society" interpwfatioa 
 in this act shall be understood to include and to mean '''"*'* 
 Building Society and Institution established under 
 the provisions and authority of this act ; the word 
 " rules" to include rules, orders, by-laws and regu- 
 
FuMieAct 
 
 16 
 
 things, as well as te S'o„ o^r ".r'.'^/T"?-"' 
 poiponite as well as in lividuaL -3' "^ ^^"" 
 importing the plural number sVnir.^'"i'7 ^""^ 
 applied to one person o tT; ,, "'^^'"^ »1<1 •>« 
 
 ps or things ;'a;:revi;t^^7i;--' P^'" 
 Ime gender only sh-ill ^ "" , ""P?''"'g the mascu- 
 
 female as well as a J,! f h"^ ''"^ '^^ ''Pf"«'l to a 
 
 shall extend and Zw ' . * • '''"''^\V '*''' ^^"'te » 
 
 property ,venerany.^?d^,l! ""niovable estate and 
 
 extend l^IZSto priviw''"'"'^ " «««»"*!««" shall 
 
 as well as le.ran Id 1^1' '"<"-'g»g<''. (equitable 
 
 immovable esla e a w^r"'"'""T«^ »P«" ^<^i »n(! 
 
 ileges upon perso' TeTri '^ "^-er rights and priv. 
 
 act%hal]^iS°" llte'^ 7"^ ^'"^'''7 '■ '^^at thi. 
 
 to mate them subjec tZ'rl ""'? ""'* ^'""'^^'' ''"th 
 
 aU the benefits givCtherebT' ''/.". ^"u'> *"'° '" 
 
 be construed in the JosT hJ„' « •'^■*''^* ""'^ *"' »'«^ 
 
 noting the ends thereb; intnS: "^'' '"' '^"^ 
 
 iefZ^: pnblfctt'aXhfn ^^V''''""=' ''"J' ^« 
 law or equitv in this „ "vl *"" ^."*' '" ^" """rt' "^ 
 
 .aotice of\s 'such by 'a Jud"; ""te^'''''^'!r '^l'"' 
 persons whatsoererfwithoatfhl'.'u*? *'"^ '>"'«'• 
 •h«wi» or pleaded. * *'™*' ''*"'« sp««ially 
 
 'applie 
 severj 
 of the 
 receH 
 amoui 
 as hei 
 the m 
 for th( 
 direct 
 thems 
 
 III, 
 
 shares 
 instah 
 in eac 
 appoir 
 and fii 
 given 
 
 IV. 
 
 the cc 
 
ingular numUr 
 eral persons or 
 ng, and bodies 
 nd every word 
 extend and be 
 as several per- 
 iiig the mascu- 
 •e applied to a 
 " real estate ** 
 le estate and 
 curities'* shall 
 ?es, (equitable 
 upon real and 
 ?hts and priv- 
 f ' That thi« 
 females, both 
 tititle them to | 
 this act shall 
 tnner for pro- 
 
 RULES 
 
 or tuK 
 
 FARMERS' AND MECHANICS' BUILDING SOCIETY. 
 
 s act shall be 
 > all courts of 
 iicially takea 
 8 and other 
 ing speciaJlj 
 
 I. That the intents and purposes for which this 
 society is intended to be established, are, to assist 
 he members thereof in the acquisition of freehold or 
 easehold property; and in the removal of incum- 
 brances or liabilities upon property already held by 
 ;hem ; and to enable them to receive the amount of 
 :heir shares in advance, upon furnishing good mort- 
 ?age security. 
 
 • ^^' J^^^^ a^J monies which shall, from time to 
 ime, be subscribed, paid, or given to or for the use 
 *r benefit of the society, or which shall in anywise 
 ^ •elong to the society, shall be appropriated and 
 applied, m the first place, in loans or advances to the 
 several members, and toward the necessary expenses 
 of the society; but no member shall be entitled to 
 receive, by way of loan or advance, more than the 
 amount of his share or shares subscribed for, except 
 as hereinafter provided for : if not taken up among 
 the members, any funds may be otherwise invested 
 tor the benefit of the society, at the discretion of the 
 directors, of which members may, nevertheless, avail 
 themselves. 
 
 III. That the stock of this society shall consist of 
 shares of ^100 currency each, payable by monthly 
 mstalr its of 10s. each share, on the first Wednesday 
 m each month ; and the directors shall have power to 
 appoint the time for the payment of the entrance fee 
 and first instalment, of which time due notice shall be 
 given to each shareholder by post. 
 
 ly. That the affairs of the society shall be under 
 the control and mana^pment of a Board of seven 
 c 2 
 
18 
 
 Directors, (of whom four shall be a quorum,) who 
 Bhall hold not less that three shares each, and who 
 Bhall choose from among themselves a President and 
 Vice President. 
 
 V. In the absence of both President and Vice 
 President, the Directors present at any meeting of 
 the Board, shall have power to appoint a Chairman 
 pro tern., and with such Chairman, shall be competent 
 to transact the business of the society on board days. 
 
 VI, That the election of Directors shall be by 
 ballot ; and at such election, members shall be en- 
 titled to votes (either in person or by proxy) upon the 
 following scale, viz :— 
 
 For 4 shares or less ^ '^^*®' 
 
 For 6, 6, 7, 8, or 9 shares 2 votes. 
 
 For 10 shares and less than 15 3 votes. 
 
 For 15 shares and less than 20 4 votes. 
 
 For 20 shares and upwards 6 votes. 
 
 But no shareholder Bhall bo entitled to more thaa 
 five votes. 
 
 VII. That the Directors elected at the formation 
 of the society, or hereafter to be electad, shall continue 
 in office till the election o*' their succeasora, unleas in 
 case of disqualification or resignaUon« 
 
 VIII. That the Directors may make such arrange- 
 ments with any of the chartered Banks doing business 
 in the city of Toronto, for the deposit of monies and 
 securities belonging to the society, and for conducting 
 other financial concerns, as they shall from time to 
 time deem necessary. 
 
 IX. That a general annual iting of the membera 
 shall be held at the office or ro .ns of the society, or 
 
 •such place as the Board of Directors may appoint, on 
 the first Wednesday in the month of March, in each 
 ve?r for tlift nnrDose of electing Directors to serve for 
 the ensuing year, and for all other general purposes 
 relating to the management of the society ; and at 
 
 each of th< 
 submitted ; 
 the society 
 
 X. That 
 
 the 8^ ciety 
 for the pui 
 and for oi 
 notified of 
 otherwise, 
 
 XI. Tl 
 
 general m 
 of Directo 
 by a majo 
 by proxy 
 addition t 
 
 XXL a 
 
 shall also 
 before eni 
 to the sal 
 due perfc 
 
 XIIL 
 
 empower 
 
 behalf of 
 
 be a suff 
 
 book, wl 
 
 are to I 
 
 shall dej 
 
 he shall 
 
 XIV. 
 
 Bank w] 
 
 case of 1 
 
 and of t 
 
 XV. 
 
 account! 
 actions 
 
 XVI 
 
 entered 
 
ioty, or 
 >iRt, on 
 in each 
 jrve for 
 arposes 
 and at 
 
 Id 
 
 each of the sa^d g neral annual meetings, isMl be 
 s^mltted a full aL clear statement oijho affaira d 
 the society for the previous twelve months, 
 
 X. That extra general meetings of the members of 
 the sVciety, may be called by the Board of D _otois, 
 for the purpose of supplying vacancies m the Board, 
 and for^otLr purposes, upon the members being 
 notified of such meeting through the Post Office, or 
 otherwise, at the discretion of the Board. 
 
 XI That all questions at the annual or other 
 general meetings \ the society, (except tho election 
 of Directors, as before mentioned,) shall be Ueciiea 
 S^ Sor^y of members present, eitl-m person or 
 by proxy ; the Chairman havmg a casting vote in 
 addition to his vote as a member. 
 
 XII That a Treasurer shall be appointed, who 
 «h^l also perform the duties of Secretary, and wao, 
 tfL ente^rCupon his office, shall furnish security 
 S: ScU of the Board of Directors, for tha 
 due performance of his duties. 
 
 Xm That the Treasurer and Secretair sTiaU te 
 em^wered to receive and pay aU monies /or and oa 
 behalf of the society, and his receipt shaU m ah cases 
 be a sufficient discharge. He sha'll also keep a ca^h 
 book, where all moniet received and pay«>ents i™<^' 
 are to be regularly and correctly entered ; and he 
 shall deposit laily with the Bank all such momes a« 
 he shall receive. ^ *i,^ 
 
 XIV That no monies shall be drawn from tho 
 Bank without the signature of the Presiden^^^^^^^^^^^ 
 case of his absence or illness, of the Vice President,) 
 and of the Treasurer. 
 
 XV. That books shall be opened for keeping the 
 accounts, minutes, and other proceedings and trans- 
 actions of the society. ^ * n i. 
 
 XVI. That the proceedings of the society shall b^ 
 entered in a minute book, in detail, in S'lch manner 
 
20 
 
 I* 
 
 as the Board of Directors ma;-, from time to time, 
 direct ; such entries to be signed by the President, 
 Vice President, or Chairman, aa well as by the 
 Secretary and Treasurer. 
 
 XVI. That the name and place of abode of each 
 shareholder, shall bo entered in a rcgijtry book, to bo 
 kept for the purpose. 
 
 XVIII. That there shall be two or more Inspectors, 
 whose duty it shall bo to examine and determine the 
 vahie of all property olVered to the society, as security 
 for loans or advances, and (a report their opinions in 
 writing : such reports to be entered in the books of 
 the society. 
 
 XIX. That every person becoming a member of 
 the society, (except as tvansfcroc, legatee, or legal 
 representative,) shall pay an entrance fee of 2s. Cd. 
 per share. 
 
 XX. That all persons, upon taking shares in the 
 society, shall sign the rules in a book to be kept for 
 that purpose. 
 
 XXI. That every member shall, so long as he shall 
 continue to be a ineTuber, and until the objects of the 
 society be attaired, pay ten shillings per share per 
 month, on or ^;Lioro tLe du,/ appointed for that pur- 
 pose ; and in default thereof shall pay a fine of— 
 
 3d. per share for the 1st month, 
 6d. •* " 2nd month. 
 
 Is. ** *' 3rd month, 
 
 doubling the fine for each succeeding month, till the 
 expiration of the ^rst six months, and afte- that time, 
 if the same remains unpaid, the share or shares of 
 such member, or his representative, shall become 
 forfeited. 
 
 XXII. That at the time of paying each of the 
 monthly subscriptions, each member shall pay there- 
 with the sum of 7Jd. per share, towards the expenses 
 
 i^i uiiJknai'vmviii. 
 
 w 
 
 XXIII. 
 
 shall, wit 
 notice in ' 
 of his now 
 thereof be 
 
 XXIV. 
 
 as the B 
 
 appoint f 
 funds as t 
 which du( 
 
 XXV. 
 
 such me( 
 deposit vi 
 each shai 
 shall be i 
 from the 
 Board of 
 such seci 
 borrower 
 be coUeci 
 the rules, 
 
 xxyi 
 
 the limit 
 security 
 society. 
 
 XXV] 
 
 posed, tl 
 
 execute 
 
 the Dire 
 
 monies 
 
 paymeni 
 
 any fine 
 
 mortgag 
 
 to insur 
 
 damage 
 
 and to s 
 
 and als( 
 
 mimiL lie 
 
21 
 
 XXIII. That cacli iMcmbor clianglng his residenco 
 shall, within ono raloiular month thereafter, give 
 notice in writinrr to tlu^ Secretary of nuch change, and 
 of liis new phice of abodo and aiMress, or in Uetault 
 thereof be lined 2s. Cd. 
 
 XXIV. That meetings shall be held on such days 
 as the Boar<l of Directors may from time to time 
 appoint for that pnrpose, for the disposa of such 
 fiinds as the soci(;ty may have to lend or advance, of 
 which due notice shall be given. 
 
 XXV That each purchaser or borrower, at every 
 Buch meeting, shall, on or before the next day, 
 deposit with the Treasurer the sum of i:.2 10s. tor 
 each share so purchased or borrowed; which deposit 
 shall be forfeited unless he produce, withm ten days 
 from the day of meeting, security satisfactory to the 
 Board of Directors ; and in case of non-completion ot 
 such security within one month, such purchaser or 
 borrower shall be liable to a fine of 10s. per share, to 
 be collected in like manner as other fines imposed by 
 the rules, whether any deposit has been made or not. 
 
 XXVI. That property situated any where within 
 the limits of the Home District, may be accepted as 
 security for loans or advances to members ot the 
 society. 
 
 XXVII. That after inspection of the property pro- 
 posed, the purchaser shall, if the security be approved 
 execute a mortgage or transfer, to the satisfaction of 
 the Directors, and at his own expense securing the 
 monies advanced, with interest, and also the due 
 payment of the ordinary monthly subscriptions, and 
 any fines or forfeitures that may be incurred ; which 
 mortgacre shall contain a covenant by the mortgagor 
 to insure the buildings comprised therein from loss or 
 damage by fire, for the full amount of the advance, 
 and to assign over the policy or policies to the society; 
 and also a power to the society, in case the mortgagor 
 shall neglect tc pay his subscription^^, fines and tor- 
 
■jJ^IH!*"! '-_:!«JLi 
 
 22 
 
 feitures, for the space of six monthg* successively, to 
 take possession of the premises mortgaged, to collect 
 the rents and profits thereof, and to sell such premises 
 by public auction or private sale, on the most advan- 
 tageous terms, without any further consent or con- 
 currence of the mortgagor, and to apply the proceeds 
 (after deducting all expenses) to the payment of what- 
 ever may be due to the society. 
 
 XXVIII. That after such mortgage or transfer 
 shall have been executed, together with such policies 
 of insurance and otlier securities as the Directors may 
 require, the mortgagor shall at once receive the 
 amount of the share or shares borrowed, purchased, 
 or advanced, deducting the bonus agreed to be paid 
 thereon : or if one or more buildings be in progress of 
 erection, such amount shall be advanced upon one or 
 more certificates from the Inspectors, and from time 
 to time, as the Directors shall determine, according 
 to the progress of the work. 
 
 XXIX. That the Directors shall have power to 
 effect new insurances, or to renew, from time to time, 
 already efiected insurances from loss by fire of all 
 buildings, and to pay the ground rents of all pre- 
 mises mortgaged to the society ; which payments may 
 be made out of the funds of the society, as such 
 insurances and rents become due, and shall be 
 charged to the mortgagor, and repaid by him when 
 the following monthly subscriptions fall due, in de- 
 fault whereof a forfeiture shall accrue to the society 
 of 20 per cent, upon the amount so paid. 
 
 XXX. That any person entering the society after 
 its commencement or formation, (except as transferee, 
 legatee, or legal representative,) shall pay the full 
 amount of subscriptions which shall have been paid 
 by the original shareholders from the date of such 
 commencement ; those joining within six months shall 
 pay interest on suc'i subscriptions, and those joining 
 after that period a proportionate bonus besides, 
 according to a scale to be settled by the Directors. 
 
 XXXL 
 
 drawing f 
 month's r 
 to do so : 
 net amoi 
 deducting 
 be due, s 
 share. 
 
 XXXI 
 
 share or i 
 to be ma< 
 ner as th 
 of the si 
 and there 
 shall be 
 fihareholc 
 
 XXXI 
 
 the legal 
 member 
 leges of 
 abode, ai 
 in the b 
 time exl 
 letters o\ 
 inspectic 
 for such 
 
 XXX 
 
 tion of 1 
 elected, 
 society, 
 to the f 
 society. 
 
 XXX 
 
 cease as 
 as the fi 
 in the 
 money fi 
 
23 
 
 XXXI. That any member, being desirous of with- 
 drawing from the society, may, on giving one calendar 
 month's notice in writing to the Secretary, be allowed 
 to do so : and may receive back (without interest) the 
 net amount of his monthly subscriptions paid up, 
 deducting any fines, interest or forfeitures that may 
 be due, and also a forfeiture of twenty shillings per 
 share. 
 
 XXXII. That 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 man- 
 ner as the Directors may appoint, and upon payment 
 of the sum of 2s. 6d, for each share so transferred ; 
 and thereupon the transferee (after signing the rules) 
 shall be entitled to all the privileges of the original 
 shareholder. 
 
 XXXIII. That in case of the death of any member, 
 the legatee or legal representative of such deceased 
 member shall, before becoming entitled to the privi- 
 leges of an original shareholder, procure his place of 
 abode, and the particulars of his title to be registered 
 in the books of the society, and shall at the same 
 time exhibit the will or probate thereof, or grant of 
 letters of administration, (as the case may be), for the 
 inspection and satisfaction of the Directors, and pay 
 for such registry the sum of 2s. 6d. per share. 
 
 XXXIV. That the Directors elected at the formar 
 tion of the society, as well as those hereafter to be 
 elected, shall be indemnified out of the funds of the 
 society, or otherwise, from all expenses in reference 
 to the formation, conduct, and management of the 
 society. 
 
 XXXV. That the payments to the society shall 
 cease as soon as all the shares are paid up, or so soon 
 as the society shall have funds in their hands either 
 in the shape of securities for money invested, or 
 money sufficient to pay up all their shares. 
 
 [Passed 18th June, 1847.] 
 
COVENANT. 
 
 For the due observance and performance of all and 
 every the foregoing Bye-Laws, Rules and Regula- 
 tions, and of all and every the future Bye-Laws, 
 Rules and ReguUtions of " The Farmers* and 
 Mechanics' Building Society," we, the members of 
 the said society, who have hereunto subscribed and 
 set our hands and seals, do hereby severally, each 
 for himself, his Executors and Administrators, and 
 not jointly or the one for the other, covenant and 
 declare to and with the President and Treasurer of 
 the said society, and their successors in office, that 
 we and our several and respective Executors and 
 Administrators shall and will well and truly observe, 
 perform, fulfil and keep, all and singular the said 
 foregoing and future Bye-Laws, Rules and Regula- 
 tions of the said society, which on our several and 
 respective parts are, or ought to be, observed, per- 
 formed, fulfilled and kept. 
 
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