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23 WEST MAIN STREET

WEBSTER, NY. 14580

(716) 872-4503

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BUILDING SOCIETY

OP THE

DISTRICT OF MONTRML,

^v — ^

-«^^

BOARD OF DIRECTORS :

J. B. Meilleur, Esq., M. D., President.

D. E. Papineau, Esq., Notary, Vice-President.

E. S. Frrer, Esq., Inspector of Post Offices.
N. ViLLENEUVE, Esq., Merchant.

L. Rivet, Esq., "

J: BouLANGET, Esq., "

J. Levy, Esq.

P. A. Fauteux, Esq., advocate, Secretary-Tr^asurer.

, Office, No. 2, C6t6 Street — Open on Mondays, from
9 o'clock A. M. to 6 P. M.

-^■g^-

MONTREAL :

FROM P. CfiRAT's, POWER PRESS, 22, ST. GABRIEL STREET.

'1857.'

BJJILDI^G SOCIETY

OF THE

DISTRICT OF MONTREAL

BOARD OF DIRECTORS :

J. B. Meilleur, Esq., M. D., President,

D. E. Papineau, Esq., Notary, Vice-President.

E. S. Freer, Esq., Inspector of Post Offices.
N. ViLLENEUvu, Esq., Merchant.

L. Rivet, Esq., "

J. Boulanget, Esq., "

J. Levy, Esq.

P. A. Fauteux, Esq., advocate, Skcretanj- Treasurer,

Office, No. 2, C6t6 Street— Open on Mondays, from
9 o'clock A. M. to 6 P. M.

iif.

MONTEEAL :

f ROM P. CfiRAT's POWER PRESS, 22, ST. GABRIEL STREET^

iSfiTv

BY-LAWS

OP THK

BUILDING SOCIETY

OF THB

©QgTflBIlOT ©I? EKDEfirilM.

I. This Society shall be estahlished under the

name of Building Society of the District of Montreal,
in virtue of the 1^ Vic. ch. 57 ; 14 and 15 Vic. ch. 23.
It shall be perpetual.

II. The object of this Society is to assist its mem-
bers, by advancing to them one or all their shares, for
the purpose of freeing any Real Estate, which they
possess or shall possess or may acquire, either as abso-
lute proprietors or as holding under a long Lease (Bail
Emphytheotique,) and also to afford to those members
who do not take their shares in advance, a safe and
advantageous mode for depositing their savings.

in. — All sums of money obtained for the use of the
Society and belonging to it in any manner whatsoever,
shall be employed :

lo. To defray the expenses necessarily incurred, for
the management of the Society.

2o. To advance to any member share or shares, upon
certain required conditions.

3o. For the purchase of the shares of members, who
may retire in the manner hereinafter provided ;

4o. Lastly, for the payment in full, at the time of
the extinction of each successive class of members, of
those shares, which have not been advanced.

If the funds of the Society are not disposed of in
the manner above pointed out, the Directors, at their
discretion, may dispose thereof, otherwise, for the be-
nefit of the Society.

IV. — Every person becoming a member, except those
becoming so by Inheritance or succession, shall pay,
on or before the 6 April next, and on the sixth of the
same month, every year (the day on which a new class
of shareholders shall be opened) an entrance fee of T^d
per share. •

At all other times, the entrance fee, and the amount
or arrears, which must be paid to become a member,
shall be established and fixed by the directors.

V. — The amount of each share shall be £12, 10s Od
payable at the office of the Secretary-Treasurer, by
monthly payments of 2s Od for each share, on the first
Monday in every month, commencing on the sixth ot
the month of April next.

No member, at one time, si -.11 hold and possess more
than 500 shares.

VI. — Every member, not a borrower, whose monthly-
payment is not made on the day appointed, shaH pay
a fine of Id per share for the 1st month.

it 2 " 2 ^*

« 4 tt 3 «

And so on. doubling th^ .ine for each succeeding montli*

Tf, at the expiration o^ the sixth month, nil such
arrears and fines are not paid by such membti', thnre
shall be added thereto a confiscation of 6 per cent w] on
all the payments made upon such shares, and also upon
all the profits realised thereon, and the member so in
default, shall retire from the Society, upon receiving
from the Secretary-Treasurer the full amount of all thf?
payments made by him, but without interest, and de-
ducting first, all arrears, fines, interest and confiscations,
due by him at the time to the Society.

Every member to whom the Society shall have ad-
vanced one or more shares, shall pay, moreover, alike
fine, for each share so received by him in advance, up
to the time of his being sued.

Provided, nevertheless, that nothing in this clause
shall prevent the Directors from suing for the recover
of the said arrears, fines, interest, and conftcations,
when they shall deem it more advantageous to the So-
ciety, nor from granting, in certain cases, and under a
written agreement, to members, terms of payment,
which in no case shall exceed six months, in considera-
tiou of Interest payable at the ordinary rate for loans
by the Society.

VII. — The affairs of the Society shall be under the
control and management of seven Directors, wh«) shall
el^ct their president and vice-president. ( Without
pay.)

Pour shall constitute a quorum at their meetings.

The Directors shall be elected by secret ballot, and
bj the absolute majority of TOtes.

VIII. — The Directors once elected shall remain in
oflico until they shall have been replaced by their
successors, unless they shall cease to be so from any of
the following causes, immely, death, resignation, ab-
sence from meetings during tliruc consecutive months,
holding less than sixteen shares, insolvency, bank-
ruptcy, arrest for crime or misdemeanor ; and the
Society, at a general meeting, cal'ed for that purpose
according to the Rules, shall proceed immediately to
fill up all such vacancies in the Board of Directors..

rso Director so long as he shall be in ollice, nor for
six months after shall be eli;i;ible to fill any other
office, either honorary or lucrative.

IX. — At every general meeting of the members,
whether lor the election of Directors or for any other
business to be decided by the majority of votes, the
members sliall vote according to the following scale:

4 shares or more 1 vote
10 '' " 2 "
24 " <« 3 "
40 ^'- '' 4 ''
60 '' " 5 "
Cut no member shall be entitled to more than five
votes.

No person shall be permitted to v^^te by proxy, with
the exception of members absent from tUe district and
of female shareholders.

The President shall not be entitled to vote at any
general meeting of the members, unless there is an
equal division of votes.

At the meetings of the Directors, the President, as
the other Directors, shall vote upon all questions, (eac^
Director having on§ vote.)

X. — There shall be a general meeting on the 6 april
in each year, commencing in 1858, for the election ol

;

Directors nud for all other gciier;il purposes relating to
tlie iiuiii;:2onient of the Society.

At ciicli of ihcst! animal lucetiiigs. the Secrutary-
Trcasiirer shall submit and read an exact report and
i^tatonlel«t of all the allaii's of tlie Society u]) to lo
March preceding and which report shall be attested
to by three auditors.

XI. — Extraordinary general nioetings maybe called
by the Directors, when ever urgent circumstances ren-
der it necessary.

The President or in his absence, the Vice-President
shall be required to call ^.mmo'liately a special meetii^g
ujjou a written demand signed by at least twelve mem-
bers.

Evfry demand for any such meeting shall expressly
point out the object of the meeting.

XII. — All the meetings of the Society and of the
Directors shall be held in the City of Montreal, at the
place narwed in the notice calling the meeting.

The President shall preside at all meetings, and in
his absence, the Vice-President, rind if both are absent,
a president /»ro ieniporc shall be chosen by the mem-
bers present.

XIII. — The Directors shpU have the power to make
such arrangements with one of the chartered Banks,
doing business in Montreal, as they may deem advan-^
tageous and necessary, for the deposit oi the money
and security belonging to the Society, for opening a
credit account and for conducting the other financial
concerns of the Society.

XIV. — The president or in his absence the vice-
president and the Secretary-Treasurer, being authorised
by a resolution of the Board of Directors, may accept,
acquire, possess, sell, alienate, transfer, mortgage and

hypothecate, for and in the name of the Society, any
Real Estate, heritage, monies, merchandise, and move-
able elFects whatsoever, and all titles, obligations for
money, transfers, cef?sions, subrogations or other obli-
gitory instruments, acts or titles and all other rights
and claims wliich the Society has a right by law to
accept, acquire, possess, sell, alienate, transfer, mort-
gage and hypotliecate, and all the acts required for the
above purposes, shall be signed by the president, and
in his absence, by the vice-president, and counter-
signed by the Secretary-Treasurer.

XY. — Whenever a loan shall be made upon the se-
curity of a mortgage, it shall be «;tipulated on the deed
creating the mortgage, that the debtor, his heirs or
assigns, shall be obliged to insure against fire the Buil-
dings already erected or those which maybe thereafter
erected, upon the property mortgaged, and this within
a delay to be fixed by the Directors, and to transfer
and renew the policy of insurance, endorsed by the
said debtors, and to deposit the same with the Secre-
tary-Treasurer, and also to pay all the assessments,
seigniorial rents and other charges tvnth which the
said property mortgaged may be burthened, and that
in default of the said debtors to perform these several
obligations, the Directors shall be authorised to effect
the same themselves, and to renew the said insurance,
and to pay all such seigniorial rents, assessments and
other charges at the costs and expense of the said
liebtors.

XVI. — In no case, shall the Directors exact or accept
from any member a lesser sum than 2s Id nor a greater
«um than 2s 3d, for interest and bonus, per month, for
the use of each share advanced.

No member shall obtain, as a loan or otherwise, an
amount exceeding that of his shares, nor for a longer
term, than that ot the duration of a class.

XVII. — Every member having made at least four
payments, and against whom the Society has no claim,
shall have the power to transfer, without costs, his
share or shares, in the manner ordered by the Direc-
tors, the transfered paying an entrance fee of 7^d for
each share.

XVIII. — Every member who shall have made at
least twelve monthly payments, shall have the power
to retire from the society, upon giving a month's notice
in writing to the Secretary-Treasurer, and he shall be
considered to have ceased tobe a member from the date
of such notice.

All his payments shall be remitted to him ; however,
any member so retiring shall be bound to wait until
the funds of the Society, shall enable it to reimburse
to him, the payments made by him, and any member
who shall retire after having made IS payments, shall
be entilled to have one half of the profits arising from
such payments.

XIX. — Every member demanding a loan, unless the
payments which he has made exceed by 20 per cent,
the amount demanded, shall deposit along with his
written demand ibr such loan, with the Secretary-
Treasurer, a sum of money, the amount wiiereof shall
be previously determined by the Directors, in order to
secure the Society the reimbursement of any expen-
ses, which may be incurred upon such demand, i.»i
case the borrower should not have given, at the time
appointed, such securities as the Directors deem suffi-
cient.

XX. — The payments made upon the shares shall be
a sufficient security for loans, provided that the said
payments amount to £15 U for each share to be ad-
vanced.

Any member borrowing on such security, shall give

to the Secretary-Treasurer his note, by which he shall
bind himself to reimburse to the Society, at the expir-
ation of a term, which shall not be less than 6 months,
or at the extinction of a class, all sums of money so
borrowed from the Society and paid to him for the use
thereof, the interest and the bonus, the rate whereof
is fixed by the 16th clause of these rules.

And every such member-borrower , who will noi
fulfill the obligations which he contracts towards the
Society, in giving such note, shall be liable to all the
penalties imposed by the sixth clause of these rules.

XXI. — Every member changing his residence or
domicile shall give notice in writing thereof to the Se-
cretary-Treasurer, within the delay of a month, and
also, of the place of his new residence and domicile,
and in default of so doing, he shall pay a fine of Is 3d.

XXII. — A Treasurer shall be named, who shall also
act as Secretary, and shall manage the affairs of the
Board of Directors, under the control of the Directors.

He shall not enter upon the duties of his office until
he has given sufficient security, in the discretion of
the Directors, and the said security shall never be less
than double the value of the property of which he is
the depository.

XXIII. — The Secretary-Treasurer is authorised to
receive and pay all sums of money, due to or by the
Society, and his receipt discharges the debtors for all
legal purposes.

He shall bo bound to deposit immediately in the
Bank all money received for the Society, so soon as it
amounts to £12 10 0.

Each order or check upon the Bank shall be signed
by the Secretary Treasurer and two Directors.

The President shall be bound to examine the Bank
Book of the Society, once a month, and to certify
such an examination.

XXrV.— Besides the Secretary-Treasurer, the Direc-
tors, in their discretion, shall have the power to name an
attorney to investigate and examine all deeds relating to
real estate or others, which may be offered as security
for loans, and for all other business of the society ; a notary
to execute the deeds and documents of the society ;—
Inspectors to visit and value the properties oftered in
s^urity, to name agents for the country and to establish
offices for the objects of this society, and to name all other
officers and agents, as they shall deem useful to advance
the objects of the society.

The Directors shall name three auditors (from among
the members) to examine at all times the books and the
accounts of the society, and to attest the annual report of
Secretary-Treasurer.

The report of the inspectors shall always be in writin^-,
and sworn to, if the Directors require it.

The fees of the attorney, notary, inspectors and agents,
shall be fixed by the Directors, and shall be in every case
paid by the borrowing members.

The secretary-treasurer, the attorney, the notary, the
inspectors and the auditors shall be named in the course
of the first month following the day of the election of
Directors, and shall remain in office until they shall have
been replaced by their successors, and they shall not in
any case cease to fulfill the duties of their office until the
Directors shall have provided for their being replaced.

■^^^•— The office of the secretary-treasurer shall be
open every Monday, only, or on the next day, if the Mon-
day should be aholyday, for the examination of the Rules
and all other business of the society, from nine o'clock in
the morning to six in the afternoon.

r> ^^Y^'—Whenever any of the days fixed by these
Kules for the meetings of the Society, or for the business
ot the society, shall fall upon a Sunday or hoyday, such
meetings shall be held, and such business transacted on
the first business day following.
Every public notice, required by these Rules shall be

pUOllShed in the Fre;}(kaild T^no-lisl, lav,.rnarr« i» U"^

i^ewsjpapers in Montreal, q & >

Every notice calling a general meeting, shall be pnb-
lislied six days at least in advance, and shall state the
place where the meeting will be held.

XXVII.— Every person being or hereafter becoming a
member of the society, shall be bound to sign the Rules
of the society, written in a book kept for that purpose,
and shall conform themselves thereto, and to all amend-
ments thereof.

XXVIII.— Any Director personally interested in any
question, shall have no vote in the deliberation thereon.

XXIX.— The secretary-treasurer shall give arid set out
in his annual report, an exact statement of the expenses
incurred in the management of the society during the
year," and the amount shall then be divided by a percen-
tage npon each share, which percentage (or contingent)
shall be paid by the then members, and in such manner
and time as the Directors shall determine upon.

J. B. MEILLEUR,

President,

P. A. FAUTEUX,

Secretary-Treasurer.

»-©-4

Notice.— Any person desirous of making a loan from
the society must address himself to the secretary-trea-
surer, by letter post paid, and shall deposit in his hands, at
the same time the sum of £1 to cover expenses, in
case the security oifered shall not be considered sufficient.