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Photographic

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}3 VVKT MAIN STRUT

WHSTIR.N.Y USM

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32X

f>,.

PROSPECTUS m RllllS

OF TIIK

a^ C A N A D A

PERMANENT BUILDING

ANT*

SAVINGS SOCIETY.

INCORPORATED 1865,

PURSUANT TO ACT OP PARLIAMENT.

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

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 :

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.

((

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

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

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

'it

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

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 —

■

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

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

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.

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

first month
second "
third "

S. D.

1
1

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

1
■f

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

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

.,^-'

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

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,

^*'

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

^"^•

^^'

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

- 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.

%it

Maalaiifr, Thoeyui St Qq, Pfinterfi Tnrasln.

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