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f>,. 
 
 r 
 
 PROSPECTUS m RllllS 
 
 OF TIIK 
 
 a^ C A N A D A 
 
 PERMANENT BUILDING 
 
 ANT* 
 
 SAVINGS SOCIETY. 
 
 INCORPORATED 1865, 
 
 PURSUANT TO ACT OP PARLIAMENT. 
 
 ^O 
 
 TORONTO: 
 PRINTED BY MACLEAU, THOMAS .S: Co.. KINO STREET. 
 
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 S'^'iSS 
 
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 ^1 aS-r'S \: ': -Sj'^'^-s 
 
CANADA 
 
 PERMANENT BUILDING 
 
 AND 
 
 SAVINGS SOCIETY, 
 
 ^xamml %mx)i of 'gixtdm 
 
 J. D. RIDOUT, ''Esq., 
 CHAS. BERCZY, ;' 
 
 E. F. WHITTEMORE, " 
 P. PATERSON, 
 T. D. HARRIS, 
 DUNCAN MACDONELL, " 
 J. G. CHEWETT, 
 T. W. BIRCHALL, 
 
 
 W. L. PERRIN, Esq., 
 E. C. JONES, 
 DAVID PATERSON," 
 A. NORDHEIMER, " 
 J. G. BEARD, 
 THOS. MACLEAR, " 
 GEO. J. BOYD, 
 
 ^trntm ^^ toasum, jro tern. 
 
 Mr. J. HERBERT MASON. 
 
 TheOaoe of tti* Farmers' and MeohaaiC BuUding Society, Toront. Street 
 
 Toronto. 
 
 Shares, £100; Entrance Fee, 28. 6d. ; Monthly Instalment, £1; 
 Shares, *iw, * j^^^jj^iy Management Fee, Is. 
 
 Half Shares, £50; Entrance Fee, 28. Od ; MontUy Instalment lOs. ; 
 Monthly Management Fee, 7d. 
 
 <laarter Shares, £26; Entrance Fee, I'Jd; Monthly Instalment. 5,. ; 
 ^ Monthly Management Fee, 4<i. 
 
 5 yy sr 
 
 m" 
 
 
m 
 
 PEOSPECTUS. 
 
 The approaching early expiration of the Toronto Building 
 Sodety, (established in 1846,) and of the Farmers' and 
 Mechanics' Building Society, (established in 1847,) and their 
 consequent inability to receive new Members, either as investers 
 or borrowers, has induced many of the Shareholders of those 
 Institutions to associate for the establishment of a new Society 
 to succeed those about so successfully to terminate. 
 
 In establishing this Society, its projectors have availed 
 themselves of several important improvements in its mode of 
 operation, which experience and the opinions of eminent 
 actuaries, have shown to be safe, and conducive to the mutual 
 advantage and convenience of Members, From a number of 
 systems on which Building Societies (or as they may be more 
 correctly termed, " Mutual Loan and Investment Societies,") 
 are conducted, the best features have been selected and 
 embodied in a form, which, by the simplicity of its operations, 
 and the certainty of its results, cannot fail to be generally 
 acceptable. 
 
 TO INVESTING MEMBERS. 
 
 The advantages* offered by a properly managed Building 
 Society, founded on sound mathematical principles, as an easy 
 method of accomplishing a secure and profitable investment, 
 are so well understood as to require no further notice, than 
 merely to direct attention to some of the peculiar privileges 
 possessed by members of this institution. 
 
 New members may join zt any time, without being called 
 on to pay any arrears or premium. 
 
 \ 
 

 A Stockholder is required to pay one Pound per Share 
 monthly, and a proportionate sum for half or quarter Shares ; 
 his subscription commencing from the time of his entrance, and 
 continuing for the term of six years, when he will be entitled 
 to receive the amount paid in, which with the accumulated profits, 
 will, in all probability, considerably exceed the sum of ^£100 
 per share. 
 
 A payment, at the time of entering, of £Qi 0, entitles 
 a member to the full amount of his Share, with the profits 
 accruing at the expiration of the time specified ; and half or 
 quarter shares in proportion. 
 
 A member paying in advance over three months, will be 
 entitled to have the option of receiving interest at six per cent, 
 per annum on the amount, or, with the consent of the Directors, 
 be allowed an equal number of months credit without being 
 subject to fines. 
 
 An investing member can withdraw at any time, by giving 
 a limited notice, and after the first six months be entitled, in 
 addition to the return of the amount paid in on his Shares, to 
 compound interest at six per cent, per annum, calculated half 
 yearly on his monthly subscriptions ; or a member finding him- 
 self unable to continue his subscriptions, can, on giving notice 
 thereof, cease making further payments, and the amount to 
 which he would be entitled, according to the above rule, may 
 remain at compound interest until the time fixed for the 
 realization of his Share. 
 
 To Charitable Institutions, Benefit Societies, Wardens or 
 Trustees of Churches, on which a debt remains, or any other 
 bodies requiring a Sinking Fund, it is confidently believed that 
 a well conducted Building Society offers decided advantages 
 over any other mode of investment. 
 
 TO MEMBERS BORROWING, 
 The Society will make advances for terms of from one to six 
 years, re-payable by monthly contributions covering Principle 
 and Interest according to the following 
 
LOAN TABLE : 
 
 \] 
 
 il 
 
 n 
 it 
 
 t( 
 t< 
 u 
 (( 
 il 
 
 2 
 3 
 4 
 5 
 6 
 
 
 Oae^roof 
 
 a'fS}uv:«ol 
 
 Qr. Sbare ot 
 
 
 £100 
 
 £50 
 
 £25 
 
 f a monthly 1 
 y ' payment of 
 
 £8 18 4 
 
 £4 9 2 
 
 jE2 4 7 
 
 
 4 15 
 
 2 7 6 
 
 13 9 
 
 
 3 7 3 
 
 1 13 7 
 
 1610 
 
 
 2 13 4 
 
 16 8 
 
 13 4 
 
 
 2 6 
 
 12 6 
 
 11 3 
 
 " ".. 
 
 1 19 6 
 
 19 9 
 
 911 
 
 Money is advanced to members in the order of their 
 application, and the amount loaned is paid in full to the 
 borrower without deduction. 
 
 No member can be called on, under any circumstances, to 
 pay for a longer time than what he chooses for himself when 
 entering. 
 
 A member holding an advanced Share may, if he desires it, 
 change the security, or sell the property subject to the 
 mortgage ; or, having borrowed for a fixed period, he may at 
 any time redeem his property at certain fixed equitable rates ; 
 an advantage entirely consequent upon the clear position of the 
 borrower with respect to the Society. 
 
 The interest in the above table is calculated at seven per 
 cent, per annum on the sum advanced, and although theo- 
 retically the rate of interest may appear somewhat higher in 
 consequence of the re-payments being made monthly, it is 
 believed that practically, in the majority of instances, the 
 privilege of being able to liquidate the debt by small periodic 
 payments will more than counterbalance any apparent loss in 
 this particular. 
 
 TO DEPOSITORS 
 This Society o£fers all the advantages of a 
 SAVINGS' BANK, 
 together with a higher rate of interest and more accommodating 
 terms than those institutions are able to allow. 
 
 The whole capital of the Society is pledged for the security 
 
 
of ttoney remved on deposit, and, being all loaned on real 
 "no safer guarantee can possibly be given or «q«.rei 
 
 iubonghthe difficulty of readily finding safe "ndprofltoHe 
 i„„tsin,uob less amongayonng -^ P-Sy--™ pe P^^ 
 thin in older and wealthier communities, still .t .sTfell kno^n 
 SrvTry considerable amounts, in the "S^^g^fj ^ J^t^ 
 unproductive throughout the coun ry, >" !«">« »"j^ * -„ 
 f\nn when through the medium of SoeieUes sucn 
 £100, when, tnroug tfefl^fited themseWes, 
 
 tluB, the ownere might be largely u^ 
 „d promote the enterprising i«<l«Btry of «*««' ^^J^. 
 •„g ^thin their reach the capital -"-'^ j°\^ pCtTe 
 tion. Among the agricultu«.l P^P^'T" A * at" heen 
 
 institutions, such as this, ^°^7 j" , . , • g^_ietY, both to 
 
 interest will be allowed according to the fonoT^mg 
 
 TABLE : 
 
 Suttject to call with- 
 out notice. 
 
 Subject to call 
 at aOdayB notice 
 
 4 per c. pr an. 
 
 (( 
 
 5 pre. p. an. 
 
 6 
 
 (( 
 
 (( 
 
 f Deposits of from I 
 Interest allowedon^ ^^n t° ^InO o 
 Ousumsof «00 id^rer^Opi'^ent^wm be allowed, subject to 
 
 " special arrangement. — 
 
 jr-|^^^7;;^r;;^^ on application (if by 
 
 letter, post-paid) to the Secretary and Treasurer. 
 
The following extracts from standard works published in 
 Great Britain, will explain more fully the nature and objects of 
 the Society's operations, and will shew the estimation in which 
 these Institutions are held in the Mother Country ; 
 
 " It is now nearly forty years since the first Building Society 
 was established in Scotland, under the auspices of the Earl of 
 Selkirk. There are at present (in 1851) more than 2,000 such 
 Societies, and their aggregate income amounts to £4,000,000 
 sterling a year : some of the most important of them possessing an 
 annual income of £50,000 or £Q0,000."— [Ward on Investments. 
 
 "A Building Society, when properly constituted, is a species of 
 joint stock association, the members of which subscribe periodically 
 and in proportion to the number of Shares they hold, differeot 
 sums into one common fund, which thus becomes large enough to 
 be advantageously employed by being lent out at interest to such 
 of the members who desire advances ; and the interest as soon as 
 it is received, making fresh capital, is lent out again and again so 
 as to be continually reproductive. The payments of borrowers are 
 so calculated as to enable them to repay, by equal monthly 
 instalments, within a specified period, the principle of the sum 
 borrowed, and whatever interest may be due upon it throughout 
 the duration of the loan. The other members who have not 
 borrowed, and who are generally called Investors, receive at the 
 end of a given number of years, a largo sum, which is equivalent 
 to the amount of their subscriptions with compound interest 
 accumulated thereon. The idea of a Society upon this principle, 
 correctly formed and afterwards properly managed, is of the most 
 admirable kind ; for, on the one hand, it holds out inducements 
 to industrious individuals to put by periodically from their incomes, 
 small or large sums, which are invested for them by the Society, 
 and at the end of a certain time are repaid to them in the shape of 
 a large accumulation, without their having themselves the trouble 
 of seeking for suitable investments. While, on the other hand, 
 the money subscribed being advanced to some of the other 
 members, enables them to purchase houses, or similar property, 
 and to repay the loan by small periodical instalments, extended 
 over a number of yoa,v3."—[Scratchley on Industrial Investment. 
 
 Building Societies have now been in existence for more than 
 thirty years, and on account of their number, as well as the large 
 capital invested in them, are become of the greatest importance. 
 If they go on incrcaaing in the same ratio they have hitherto done, 
 
 ! 
 
of which thore is little doabt they wiU take even a more P'"-'";"' 
 portion that, Saving,' Banks, and will elect a grea^r wnonnt of 
 'gd among the industrious cla.se, of society These Soc.eUe 
 Lt only create tho opportunity and inducement to save, to that 
 oil of society which supports Savings' Banks, hut they extend 
 thrsle advantages to tho middle class of society, who are nece - 
 rarilyrcMed tr!m the beneftts of Savings' Banks, because the.r 
 means of accumulation arc too extensive. 
 
 The mechanics, the higher domestic servants, tradesman', 
 assistants, the tradesman himself, the professional man, »nd 
 Z Lmen of moderately independent fortnne, may aU o. them 
 Seatly benefit by these institutions, and save money by Us gradual 
 Lumulation at compound interest, with the utmost aJ'e y 
 
 Tt is frequently supposed by persons in business that .t would 
 lo unwTse for them to join a society of this kind for the purpose 
 !? a^rumalating money at compound interest, when, they can 
 IkTa much hfgherrate of interest in their own busmess of every 
 pound trey can foUect together-, but there must be abm, , and m 
 nne cases out of ten it would be found that an accumulat.on of 
 Zh from time to time by the opportunity given ™ "'«^"'• 
 Tdd eventually be more productive. Even in trade it wi 1 be 
 found better to be able to make an outlay of some amount, than 
 constantly to fritter away opportunities by the expenditure of 
 ,1 " L of money. It cannot be said that the payment of 
 ZS peri d-l riintsof this kind - be likely Jo interfero 
 wTth trade capital ; but on the contrary it would be the means of 
 TaUlng capital from time to time for trade P»n'»«<^»' »' *^ 
 investor has the great advantage of withdrawmg his money at any 
 toe wheiTit is Lly to prove most useful, and he can then take 
 n w Shares and begin to save again. It has been said that every 
 volg person, who can by any means afford to do so, should insure 
 hisUfe a, a future provision for hi, family when they are deprived 
 hi isUtance. This observation may be enforced with even 
 later reason, in a majority of cases, with re erence to ftese 
 Ccieties • because a person wlio becomes a member, accumulates 
 !: m ?:; L beneat !f his family in tlio event of hij_death ; and 
 if he lives, ho secures the moans of advancing them m life to a 
 VI more satis&ctory extent than ho could othei-w,so have 
 
 """"Th—ns who have not take, the trouble to inquire into 
 the nature of these Societies are quite at a loss to understand how 
 
it is possible, that Investors and Borrowers should both benefit to 
 the extent asserted by their promoters. It appears to them 
 unreasonable to suppose that an Investor realizes a higher rate of 
 interest than in any other mode of accumulating money, and that 
 a Borrower, at the same time, obtains equal advantages. Now 
 this, at first sight, appears to be very feasible, and to a certain 
 extent it is true ; but there are many other considerations which 
 enter into the question, besides the mere amount of interest paid 
 on the principal money borrowed. A number of persons, anxious 
 to save money, agree to join a society for that purpose, and they 
 are called investors. They contribute small sums periodically, 
 which, from time to time, form a fund large enough to ho 
 advanced to a borrower, who can make use of it in some under- 
 taking which he believes will be beneficial to him, by realizing a 
 high por centage or profit. The borrower, on receiving principal 
 money accumulated in this manner, re-pays it with interest by 
 periodical subscriptions. These re-payments, in conjunction with 
 the contributions of the Investors, produce fresh capital for a 
 further advance ; and by these means iJie funds ofilie Sociccy are 
 constantly made reproductive during the whole course of rts 
 progress, or as nearly so as circumstances will permit. A largo 
 profit is made by this continual reproduction, at compound interest, 
 for several years. It must bo manifest to every one, that without 
 the combination just explained, the investing members on the one 
 hand could not make use of the small sums gradually accumulated 
 by them, in the same advantageous manner ; and on the other 
 hand, the borrower could in no other manner raise money on the 
 security of his property, so as to redeem it by small periodical 
 instalments within a reasonable period. But inasmuch as the half 
 yearly payments of interest on a private mortgage are less than 
 the re-payments to a Building Society, the amount of compound 
 interest would be considerably in favor of the private mortgage, if 
 it were assumed that tho bon'owor could make compound interest 
 on the small instalments paid to the Society ; but thip cannot b© 
 fairly assumed ; on tho contrary, it may reasonably be supposed 
 that such small sums of money would, from time to time, lie idlo 
 and unproductive, and at tho best could only bo mado productive 
 at common interest, with considerable inconvenience and expense. 
 The consequence is that tho l>()rr()wer does not pay a higher, — if 
 so high, — a rate of interest in those Societies as he does by raising 
 money on private niDrtguge ; but eveii if it were allowed tiiat tho 
 
 
borrower pays » higher r»to of tatarest. .tiU the adrantage. gready 
 iiroDonderato in faror of the former. •_„!,•» 
 
 * %« one ought to lorrcm money without oonB-temg an wtat 
 „aT l^e shall r«fe«m it or pay it back a^. If a person be 
 ::Ls and thoughtless with reference to ths ™P»;;^» ™'«-^'^; 
 evil day will ho sure to arrive, sooner or later, "^hen eitlier ho or 
 h^ family will suffer the consequence of his improvidence in the 
 Irii: of his property by a forced sale »' «*-'- f" "nay 
 p, on pleasantly enough for a few years, ''^P"? *° '?*!r; 
 nrettT regnlarlypaid; but the time comes when the pnnc.p^ 
 mn'y required by the lender, which "ft^" happens when t« 
 
 reirSnrraitfp:r':trrsh:r^ 
 
 we ve tandred pounds, the Mortgagors are per«>ns actavelj 
 
 oroccasionally that men in such circumstances look forward ^ 
 ?r <-T,™ and after thev hare borrowed money, set to work to 
 
 ""■'Ytbe av™'d ;:; itt maX: tLat Building Societies are 
 cannot be """"f ' " ,". „„ . ^^ :„i„ing them a person is 
 
 constramcd, as .t werj, to »' P additional advan- 
 
 furtlioraiiMcty .s avoided. ^''7 7"' "' „ ^ a„y time, 
 
 '■^rariXorLrrrr r^H^r^^^^^ 
 
 ;;ir«:god. o^ho «;* ;: -i^i—t^th 
 
 
^^ 
 
 10 
 
 B&ve, as well as those who wish to borrow money, to persevere in 
 economical and provident habits, and by enabling each to realize 
 those objects in an easy and convenient manner, the attainment of 
 which would otherwise prove very difficult, if not altogether 
 impossible. — [Abridged from Stone on Building Societies. 
 
 RULES. 
 
 1. This Society shall be called the Canada Permanent 
 Building and Savings' Society, and the intents and purposes 
 for which it is established 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 furnishing good mortgage security; 
 and to facilitate the accumulation and the borrowing and 
 redemption of capital. 
 
 2. All monies which shall, from time to time, he subscribed, 
 paid, or given to or for the use or benefit of the Society, or 
 which shall in any wise belong to the Society, shall be appro- 
 priated and applied, in the first place, in loans or advances to 
 the several members, and toward the necessary expenses of the 
 Society ; but no member shall bo entitled to receive, by way of 
 loan or advance, more than the amount of his share or shares 
 subscribed for : or should the funds of the Society not be taken 
 up by the members, at the usual rates charged by the Directors, 
 Buch funds may be otherwise invested for the benefit of the 
 Society at the discretion of the Directors, of which members 
 
u 
 
 S. The Shares shall be of the ultimate value of £100 j half 
 Shares £50 ; and quarter Shares £25. 
 
 4 Monthly subscriptions, and all repayments,- fines, and 
 
 by 2 DiLto;. The s«b«>ription for each Share shall be 
 twenty shaUng. per month; half Share «™ ««' ^^^ 
 aua^r Share five shillings ; to commence, and be P>'d, »» *e 
 ZTlX the month next after which the member shal be 
 XiS,Tn r^pectof each share, and to continuefor the term 
 
 of six years, certain. 
 
 6 Shareholders making an immediate *«?»-' "^^ 
 
 for the purpose of meeting, in «'J™-«' '^\r" "LI"! on 
 anv neriod more than three months, shall be allowed interest on 
 Zamountrdeposited, at the rate of six per cent per annum 
 t hTLt six m'onths ; the amount that will h"ve b-me^- 
 to the Society for subscriptions or otherwise, and three months, 
 paymenrin advance, to be then deducted from the amount of 
 S^osit and interest at the rate of six per cent, per annum 
 :tiqupontbebalan.ath.c^^^^^^^^ 
 
 be dlowcd a like number of additional months credit without 
 
 "^"T^^JZ the Society shall be under tbe con^l 
 and management of a Hoard of eight Directors (of whom five 
 shalUorm a quorum for the transaction of busmess) who sha 
 hold not less 'than three unadvancod Sliarcs »*;!"«';';;*' 
 choose from among themselves a President and V- "nt 
 No Director s'.all hold the office of ^'"''^"' ^"'JZ Z 
 Solicitor of the Society . The Directors ^'f^^^.^*f^^^;, 
 terra of two years, four to retire annually, but .hall be eligible 
 
 w 
 
'it 
 
 If 
 
 m 
 
 If 
 
 12 
 
 for re-election : the four who sliall retire at the iSrst annual 
 meeting of the Society, to be decided by lot, as the Directors 
 may determine. 
 
 7. In the absence of both the President and Vice President, 
 the Directors present, at any meeting of the Board, shall have 
 power to appoint a Chairman, j)ro. tern., and with such Chair- 
 man shall be competent to transact the business of the Society. 
 
 8. The election of Directors shall be by ballot ; and at 
 such election any member, either personally present or repre- 
 sented by any other member as his proxy, shall be entitled to 
 votes upon the following scale, viz. : 
 
 For 1 Share or lefs j Yote^ 
 
 2 or 3 Shares 2 Votes. 
 
 4 or 5 " 3 (( 
 
 6 or 7 " "4 u 
 
 8 or 9 " ; 5 u 
 
 10 or 11 " 6 " 
 
 12 oris " [[[ 7 « 
 
 14,15orl6" 8 « 
 
 17, 18 or 19" "■*'.'.* 9 « 
 
 20 Shares and upwards 10 " 
 
 But no Shareholder shall be entitled to more than ten votes. 
 No member shall act as proxy for more than eight other 
 members. 
 
 9. The Directors elected at the fomiation of the So- 
 ciety, or hereafter to be elected, shall continue in office till 
 the election of their successors, unless in case of disqualification 
 or resignation. 
 
 10. The iJirectors shall, at a spocial meeting to bo called 
 for that i)urpose, have power to fill up any vacancy that may 
 arise in their own body in the course of the year, or in any 
 office of the Society, by a vote of not less thnn two-thirds of the 
 Directors present ; and the Board shall have power t-o make 
 any By-laws and llegulations for the guidance of the Society, 
 its Officers, Agents and Shareholders, provided that such 
 regulations are not inconsistent with the general rules or the 
 Acts under which the Society is incorporated. 
 
 11. Tho Di''fiet'"T« TTiov innljp oii/t1< ^^.^^^^.^ A ;xi_ 
 
 =ti._ =1 — -i — ^ — latj r-ttv,t Ki sijii^cTuwiiiB Willi any 
 
13 
 
 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 ms^tters, as they shall, from 
 time to time, deem necessary. 
 
 12. The Directors are authorized to borrow money for the 
 use of the Society j to receive money on deposit, in large 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 such money, either on mortgage of real estate, or in 
 any other way they may think best far the interests of the 
 Institution. 
 
 13. The Directors shall, from time to time, inspect the 
 books and accounts kept by the Secretary j and shall have power 
 to appoint agents to transact any business for the Society, and 
 to paey them out of the funds of the Society such remuneration 
 for their services as they shall think reasonable : and subscrip- 
 tions or repayments may be paid by members to such agents at 
 the time hereinbefore provided; and such agents shall 
 transmit the same, with an account to the Secretary, before 
 four o'clock on the monthly subscription day, or pay such fine 
 as the Directors shall think proper. 
 
 14. If any Director shall die, or resign, or become 
 incapable to act as Director, or become bankrupt, or insolvent, 
 or compound with his creditors, or cease to hold the required 
 number of unadvanced Shares, or be removed from his ofiiceby 
 a resolution of a special general meeting of the members, or 
 shall for three months successively be absent from the meetings 
 of the Board, without the oousent of the Directors, ho shall 
 thereupon cease to be a Director of the Society ; and the 
 President may convene a special meeting of the Directors, and 
 at such special meeting they shall appoint another member of 
 the Society to be a Director in his place as hereinbefore 
 provided ; and no Director shall take any part in any discussion, 
 or vote on any question, in which ho shall be personally 
 interested. 
 
 1 (t A ___<._1 A.«».<n1 w%->nrtiintm r\f t\ya inAmnprs Bnoll Ita 
 i^, »-i, ^cisciax atiuuai iti^Tstit!^ Ui litv- ilit iMUvi?? — ~.- i — 
 
u 
 
 ■ 
 
 lield at the office or rooms of the Society, or such place as the 
 Directors may appoint, on the first Wednesday in the month 
 of March, in each year, for the purpose of electing four 
 Directors to serve for the ensuing two years, and for all other 
 general purposes relating to the management of the Society ; 
 and at each of the said general annual meetings shall be 
 submitted a full and clear statement of the affairs of the Society 
 for the previous twelve months. 
 
 16. If it shall appear to the Directors at any time, that 
 the profits of the Society will be more than sufficient to 
 realize the amount of each Share in the time specified, such 
 surplus profits shall be appropriated by the Directors equitably 
 and equally between the investing and borrowing members, by 
 way of bonus, in proportion to the number 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 advan- 
 tage and well-being of the Society to set apart one-third, or less, 
 of such profits for future contingencies, they shall have the 
 power to do so, and the same shall form a part of the general 
 funds of the Society. No bonus to be paid until the share is 
 realized or withdrawn. 
 
 17. If it shall appear to the Directors at any time, that 
 there is a deficiency of income, by which the Society may be 
 prevented from meeting its anticipated expenditure and liabili- 
 ties, the amount of such deficiency shall be equitably and 
 equally apportioned, by the Directors, between the investing 
 and borrowing members, in proportion to the number of their 
 shares, and the time for which they shall have been members 
 in respect thereof, and shall be paid by them severally and 
 respectively forthwith, or by such monthly instalment as the 
 Directors may determine ; and if the same shall not be paid 
 accordingly, every member who shall make default, shall pay 
 the same fines as for an equal amount of subscriptions or repay- 
 ments in arrear, as the case may be. But if a borrowing 
 member shall sign the following declaration in the presence of 
 
15 
 
 that it is my desire not to participate in any profit, or to 
 contribute towards making up any deficiency in the funds of 
 the Society, nor to vote at any meeting, nor to take any 
 part in the management of the affairs of the Society, in 
 respect of the advanced Shares held by toe. 
 
 Signed, . 
 Witness, 
 
 Secretary. 
 
 Such member shall be excluded from the appropriation of any 
 portion of the said profit, and shall not be required to contribute 
 to any deficiency as aforesaid, as the case may be, in respect of 
 his advanced Shares. 
 
 18. Extra general meetings of the members of the Society 
 may be called by the Directors, upon the members being 
 notified of such meeting, through the Post-oflBce, or otherwise, 
 at the discretion of the Directors. 
 
 19. All questions at the annual or other general meetings 
 of the Society, (except the election of Directors as before 
 mentioned,) shall be decided by a majority of the members, 
 either in person or by proxy, represented at the meeting : the 
 Chairman of any meeting, either of the Directors or members, 
 having a casting vote, in addition to his vote as a member. 
 
 20. A Treasurer shall be appointed, who shall also perform 
 the duties of Secretary, and who shall be empowered to receive 
 and pay all monies for and on behalf of the Society, and his 
 receipt shall in all cases be a sufficient discharge ; and he shall 
 deposit with the Bank all such monies as he shall have on hand, 
 when they amount to £25 0. Ho 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 provided 
 for that purpose, — and prepare the same, or a balance sheet 
 thereof, for the inspection and signature of the Auditors. He 
 g|iaii anninions iHg Directoi's to D.H meetlnscB-, f bv ciroular.) and 
 
16 
 
 1 1 .^ 
 
 issue all circulars and notices to members which may, from 
 time to time, be thought necessary by the Directors : conduct 
 the correspondence of the Society, and perform all other duties 
 that the nature of his office may require. 
 
 21. No monies shall be drawn from the Bank without the 
 signature of the President, (or in case of his absence or illness 
 of the Vice-President,) and of the Treasurer. 
 
 22. The proceedings of the Society shall be entered in a 
 minute book, in detail, in such manner as the Directors may, 
 from time to time, direct ; such entries to be signed by the 
 President, Vice-President, or Chairman, as well as by the 
 Secretary and Treasurer. 
 
 23. The name and place of abode of each Shareholder, 
 shall be entered in a registry book, to be kept for the purpose ; 
 and any member changing his residence shall, within one 
 calender month thereafter, give notice, in writing, to the 
 Secretary of such change, and of his new place of abode and 
 address, or in default thereof be fined 2s Gu. 
 
 24. One or more Surveyors shall be appointed, who shall 
 survey and examine the property offered by any member of the 
 Society, if the Directors shall consider it necessary, and shall, 
 in all cases, render, at the Society's office, a report in writing, 
 to the Directoij?, of the value and state of such property, in 
 such form as the Directors shall prescribe, and who shall be 
 paid such fees as the Directors shall think reasonable. 
 
 25. One or more Solicitors shall be appointed, (who shall 
 hold not less than three unadvanced Shares each,) who shall 
 transact such necessary business of the Society as the Directors 
 may require, for which he shall receive a fair and reasonable 
 allowance. 
 
 2G. The Solicitor shall investigate the title to any property 
 offered by any member as security to the Society, and shall in 
 all cases render to the Directors a report, in writing, whether 
 such title be deemed by him good and sufficient for the pur- 
 poses of the Society ; and shall prepare all necessary mortgage 
 
 A^^A^ -_J : A x„ ;_ /•..'- _r»ii.- a_-:-i_ mi.- a-i?-!i. 
 
17 
 
 and Surveyor's fees and other charges shall, in all cases, be 
 paid by the member on whose account they may be incurred. 
 27. Neither the Solicitor, nor Secretary and Treasurer, 
 shall be removed from their respective offices except for mis- 
 conduct or inability; and then only at a meeting specially 
 convened for that purpose, and by a majority of the whole 
 Board of Directors, and in case of a removal or resignation of 
 such officer or officei^s the Directors shall proceed to elect other 
 fit and proper persons in his or their stead as hereinbefore provid- 
 ed. Either of the said officers havingbeen removed from office.by 
 the Directors, shall be at liberty to appeal to a special meeting 
 of the Shareholders, to be called for that purpose, and he shall 
 be reinstated in office if three-fourths of the members present at 
 such meeting shall vote for such re-instatement. 
 
 28. All persons upon taking Stock in the Society shall 
 sign the rules, in a book to be kspt for that purpose, and 
 (except when becoming members as transferee, legatee or legal 
 representative,) shall pay an entrance fee of 28. 6d. per Share ; 
 2s. for half a Share ; and Is. 6d. for a quarter of a Share. 
 
 29. The fines, for the non-payment of the monthly 
 subscriptions on unadvanced Shares, shall be — 
 
 Half Share.-Quarter Share. 
 
 Per Share, 
 
 For the 
 
 it 
 
 first month 
 second " 
 third " 
 
 S. D. 
 
 
 1 
 1 
 
 6 
 
 
 
 
 
 
 
 D. 
 
 S. D. 
 
 3 
 6 
 9 
 
 2 
 4 
 6 
 
 And so on, increasing in the same sum every month until the 
 fines shall equal the amount of the subscriptions paid in, when 
 the same, and the interest of any member in respect thereof, 
 shall become forfeited to the Society. Provided, that after any 
 Share shall be in default for the term of six months, the 
 Directors shall have power to recover, from such Shareholder, 
 the amount due to the Society, by an action of debt in any 
 Court of competent jurisdiction. The fines for the non-pay- 
 ment of monthly re-payments on advanced Shares, or of any 
 other monies due by members, for which the fines are not 
 
/- 
 
 'J 
 
 1 
 ■f 
 
 k 
 
 18 
 
 herein provided, shall be at the rate of 6d. in the Pound per 
 month on the amount due. 
 
 30. At the time of paying each of the monthly subscrip- 
 tions, each member shall pay therewith, towards the expenses 
 of management, the sum of one Shilling per Share ; 7d. per half 
 Share ; and 4d. per quarter Share. 
 
 31. The Directors may accept property situated anywhere 
 within the limits of that part of the Province formerly Upper 
 Canada, or the unadvanced Shares of any member of the 
 Society, as security for loans. 
 
 32. Any member entitling himself to an advance of a 
 Share or Shares, shall give notice, in writing, to the Secretary, 
 of the situation, tenure, description, and full particulars of the 
 property proposed to be mortgaged by such member to the 
 Society, in such form as the Directors shall prescribe; and 
 shall deposit with the Secretary all necessary title deeds and 
 documents relating thereto, and also such sum as the Secretary 
 may consider requisite to meet any necessary expenses. 
 Should any Shareholder decline to take up the amount awarded 
 him, or fail to complete the necessary securities to the satisfac- 
 tion of the Directors within one month, such member shall pay 
 a fine of one Pound per Share, whether any deposit has been 
 made or not ; and the Directors may otherwise dispose of the 
 money granted to such member. 
 
 33. All mortgage deeds and securities to the Society 
 shall be prepared in such form, and contain such clauses, 
 provisoes and agreements as the Solicitors for the Society shall 
 think fit, with the approval of the Directors ; and that in case 
 the IMortgagor shall at any time or times, neglect or refuse 
 to pay his ^re-payments, fines, fees, 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 pay- 
 ment as the Mortgagor himself may possess; also, power to sell 
 
10 
 
 and dispose of such premises, by puljlic auction, or private sale, 
 when the Directors shall think proper. And that in case the 
 Mortgagor shall be himself the actual occupier of such mortgaged 
 premises, then the mortgage deed may contain stipulations that 
 he shall become tenant to the Society, at a fair rent to be 
 named in such deed ; and the Directors shall have power to 
 distrain as between landlord and tenant. 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 j together with all other 
 payments, monies, and expenses due to the Society, and to pay 
 the surplus thereof to the Mortgagor. 
 
 34. All property, secured to the Society, consisting of 
 buildings, shall be insured by the mortgagor, if required by the 
 Directors, in such sum and oflace as they shall think advisable ; 
 and the policy or policies shall be assigned over to the Society. 
 In case any member, having executed a mortgage to the Society, 
 shall make default in 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 a fine of five 
 shillings ; and if default shall continue beyond one monthly 
 subscription day, he shall pay in addition 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 Society 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. 
 
 35. 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 
 
.,^-' 
 
 20 
 
 Directors shall have full power to settle and adjust with the 
 Insurance Office any question relating to such insurance, and to 
 accept the amount to be paid by the Insurance Office, in respect 
 to the damage done to the premises ; or to make such arrange- 
 ments with the Insurance office as to the rebuilding or repairing 
 of the said premises, or relating thereto, as the Directors shall 
 think reasonable.- 
 
 36. The Directors shall, at their discretion, either lay out 
 the money which ihall be received from any Insurance office as 
 aforesaid, or any part thereof, in repairing the damage done to 
 the premises ; or retain and apply the same, or such part there- 
 of, as they shall think fit, in or towards payment and satisfac- 
 tion of the amount which shall be due from the Mortgagor to 
 the Society, and pay the surplus, if any, to the Mortgagor, or to 
 such other person as he shall (by_ writing) direct td 'receive the 
 same. ' • . . 
 
 37. Every member executing a mortgage to the Society 
 shall, if required at the time of such execution, give to the 
 Secretary a written statement of all such particulars relating to 
 the property comprised in such mortgage, as are usually tinuired 
 by Insurance Companies ; and if at any subsequent period any 
 trade shall be commenced, or erection made, or other matter or 
 thing shall take place which would in any way affect the validity 
 of the Policy of Insurance, the like statement shall be given ; 
 and the member neglecting to give such statement shall pay a 
 fine, at the discretion of the Directors, of not more than ten 
 Shillings, but not less than one Shilling 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 person to 
 obtain all the information he can with respect to trades, &c., 
 carried on in and about the mortgaged promises, and to report 
 to the Directors accordingly. 
 
 38. If any member who shall have executed a mortgage 
 to the Society, shall desire to sell the mortgaged property, 
 subject to the mortgage, he shall be at liberty so to do, with the 
 consent of the Directors, uv^n first duly transferri the Shares 
 
21 
 
 secured by such mortgage, to the intended purchaser in manner 
 prodded by these rules ; and upon such transfer being completed, 
 and all arrears due to the Society, from the Mortgagor, being 
 paid, and the conveyance to the purchaser executed, such 
 purchaser shall thenceforth become liable to pay all re-payments 
 payable in respect of such Shares j and the Directors may grant 
 to the original mortgagor, and at his cost and charges, a release 
 from all future liability in respect thereof. 
 
 39. It shall be lawful for any member, having executed a 
 mortgage in favor of the Society, to substitute, at his own 
 expense, and subject to the .ipproval of the Directors, any other 
 property, as security to the Society, in lieu of the property 
 originally mortgaged 
 
 40. If any member shall desire to have his property 
 discharged fioiu a mortage to the Society, before the expiration 
 of the full term for which it has been taken, he shall be allowed 
 to do so" on payment of all re-payments, and any fines, fees and 
 other sums due in respect thereof, up to the time of the 
 redemption of such mortgage, and of the present value of the 
 future re-payments, calculated to the end of the term, and 
 discounted at such rate of interest and on such terms aa the 
 Directors may determine. 
 
 41. On the redemption of any security by a member, or 
 when all re-payments have been made by him on advances 
 pursuant to these rules, a full discharge of such security shall 
 be executed, and the same sliall be delivered to such member, 
 with all other deeds and documents deposited by him in 
 connexion with ""such security j and such discharge shall be 
 prepared, and the necessary signatures obtained, and any 
 matters relating thereto transacted, by the Solicitor to the 
 Horiety, at the expense of such member. 
 
 42. Il ouse of the death or insanity of a member before 
 receiving an advance, and upon the applixjation of the legal 
 representative of suchdeceased or insane member, to withdraw 
 from the Society, such representative, shall be entitled to a pre- 
 ference before ordinary members, and to withdraw at any time, 
 
 .i 
 
 i 
 
^*' 
 
 i 
 
 ft.S 
 
 ^ i 
 
 
 ^*5! 
 
 and to receive back the amount of subscriptions or Shares which 
 such deceased or insane member may have paid to the Society, 
 less all fines and fees due and unpaL by the insane or deceased 
 member at the time of his seizure or death, with the interest 
 thereon, as hereinafter provided. 
 
 43. Any member, not having received an advance, being 
 desirous of withdrawing from the Society part or the whole of 
 his shares, may, on giving one calendar month's notice in 
 writing to the Secretary, be allowed to do so, and may receive 
 back with compound interest at 6 per cent., calculated half- 
 yearly, the net amount of his monthly subscriptions paid up, 
 deducting any fines, fees, interest, or forfeiture that may be 
 due ; provided that no member shall be entitled to receive 
 interest on any share on which less than six monthly subscrip- 
 tions shall have been paid. But the Directors may allow a 
 higher rate of interest than 6 per cent, to members withdrawing 
 if they think it advisable so to do. 
 
 44. If the Directors shall bo unable to dispose of the 
 money in hand at the usual rates, they may if they consider it 
 for the interests of the Society, call a special meeting of the 
 members, and announce the fact to them, and the proportion 
 of the profits which they consider it just and proper to pay to 
 members withdrawing, and if the money on hand shall not 
 then be taken up voluntarily, cither in loans at the usual rates, 
 or by withdrawal on the terms proposed by the Directors, they 
 shall, in the presence of the members attending such meetino- 
 proceed by ballot in such form as shall be prescribed by the 
 Directors, to dispose of so many shares separately and one share 
 at a time, as the money in hand will warrant amongst such of 
 the members as shall not previously have received their shares 
 in advance, or the entire number of shares for which they shall 
 have respectively subscribed, and the person or persons whom 
 the ballot shall determine to take the share or shares so balloted 
 for, shall within ten days bo obliged to withdraw or borrow 
 from the Society to the extent of the share or shares so balloted 
 
 hi. 
 
 th» f: 
 
 ^«"A«*1«knMl*« ^.M4.M.MBgH«a arh A J ^ _ \ 
 
 '■^ f-" 
 
 ■ivtisty xix 
 
 111 
 
 jcu uij vj- iuv LnrGQwrBf 
 
^"^• 
 
 ^^' 
 
 20 
 
 or shall pay Bucli fine as the Directors niay determine. The 
 ballot shall have application to each unadvanced share and not 
 to individuals. 
 
 45. 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 
 upon payment of the sum of 2s. 6d. for each transfer, and 
 thereupon the transferee (after signing the rules) shall be 
 entitled to all the privileges of the original shareholder. 
 
 46. In case of the death or insanity of any member the 
 legatee or legal representative of such member shall, before 
 becoming entitled to the privileges of an original shareholder, 
 procure his place of abode and the particulars of his title to be 
 registered in the books of the Society, or in default thereof for 
 one month shall pay a fine of 2s. 6d., and shall at the same 
 time exhibit the will or probate thereof, or grant of letters of 
 administration or other document, (as the case may be), for the 
 inspection and satisfaction of the Directors, and pay for such 
 registry the sum of 2s. 6d. 
 
 47. The Directors shall be paid the sum of 10s. each for 
 each Board or Committee meeting they may respectively have 
 attended on the business of the Society, and shall be indemni- 
 fied out of the funds of the Society, or otherwise,. from all 
 expenses in reference to the formation, conduct, and management 
 of the Society. 
 
 48. No dissolution of this Society shall take place unless 
 its affairs be deranged, or its principles prove inadequate to 
 promote its objects, or its funds be insufficient to meet the 
 claims, or from any other such cause, rendering the dissolution 
 absolutely necessary, and then only by a vote of at least two- 
 thirds of the members present cither in person or by proxy at 
 a special general meeting to bo called for that purpose. 
 
 49. The Directors shall have power to make such arrange- 
 ments as they may deem advisable with any Duilding Society 
 wishing to become incorporated with this Society, and to allow 
 ^ tVio inarnl^ara nf auoh BuildiniT Societv fill tho nrivilepccs of 
 
 
 4 
 
 i 
 
 f 
 
- 24 
 
 original shareholders in this Society on such terms as the 
 Directors may consider safe and equitable, subject to the con- 
 firmation, amendment, or disallowance of a special meeting of 
 the shareholders, to be called for that purpose. 
 
 50. In the practical application of these rules or any rules 
 hereafter to be made in virtue thereof, the construction put 
 upon them by the Board of Directors shall be final and conclu- 
 sive. Eveiy word in the singular number shall be applicable 
 to the plural, and every word importing the masculine gender 
 shall where necessary be understood to mean a female as well 
 aa a male, unless there be something in the subject matter or 
 context repugnant to such construction. 
 
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 Maalaiifr, Thoeyui St Qq, Pfinterfi Tnrasln. 
 
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