1 i" « w_. .« ■./■- CIHM Mir Series (Mongdraphs) / rOMH jdol^ection de microfiches (monographies) Vi _TI « m } . istituta/for Historical Microraproductions / Inrtitut Canadian da microraprdductlona htatoriquaa [ V I 1 < . ,» Tachnical «nd Bil»lio*r«P(*w Notm / NOM* ttchniquM at bibliographiqMM "^ Tlw Imtituto hM ■ttemfitad to dbtaiiTtlM test orifiMl copy availabla for filmint. FMtiirM of this co|iy wliich may ba MMiographically tiniqua, wrtiich may alfar any of tlM Imaga* in tlia raproduetion. ot which may lifnificantly changi tha usual mathod of fHmlnt. af^ dMckad telow. ^ . ^ L'inttftut a microfirm4 (a maiilaur anamplaira qu^ii lui a *t* pevniMa da m procurar. La« dAtaiis da cat axafnplaira qui lont paut-«tra uniquat du poiht da vua biMiographiqua, qui pauvant modifiar una imafa raproduita. ou qui pauvant axifar una modification 'i»dam la mAthoda normala da filmaga lont indiquAi ei-dassou9. { . p^ Coiourad eo»ari/ \ '^\ Couvartura da coulaw s Covars damapd/ Couvartura andommagia □ Covari rattorad ai«tf/or laminatad/ Couvartura rastauria at/ou ^lliculia .~\ □ ^ □ Covar tifia mininf/ titra da couvartura manqua □ Colpurad maps/ Cartas gtegraphiquat an coulaur ColQurad ink (i.a. othar than Mua or Maefc)/ Encra da coulaur (i.a. autra qua Maua ou lioira) Colourad platas and/or illustrations/ Planehas at/ou illustrations an coulaur Bound with othar matarial/ '^ RaliA avac d'autras documants Tight hinding may causa shadoi^rs or distortion along intarior margin/ ^ La raliura sarrte paut causar da I'ombra ou de la distorsion la long da li marga intif iaura Blank laavas addad during rastoration may appear within tha taxr. Whanavar possiMa^ thasa hava baanomittadi from filming/ II sa paut qua cartainas pagas blanchas ajoutias lors d'una rastauration apparaisSant dans la taxta, mais. lorsqua tela itait possibia, cas pagas n'iMit,^ pasMfilmtes. □ Colourad pagas/ Pagas da coulaur Q Pagas damagad/ Pagas andommagtas □ PagM rastorad and/or laminatad/ Pagas rastaurtas at/ou pallicuMas 0Piigas discokNirad. stainad or foxad/ Pagas dicotorias. tachatias ou piquias •1/ 1/ Pagas dataehad/ Pagas ditichias- Showthrough/ Transparanca Quality of prmt varies/ Qualita in^la da rimpression Continuous pagination/ . Pagmation continue Includes index(es)/ Comprend un (des) index Title on header taken from:/ , Le titre de I'en-tlte provient: r~n Title page of issue/ I" • I Page de titre de la livraison ? m Caption of issue/ Titre de depart de la livraison Masthead/ Generique (piriodiques) de la livraison 1/ Additional commenu:/ Commentaires supplimentaires: Various paglngs : [ 1] -8 , [ 1 ] ^SS p . This item is filmed at the reduction ratio Ce document est filmi au taux de rMuctioii ^OX- ^4>E^ checkeff below/ indiqui ci-dessoUs. ^»B3t , . : ■ ^*^ ^ex- - 1 ' 'V ^e*^ ^~ 7 I I.I.H I I I 12X 16X 20X 24X 28X 32 X fh« copy fHm«d h«r« hat bMn r«prbduo«d thanks to th« oMMroslty of : v ; -* ; Metropolitan Toronto Reference Library QaldMinJUxMi ' ' '-'' - -.'^ ■,■:•■.•., ' The Imagea appearing here are the best queiity PMsible considering the condition and legibility of the original copy and In keeping with the fHmlhg contract specif Icatlons. Original copies In pririted piper covers ere filmed beginning with the front cover and ending on the last page with a printed or iilustreted Impres- sion, or the back cover when appropriate. All other originel copiesere filmed beginning on the first page with a printed or Illustrated Impres- < slon. and ending on the last page with e printed or Illustrated Impression. T^ last recorded frame on each microfiche shall contain the symbol — «»• (meaning "GON- TINUEb"). or the symbol Y Imeaning "END"); Whichever applies. i»«- Maps, plates, cherts, etc., mey be filmed at different reduction ratios. Those too large to be entirely included In one exposure are filmed beginning in the upper left hand corner, left to right and top to bottom^ as many frames as fequlred. The following diagram! illustrate the method: • - ■•¥*«; L'OM g4n( plus dell coni fHmi Les papi perl dern d'im plat. origl pren d'Imi ladi empi Und dernl cas: symk c Wmi Lorsd reprc de I'l etda d'imi illusti :'-■ ■■ * \ 1 2 3 ' r- ■ ■ ^■;; ■■■; 1 S'.?r <4 ■" I.' V. -: .■ ■ . .-/■;. * . i ' . 4 ;# ; ' , ■ \. «> t Id thanks Ibrary luality Qibllity tha • filmad on impria* . All 1 on tha >raa- < prlntad i»«- ha :oN- JD"). at toba Id If t to ■s »tha L'axamplaira fllnU fiit raprodult ecioa A to ' O^nAroalt* da: /■ •• , Hatropot I tan Toronto Raf aranca L I brary Baldwin. Room - Las Imagas auivantaa ont 4ti raprodultaa avaa la plus grand soin. compta tanu da la aondition at da la nattat* da 1'axamplaira f llm*. at an ' eonformlti avao las conditions du eontrat da '.fHmaga. ./ . -V; .-. .,;• ■— _' Las axamplalras orlginaux dont la couvartura an papiar ast imprlmia sont fllm4s an commandant par la pramlar plat at wn tarmlnant sdt par la darnlAra paga qui comporta una amprainta d'impiassion ou d'lllustration, soit par la aacond plat, salon la eas. Tous laa autraa axamplalraa orlginaux sont f llmto an conrimanpant par la pramlAra paga qui comporta una ampraliyta d'Impraaalon ou d'llluatration at an 'tarmlnant par . la darnMra paga qui compdrta una taUa ampraintar: ' ,■*■-■-. ' ■ • On dai^symbolas sulvants apparaltra sur la '^ . darniAra imaga da chaqua microflcha. salon la cas: la symbols -^ signifia "A-SUIVRE", la aymbott V signifift "FIN". Lias cartaa, planchaa. tablaaux. ate. pauvant Atra filmte A das taux da rMuctton dIffArants. Lorsqua la documant ait trap grand pour Atra raprodult an un saul cliehA.il ast filmA A partir "da I'angia supAriaur gaucha. da gaucha A droita. at da haiit an bas, an pranant la nombra d'imagas,nAcassaira. Las diagrammas auivants illustrant la mAthoda. . < ■% ■ /^ I ^ *«C«OCOW MKHUTION TBT CNAKT (ANSI and ISO TEST CHART No. 2^ 1^ If l£|[ ^ |3j6 ■40 lit U M iU 1.6 •A:, dSu: i*^^ Eost Main Street ' " ■ - aaas (71 6) 288 - 598*;- Fox ■iTM' ffiE QUEBEC PERMANENT FOUNDED^*iN 1856. •■ff^l*. I--;* / inoorporated by Act of lh«. ProTincial Legislature. 51, 14 & 14 Vlc.'cli«p. 2»' 18 Vic. chap. lid. For the purpbUVfaiMittidgthe Members thereof iii tne acqui^tion of freehold or leasehold ^pert^ ip^ (he removal of Inciimbtaaces or Liabifitfes upon property already held by them ;AnA to enable them to receire the amount«,of )lieir shares in adviince vpoa furnishii^^ood mortgage security. PrINTISD BY C^ ^^ tX^y^^ BUREAU & MAR C T^ By No. -29, Buade Street, Upper Town, ■,■,:.; QUEBEC.:. ■■:• :-^:-,::v ,^,-'-.,:::,:; • •• • •••• •, • • • *■ • •• •• • • • • • ■ •..•■ •• • •• >1 \. 3/^ i:' T M ■/. '" ■• \ • » * • • 4 * ■^ V I, > f • • •• • • » ♦ • •• • • • * • ». ft ' • *• •• ' « •• • •■ . • " , • •• ■ • • • ':':: i \. ' '■ -'S -'^ I ,.'-'^'- w^f**^ • • • • « 4 »»,» » • ft • • > 'h '-.* s 'h 'fi 'EOSPECTUS ■ .' ■. ■■■■■■ OP TH» .'.,': \ ^ Quebeo Permanent , BUILDING SOCIETY. ^a^m^m0^0t0m ,-f li^M^WPWfc Incorporated by Act of PaJrliamaQt^' ^^VV^MV^AfiV^ 12 Vlot. Chap, 57;;;;^ • ■■'■■'■. . .__ ••••• ^■«i»i n ■■w— ««. m ill ■ « ■ ■ ■!> ■ ■.iig.j,!. .1 tfM »yyy»0 Shares,. ••.••••.. £100. *••* ; Half-Shares,..,...... 60. ... * Entrance fee, 2k.*^d* per Share 01 ••••h^fc Share.- "^ Monthly Subscription,. ... <10s: per Share. ** « •SSt'per half-Share. Transfer fee,. . • • • • • • • • • • f2fi,'6d. per Share or ' > I \. /half-Share. Joseph Morrin, Esquire, M. D., President Olivier Robitaille, f. « Vice-President. * Directors. Eugene Chinic, Esquire. Alex. LeMoine, " J. W. Leaycraft, " Gasp. Garneau,. -i:: <» J Mr. Frs. V6zipa, Secretary'Tteasurer, X >r k. Chfl. Alkyn, Est^uire, - j U. J. TcMier, I ' E. B. Lindsay J. B, Pnineau, M. M. David Diissnult, Tho?. Fahey, Bank.— Uank of Upper Canada. '■■■■,' ■ . • Office, 6t, ^eifge Street, Grand Battery, Tipper > Attomiet, >Notariei, > Inspectors, '\i\M'*" ' In drawiiwi'fc attention of the public to the Quebec Perihanent puiWing Society, the directors consider it to be their dftlJilWefly to give the leason that have induced theni^ organize a new Society, and to adopt the system ofjl^rtnanence instead of that which has been followed fritherto in Lower Canada, and they/ are convinced by 'th^. experience of other Societies of the aame nature MtaWshed in Europe and in IJpper Ca- nada, that thj&'new system will better answer the wants ^nd exiflbiia^s o/the District of Quebec and its ymnity. / Withiw the laiit eighteen tnontiis ■ i e Quetbec insider it lat have to adopt hich has t her are >«is of the pper Ca- iwer the and its fears the So6iety ibility of id more. L change n passed right of 1 almost Sbciety, number Society ras felt. it was petition of the A: Quebec Building Society and others was addressed to the Directors of that Society, asking that means \t taken to organize a new Society. \ ITnder these circumstances it was expedient to coin- ply with the wishes of the petitioners, and the Direc* tors, in taking the resolution of forming a new Society, considered' it their duty as before mentioned, to adopt a new system. « According to that principle the Rectors, huve the right of opening new classes of meimroryi each of which shall continue during the whole time dfeterminod upon "Ut its commencement. As the Board tft J^irectors can prolong the Society's operations to an JAsSffinite i^eriod, it may be properly called permanent infcdf^tradistinction to Societies previously established, w^jeh: finish diffe- rently, after having attained the ^n^S^ required by their regulations. .••*.• Another imjiortant change is, in pwVlding that the instalments be made for & certain niimber of years instead of an unlimited time as at \f^^pf^\ } ^he borrower will thus be able to calculate exactly* th^ extent of his engagements, whilst, should lie ^esire at any future . time to redeem his mortgage, the .ttrpctbrs would be able to estdblish the' exact sum he wpuldlhs^ve to pay. Under the system hitherto adopted; 4he last mentioned calculation was always based on Ihtf probable duration of the Society, on account of the uncjBrtaiiily of its ter^ mination. -•/ • '\ V i The term of 'ten years has been chosen for the dura- tion of each class, the opening of each being made every month. By this means every personlwishing \o/ join thd Society, or any member thereof desirous of augmenting tiii'e number of his shares, can do so at will, without havyig to pay any arrears whatever. In that time one hundred pounds per share may he depended upon and n^ore, should the demand for m^ney wtove active and ^continued. ^^S< , Interest at the rate of six per ceht will be i^lowed on payments made in ad vance*^^ / . ? ♦r I i 4: W, 1 It can be easily understood that if the classes are open for a limited time, the operations of the society must be based on calculations, without which the ins- titution would not be safe and could not establish its profits in a positive manner ; likewise, in order to put all the borrowers on the same footing, and not allow one part of them to benefit tO/the dietriment of othersi, it is necesiary that the Direotors should have the powers of fixing the bonus on the loan of the monies in the difierent clafl^' Nevertoeless, for the advantage of those who wpiild wish to borrow by way of ordinary loans, the Society can^dvance them the amount of a whole share (ttM*hali one, to be re-paid in a given time and accordii^ to the following scale/ calculated in proportion ta Uie regulated bonus. The Sobiety^will therefore make advances of one htindred poundqrpehshare, or fifty jpounds per half share, for periods frpm^Ohe to ten years to be paid back by monthly pay|ixie^|8*aa follow? : • •. ■ • /, •?•" « -.•■'■■■:-.■:•-...:-' '■ ' One Share One 1 share ■ '' ^i-' -■•■;.*.•••,■'■, '"^■• ofXlOO of £50 1 Year Monthly;*' £ ^ 16 8 4 8 4 2 *' ■■ ■ '«' 4> 13 4 2 6 8 3 *< «« r 3 5 6 1 12 9 4 ■ « ■■ ■ ".■■..; «*■■-■-" 2 11 8 1 5 10 ,5 -- ** -:: tl ■ ■ . 2 3 4 1 1 8 ■6 "' ■ " ■•. ■ t 17 U) 18 U 7 «» ■' '«■■'. 13 10 16 11 8 ■. - •« "■. M--.. 10 10 15 a 9 '« ■■ rt- ■■•^ ;■..:;■■ :: 8 6 14 3 10 *« t * 6 8 13 4 ■■'.." " ■ • " ♦ . . . It shall also be lawful for every shareholder to bor- r ow firbm the Society by way of bonus, regulated a 25 p er cent In this case the borrower will have to pay f;' - i. 4 6 6 7 8 9 10 rA*,"^-^t-^* J?-a,»i^J^J(!.ti.-fc:*'t*$^i* ^sharQ £50 8 4 6 8 12 9 5 10 1 8 8 U 16 11 5 6 4 3 .3 4 'i •I ../ an additional sum of ten shillings monthly per share, or five shilling monthly for each half share, during the whole period of the class to which he belongs, or according to the following scale fbr any other period : — t- 1 Year, Monthly ^ 4. .- « ■-, t( 6 -./** t€ 6 " U 7. " tt 8 « iC 9 « ft 10 « tt One Share. One i Share 6 12 6 3 6 3 3 10 1 15 2 9 2 1 14 7 18 9 19 4 12 6 16 3 8 4 14 2 5 4 12 8 3 2 11 7 • I "o t V 10 8 M, 10 In either case the borrower will be* entitled^ at the end of each class, to the surplus profit in ~the shiipe of 6onus, equally divided between him and the lender, according to the time ahd aihount, ^ soon as it shall appear that the profits are more ^an Sufficient to realise the amount of the shares. - ' The money shall be advanced in the order of the applications made. No member can be called upon to pay for a longer period than that fixed by the Society, or that chosen by himself. A bbrrowercan, if he chooses, change his security or sell his property subject to the mortgage, or can again redeem or commute his mortgage, although he had borrowed for a fixed tinje. As a general rule, - borrowers will prefer the new Jsystem, wliich demands a smaller deduction on the coslt of the shares, furnishes him with greater facilities in paying back a loan, that he can always efiect at very reasonable rates, and pro- a2 / /"■ .!; portionate to the market imtiie of the money in this locality, and on the same footing of equality with the other, borrowers of the Society. This preference by the borrowers t>e)ng admitted, the investers are called upon to place their mOhey where it commands the greatest competition, and the right of withdrawing from an old society Vjth a share of the realized profits, allows them to make this change . at will. Th« Directors would suggest to the stockholders of the Quebec Building Sofciety the advantage of disposing (Kftheir shares in that Society, and of placing the Whole amount realized into the new society. An investing member shall be required to pay ten shillings per month per share, and a proportionate sum • for a half share ; his siibscription beginning at the time of his entrance and continumg fbr ten years, When he will have the right of receiving the amount pai^ ii^ by him, with the accumulated profits. He. may also at any time withdraw from the Society by giving one month's notice ; and after the first twelv§ months ho will be entitled to receive, in addition to the amount paid on his instalments, the interest of 6 per cent, or more, if the Directors deem it proper. 'The idea of a Society formed on this principle de- , serves the special attention of^ the public ; for, on the one hand, it affords to the industrious classes an oppor- tunity of putting by, periodicallyi 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 sui- table investments ; while on the other hand, the'money subsmbed being advanced to gome of the Other Mem- bers, enables them to buy houses or similar property,^ and to repay the loan by small periodical instalments in ia certain number of years. Charitable institutions. Benevolent Societies, Parish Trustees, Church Wardens, that have debts, to meet, >^i ..■| « r N '{.^ Y in this with the idmitted, r mbhey and the I a share is change olders of disposing cing the pay ten hate sum the time When he lai^ in^ by l also at ving one lonths he i amount !7 cent, or ciple de- >''! r, on the Ir an oppor- J I ' incomes, J | them by A are repaid v 1, without- ' . g forsui- I he'money Ser Mem- property,- istalments es, Parish I, to meet, or any other body lequiting a reserve fund, will find a decided advantage to any other investment, by jpining a well-cofiducted Permiinent Building Society. In like manner, mechanicg, domestic servants, tra- desmen's assistants, the professional man, and gen- tlemen of moderately independent fortune may all largely benefit by these institutions ; they will thus save money by its gradual accumulation, at com- pound interest, and with the utmost safety. It is frequently said that it would be unwise on the part of business men, to join a Building Society when^ they can get a larger amount of interest in tlieir busi^ ness for every pound invested therein ; but there must be a lirnit, and in nine cases out of ten it will be found that an accumulation of cash from time to time, by the opportunity given in these Societies, would evantually be more productive. In trade it will be found anvan- tageous to be able to economize a. little, rgither than spend it foolishly in small amounts It cannot be said that the payment of small perio- dical amounts of this kind can be likely to interfere with trade capital, rior even that these small amounts can be in trade of any advantage ; but on the contrary it would be a means of raising capital from time to time, for trade purposes, as the invester has the greatest advantage of withdrawing his money at any time whenever it is likely to prove most useful elsewhere, and he ciyn then take new shares and begin to save ;' again. '■.-..:^\^, ':•'•■' It must be then concededi that these institutions deserve the support and encourageinent which they have hitherto received, and that they are calculated to be a salutary means of encouraging those who are na- turally inclined to save, as well as those who wish to borraw money, by inducing the former to persevere in their ecbnomical and provident habits, and by enabling the latter to realize those objects in a convenient and « ■&ie i if : t :£». fTS '1/ : 1; 8 easy maniiBr, the attainment of whieh Would o1_ be difficult I for them, if ^ot altogether impossible] The first instalment ^ill be payable on or berore the 21st of April instant, fhe Secretary is now prepared to receive applications for loani. ] ■■i THE QUEBEC JEEMANENT ■■■■■■; ■■^•■■■/ ■■ •«■ • ■ FOUNDED IN 1866. '■•I .^i A ^»**«««< Incorporated by Act of the Provincial Legidatare. n Vic. chap. 57. 14 & 15 Vic el iiktep. 23. 18 Vic chap. 110. For the purpose of assiitingflie Members thereof in the acquisition of freehold or leasehold property, in tiie' removal of Incumbrancea or LiahUities upon property already held by them; and to enable uiem to receive tiie amount of theirf shares in advance upon furnishing good mortgage securii^. ''^^PWwWW^W^WMWW«MMMMnA«MMMMlM» /■■■ v^■:^:r■;^. " ■■■- ■' V •;■■■ •/■ ■:"■-■■.■:■..■ ■■.■■■■ Printed B^ B U RE A U & M A R J T E , Np^29jBuade Street, Upgper Town, ^^^ QUEBEC 'iL ♦)s*:nr«? i t » / I -y-; i: t n- ■ •....■. ^ I 'it- \ ■^AiA. ■ 14 1* ■■ in ■ w ■ .:i •'v -■t ■i ^^■::i ..'•f,: CAP. LVll, AN ACT i AV -ff To orcovnAOE the KflTAni.isuMENT or ulii.dino • iiUCICTJXS IN LOWER CANAP^. ^.:- .': V V; .. ' l^bthAprU, IS^y'*' <■■'"':■./ 'HERE AS an Act was passed in the ninth preamble, year of Her Majesty's Reign, for the' purpose of encouraging the establishment of . Building Societies in Upper-Canada, and it is expedient to encourage the formation of limilar ^ocietie8 in Lower-Canada, whenever the In* habitants of anf particular locality may be de. sirous of avttiling themselves of the provisions of this Act : Be it therefore enacted by ihe Queen's Most Excellent MajeHty, by pnd wtth.the advice and consent of the Legislative Council and of the Legifllative Assembly of the Provin(|^, of Canada, ronstiiuted and assembled by virtue^of and under \, the authority of an Act passed in the Parliament of the United Kingdom of Great Britain and Ireland, intituled : jin jict to re-unite the Prwincea of Upper and Lonrer- Canada, and y Jar ifte Government of Canadat and it is hereby enacted by the authority of the same, That when and so soon as any twenty persons or upwards in any part of Lower.Canada shall have agreed to constitute themselves a Building iStociety, and shall have signed and executed, un. der their respective hands and seals, a declara- tion of their wish and intentian so to constitute tl^iselves such Building Society, and shall have dMvited the sam&|With the Clerk or Prothono- •ta^ofthe Court wNQueen's Bench of the Div "TncT jn1reretn~such~Bui]ding""Sociely^ is" to~be uts. When U\ rut I' persons ^h.il! agree to con- stitute a BuiM- ing Society ; they shall be a Corporation tor that ptu- pose, after having corn- plied with cer^ taia funcaii » CSAMULIJ JM | m.U| H n;- 1' make may Rules, foinieii, and to have itn principal Office or placo of Business, (who for receiving such deposit shall bo entitled to receive a fee of two Aliillingii and lix. pence) such persons and such other per- sons as may afterwards become members of such Society, and their several and respective hnir^ cx(*cutor8, curators, administrators, suc- cessors, and a»Rigns, shall l)e ordained, consti- tuted and declared to Ijc, and shall be a Corpo- ration, body corporate and politic, by such name and style as a Building Society, as by «uch de- claration so deposited as aforesaid shall have been declared to be the name by which the persons ling each member thereof to receive out of the lundi of the said So- ciety the .amount of value of his share or shares therein, to erect or purchase one or more dwel- ling house or houses, or other freehold or lease- hold estate,«and to l)e secured by way of mort- gage or otherwise to the said Sociejy until the amount or value of his share or shares shall have been fuUy^paid to the said Society, with the in- terest theripn, and with all Tmcs or liabilities in. curred in rfespect thereof; and that it shall and mar be lawful «o and lor the several members of such Society, from time to time, to assemble ^gether, and to make, ordain and constitute such pi^per and wholesonue Rules and Regulations foi^e government and guidance of the same, as the ft^ajor part of the members thereof so assem. bled ^getber shall deem meet, so as such Rules shall riot be repugnant to the express pro- visions ol\tUis Act, •r to the general laws of this t k ■ C r 1^^5^ j^n'ar , i^^i-^le^^^i e or plaof* h deposit > uliillings other per- »inbert of reipective tors, luc- d, consti- a Corpo- iich name ^ such de- Ivave been i)erson8 so icty to he lonthly oi ' *ral rntm- I not ex. B for each fd twenty . stock or 1 member said So. or shares ore d we I - or lease- ' of mort" until the hall have h the in- tilities in. shall and members assemble tute such gulations same, as io assem. as such ress pro- rs of this Fioviiieo or of Lower. Cunniia ; and to i in po^'e^t'^ >;"•»! *^»« and indivt such rcauoiittbio Ijiies, peniilli«» fj'""' JJ*. ""'"'' and for lei I ores upon tho Heveral mcml>ers oJjho ^' ' ''. Kaid Society who shall offend ngainst nny niich rules, as the majority of the nxMiihers uiny think fit, to he respectively paid to such u«es for ilip .' tienefit of the said S clare purposes for which So- ciety is esfii- hluhed, &c. end entered iii %bo».k By the Sefr»«ary or I lerk of llie said Society; and a ni.tjority of tile iiunifier or*iiich Directors, present at any meeting thereof, kIioII at all time* lie neccasary to concur in any act «f84icli Directors, and tliey ehall in all tilings ddegated to them, act ftir and ill the name df suih Society ; and afl actn and «rJci»of«uch Direct»»r«, , under th§ powers dele- gatetl t> them, ehull have the like force and ef. •led as the acts and orders of such Society at any General Meeting thereof could or might have had in pursuance of this Act; Provided always, that the transactions of such Director* shall be entered in a book belonging to such So^ cietf, and shall from time io time and at all times be subject and liable to the review, allow* ance and disallowance, of such Society, in such manner and form ^h such Society shall by their ^^ISiLAl'S? *"*^® directed and appointed, or ■P[^p.'it«naffl!l; That every such So- cietyso established as aforesaid shall in or by one or more of their said Rules declare ali and every the interests and purposed for Which such Society is intended to be established ; and shall also ip and by such Rules direct all and evaff • the uses and purposes to which the money which shall from time to time be subscribed, paid or given to or for the use or benefit of the said Society, or which shall arise therefrom or irt any wise shall belong to the said Society, shall -««-^ .«. -_j-_ . . ., shares v/ — ' ^T — or proportions, and under what circumstances, lyoH nitn g ' '■ ■ *^ » nsl act Cui' jjntt'd by f iiiich lie laiil • liliall bu e ptiM'eri ) wriiiiig, or Clerk |r of the at any leccflsary ind they t for and actM and 'era dele- 9 and ef- locicty at >r might Provided Director* luch Su-> nd at all Vf allow* , in fuch by their »intedi or > ' ■ *' . luch So- n or by i all and ich BiicK ind shall nd evary- ! monejr iiscribcd, fit of the om or in sty^ shall It iharea interesta or |)urporri ... , ,„ them to lie declared an alorefaid ; and aliiurh f) '"' Kniea during the continnanre ..f the fame vhall *""***' **^ be complied with and enforced ; and the nioncya -to Bubacrilicd, paid or piven, ^ bo arii»in(f to or . for the \mi or iK-nefit of ibe m'lA Soriety or be. t^ longing iherelo, sJmll no? be tlivertcd or misap- plied either by the TroaNiircr orFlircctiiri, or any • .titer oflTHcr f>r iiiembor of bucIi Siwiely entruuied . Ihercvvith, iiiuly'r i*ucli ptihulty or lorfeitute aa riich Society ^hail by any Rule ewforce and in- flict for BiH-li olVeiice. ■ - r V: And be it enacted, That the Rule* for the HuUs t.. ... manapcmeitt of every fucb Society shall be en: ■"'•'^'^''•'^ »" »• tercd and recorded in a book to be iept for that !','*",'' *'*'*' '"' purpose, which book jd.all be open H all season- a,*d ./junT' able times for the ^nupection of the Membera ofnu'rubeit.. »uch Society, but nevertheless iH»tliin§ contaiii^d herein tthall extend to prevent any altemtion in or amendment of any such Rulcif; in tht| whole (^r - ^j in part, or making any new Rules foftheman- '; rgcnient of 5uch Society, in such inaiifier aa by the Rules of the said Society nhall I'luia time to Vnie be |)rovtded. ^ iV'I. And be it enacted, That all Rules Oom RaCs to l,e ?^ tirtie to tin»e made and in force for the manage- buithutr. on rrient of snrb Society and entered and jfconled^'^^*""^"''^ i*nr )stances, ft tnie cof.y of t!ie Banne, examined with the ori- gjncl and proved u be a true copy, ehall here. 'io oeivetl as evidence of such Rules reipectively; iii' all cases. . • ; ' ttnles to bel Vtl. And be it enacted, That no Rule en- altered, &c., tered as aforesaid shall be altered, rescinded or M^Srinix, repealed, unless at a General Meeting of the -**^"'^'°"'^- Members of suqh Society, convened by-pubjic nqtioo written or printed, signed by the Secretary or President of the said Society in pursuance of a requisition for that purpose by not less than fifteen of the Memt^rs of such Society, which requisition shall state the objects for which the '' meeting is called, and shall be adressed to the '■*■- President an^' Directors; whereupon each mem. her shall be notified of th6 proposed alterations through the Post Office, within fifteen days ; such meeting to consist of not less than onc.third of : the ^shareholders, three-fourths of which i^iBeting must concur in Bueh alterations or repeal. •RnlfiMo&pc- Yllt. And be it enacted. That the Rules of mLSm!" ^"^'y *"*^'* Society shall specify the place or places at which it is intended that the said So- ciety shall hold its meetings, and shall contain [irovisions with respect to the powers and duties .^ of the members at large, and of such officers as niay be appointed for the management of the af. iairs of the ^aid Society. JX. And be it enacted, That the Directors of every such Society shall and may from time to time at any of their usual meetings, elect and ap. , point such person or persons to be Officers of the ^83 id Society as ihey shall tliink proper, and grant ^^ >^8uch salaries and emoluments as they may deem * - fit, and pay ' Such necessary expenses attending the .iianagement of the said Society as may be incurred ; and shall and may from time to time, . . elect, when it shall be deemed necessary to . carry into execution the purposes of the said So. oiety V for such space t)f time and for Flich pur. posies as shall be fi.Ked and established by the Directors to appoint Offi sers of So- ■I Huk 'time and Vftca .ever who touc or e for shall tion boui amo two exe( lawf ^;^ ^ -^ ;"i? be, 1 hold fide said shar secu mad also othe then othe pow and fund Ban and arisi app! core • . 5 'T'^SP'^' ectiveiy; ip' ) Rule en- iscinded or ing of the by "public, e Secretary sua nee of a less than iety, which ' which the ised to the }ach mem. alterations lays; such >nc.third of :h i^eeting e Rules of B place or le said So. all contain and duties officers as t of the af- ►irectors of >m time to ct and ap. cere of the , and grant , may deem attending S; may be « to time, ;essary to le said So. puch pur. id by the ' :n 'Rules of the said Sociely, ana ma^y frorii time to • f 'time discharge *uch person or persons, and elect and appoint others in the room of those who shall .vacate or die or be so discharged; and all and Offlcsrs to .every such officer Yor other person whatsoever*'*'® wcunty. who shall be iippointed to anl)r office In any wise touching or concerning the receipt, management or expenditure of any sum of money collected for the purposes of the said Society, before he shall be admitted to take upon him the execu- tion of apy such office or trust, shall become bound in a bond in such form and for such amount as the Directors may determine, with two sufficient sureties, for the just and faithful execution of such office of trust, and for render- ing a j ust and true account according to the Rules of the said Society, and in all matters lawful, to pay obedience to the same. .^ X. And be it enacted, That it shall and may "j? be lawful for every such Society to take and hold any real estatej or securities thereon, bona fide mortgaged, assigned or hypothecated to the said Society, either to secure the payment of the shares subscribed for by its niembers, or to secure the payment of any loans or advances made by, or debts due to such Society, and may also proceed on such mortgages, assignments or other securitiies, (or the recovery of the moneys thereby secured, either at law or in equity or otherwise,^iind that such Society shall have the power pffn vesting in the names of the President and Treasurer for the time being, any surplus funds in the stocks of any of the Chartered ' / Banks or other public securities of the Province, and that, all dividends, interest and proceeds arising therefrom shall be brought to account and . applied to arid for the use of/ the said Society ac- cording to the Rules thereof^ XI. And be it enacted^ That if any person ^I'^'e of P^'*- appointed to any office, by such Society, and ^'■'^'^'"S '''''^^' m Society may take and hold real estate, &o., mortga- ged to Society, to secure pay-* ment of shares. Investment of moneys. ?i •.) ^'^^^^^^ I'- an Officer of the Society shall Uie or be curijie in&ul- vent. » Prbviso. ■p Propprty of the Society vested in tho/ President and Treasurer for the time being. 12 being entrustJ-a with and having in his han.ls or .possession, by virtue of his said office, any monies or^flects belonging to such Society, or any deeds or securities relating to the Bame, shall die or become bankrupt or insolvent, his heirs, executors, curators, administrators or as- signs, or other person having a legal right, shall, within fifteen days after demand made by the order of the Directors of such Society or the rnajor part of them, agsembled at any meeting thereof, deliver over ajljjing^ belonging to the said Society, to sucJj'-i^pns as the said Direc- tors shall appoint^^i^fjall pay out of the es- tates, assets or efi?f^feiH)f such persons, all sun^s of money remaining due vvhich such person received by virtue of his said office, before any of his other debts are paid or satisfied, and all such assets, estates and effects shall be bound to the payment and discharge thereof accordingly; Provided alvVays, that the same be not paid or satisfied to the prejudice of mortgages or privi- leges on real estate, or of liens or privileges on personal estate only, duly eseculed previous to the appoihtineni of such officers. XII. And be it enacted. That all real and heritable properly, moneys, goods, chattels and effects whatever, and all titles, securities for money or other obligatory instruments ^nd evi- dences or muriiments, and all other effects what- ever, and all rights and claims belonging^o or had by such Society, shall be vested In the President and Treasurer of the said So;i^ty foe the time being^for the use and benefit ofthe said Society and the respective members thereof, their respective heirs, executors, curators/administra- tors of assigns, according to their respective claims ^nd interestSj and after thfe death or re- moval of any President or TreasiuSer, shall vest in the succeeding President and Tl-easurer for the same estate and interest as th/former President and Treajaur^r had therein, ^id suhject to i M han.ls or Fice, any ociety, or , he same, Ivent, his rs or as- ght, shati, ie by the y or the y meeting ' ng to the id Direc- of the es- , all sun^s h person re any of ' J all such nd to the ordingly; Dt paid or or pVivi- M leges on eviouB to real and Jttels and/ ritiea (qf and evi- cts what- ; ;ing/to or i/ii the xciety foe ftheeaid eof, their ministra- ispective ith or re- 11 vest in ir for th& President t to %e T^P'^'"; aarpc trusts, without iny »s»ignment or iconvey-' . ance whatever ; and also ahatl fui^ all purposeB of actjon or suit, as well criminal as civil, in law a9 in equity, in any wise touching or concerning the titimdf be deemed and taken to be, and shall in every* such proceeding (when necessary) b0 stated to be, the property of the persons api. And shall be pointed to the offices of President and Treasurer deemed their of the said Society for the time being, in th6 P^JP^J^^^ ;°; proper names of such Preisident and Tre,a8urer, pog^g, vrithout further descripti.oiV, and such persons shall,'and they are hereby authorised to bring or defend or cause to be brought or defended any action, suit or prosecution, criminal asvvell aa civil, in law or in equity, touching or concerning the property, right or claim aforesaid, of or be- longing to or had by the said Society, and in all cases concerning the property, right or claim aforesaid of the said Societa, inay sue and be President and sued, plead and be* impleadCTTin their proper 'I'feasurer^ names as President and Treasurer of the said So3i^,"y ,.""5 . » , ' ... , 1 actions, «c. ciety, without other description, and no such suit, action or prosecution shall be discontined or abated by the death of such persons or their removal from the offices of President or Trea- surer, but shall continue in thcf proper name of the persons commencing the same, any law, usage or custom to the conirary notwithstanding; , and the succeeding President and Treasurer shall have the same rights and liabilities, and shall pay or receive like costs aa 1/ thfe action or sOH or ^^ ^" *heir prosecution had bedn commenced in their nanies, successors.. for the benefit of or to be satisfied out of the funds of the said Society. ; :t •• Xlll. And be it enactecl, That in all such actions, suits land prosecutions as aforesaid, the Secretary of such Society shall be a competent Secretary, a witness, notwithstanding he may also be Trea- corrtpetent surer of the said Society, .and that his name tnay w^^''*^** have been used iif such actionj suit or prosecu- tion as such Treasurer. * i • M t|?!)»?J**!B. /w ' w /bl'the Presi V dent, &c. Treasurer lo prepare yearly a statement the funds oT the Society. /aot XIV. And be ii enacted, That ifie President, Vice-President and Directers of every auch So- ciety shall in their private capacity be exonerated from all respohsibility in relation to the iMibilities of such Society. /■■■■,• /■■>'•* • \-:''j\.."' XV. And bg it enacted, That the Rules of repare yearly ^^'''•y »«ch/ Society shall provide that the Trea- a statement of surer or Other rinncipal Officer thereof shall once thefundsoT at-teMt in^«^ery year prepare or cause to be prepai^d a general statement of the funds and eflects of and belctnging to the said Society . specifying in whose Custody or possession the said funds or effects shall then be remaining to. getherwilh an account of all and every the 'va* Particwlara, ''ouy 8«m8 of money received and expended by or on account of the said Society since the publi- cation of the preceding periodical statement j and every such periodical statement shltll be attested , two "or more membeis of the said Society ppointed Auditors for that puipose, who shall ot be Directors, and shall be countersigned' by the Secretary or Clerk of the said Society.lnd every men^ber shall be entitled to receive /frorn the said Society a copy of such periodicalZ/tate- vientwtthout chai^ge. XVI. And be it enacted, that nothing^ereiir contained shall affect or be construed to affect or interfere with any of the rights or privilegfeg coh- >ciety.andof ''^7^ "f*^"^**!^ *« Montreal Building Sogiety," the Act 8 V. Wilder the Act passed in the eighth ye4r^f Her "' Majesty's Reign, and intituled, .^n ^^/o;. /^ incorporation of certain indimduah kinder the name and style of » ITte MonireJ BuUding hocuity," nor in any wise to affect the said Act. XVII. And be it enacted, That the words "Lower- Canada" in this Act shall be undel^tood to mean that part of the Province which formerly constituted the Province of Lower^Canada ; the words "Upper-Caiiada'* that part of the said Tioymcc vvhich formerly opnstitiitcd the Province <^f ^'pper-CanarJa ; ;«nd th*' won! *' Society" shall ^tesfatjon,/ Saving of the rights of the Montreal Building So- c. m. Jnterpiofafion clause. resident, ich bo- >nerated inbilities tules of le Trea- all once ife to be nds and Society j; lion the ning, to. the va- nded by epubli- nt; and attested Society 10 shall gned/by Jty.^nd re I from Bl/^tate-. fherein lifect or lbs COR- i^iety," 'of Her for f he derthe uilding lid Act. words le}^tood brmerly la; the he said 'r6vincf» i^'':?hall be understood to include and to mean Building Societies and Institutions established under the provisions and authority of this Act ; the word "Rules" to include Rules, Orders, By-Laws and Regulations; every word inaporting the sin- gular number shall extend and be appHed to several persons or things as well as' one person or thing, and bodies corpomte as well a^indi- yidualsj andevery word importing the plural number shall extend and be a|)plied to one person or thing as well as- several persons or things; and every word importing the mascu- une gender only, shall extend and be applied to a, female as well as a male ; the words" Real Estate" shall extend and apply to imnioveable estate and property generally; and the word "Sucurities'V shall extend and apply to privi- leges, naortgages, (equitable as* well as legal,) hypotheques w[idi incu|nbrances upon real and immoveable estate, as well as to other rights and privileges upon personal estate and prbper- rtj; That this Act shall extend to aliens, de- nizens and females, both to make them subject thereto and to entitle them to all the benefits given thereby ; and that this Act shall be con- . strued in the most beneficial manner for promo-' ' ting the ends thereby intended. XVin. And be i^ enacted, That this Act ^hallbedeemed a Public Act, and shall extend • to aU Courts of LaW or Equity io this Province, and be judicially taken notice of as such by all ^tidges. Justices and other persons whatsoever without th^ same being specially shown or ] pleaded. / B Public A Preamble.' 13 Vice. 67. X 1/ ■ ..|6 ^ 14 & 15 Tiotoria, Cap, 28. V'-; An ACT ';,-■;■../' 7!o amend an Act to encourage the esiabliihment of Building Societies in Lower Canada, ' - r ■ [2nd August, 1851^ Whereas in the tenth Section of the Act passed in the Session held in the twelfth year of Her Majesty's Reign, and intituled, jin act to encourage the establishment of Building Societies in Lower Canada, it is amongst other things provided, ** That it shall and may be •* la wfal for every such Society to take and •*f hold'iMiy real estate or securities thereon, '^ 6bt8 due ceedon r secu- thereby r other* brms of of the ad Arom [)at the 9S m^y y doubt « and ilations or as to money , nember sh any for the actual purchase of such prbperty and erection of building thereon : Be it therefore enacted by the Queen's Most Excellent Majesty, by and with the advice and consent of the Legislative CkMincil and of the Legislative Assembly of the Province of .Canada, constituted and assembled by virtue of and under the authority of ah Act passed in the Parliament of the United King- dom of Great Britain and Ireland, and intituled, An act to re-unite the Province* of Upper and Lower Canada, and for the Government of Ca- nada, 9.nd itiB hereby enacted by the autho* rity of the same, That from and after the par- sing of this Act, whenever any such Society shall have received from any shareholder a mortgage or hypothec, or an assignment or transfer of any real estate beldnging to him or her, to secure the payment of any advances, and containing an authority to the said Society to sell such real estate in case of non-payment of any stipulated number of instalments or sums of money (as every such Society is hereby and by the said Act was authorized to do,) and containing also authority and power to the sai4:Sijciety to apply the proceeds of such sale to the payment of the advances, interest and aU other charges due to the said Societies, and after perfect payment theseof and of all costs and expenses incident thereto, to pay over the balance to the owner of such estate^ such stipu- lations aud agreement shall be valid and eflfec- tualandbindinif to all intents and purposes whatsoever, and it shall be lawful for every such Society to cause the sayne to be enforced and executed by an action or proceeding in the usual, course in any Court of Law within tiiat part of this Province called Lower Cana- da, having competent jurisdiction, aitd suck action i^ay be brought in the corporate name Certain agreements for the sale of property hy potnecated to any Building Society, decla- red valid. Action to enforce tiie same. :Jf What it shall be suffi ▼ed to main' tain such action» / of any such Society, or in the names of the Fresideot and Treasurer of any such Society, describing them to l^ such President and Treasurer. II. And be it enacted, that in any action or proceeding to be instituted by any such Society Ti MT .wh*' ^"^ *^® P"'J^«« °f realizing or bringing to salo action. *"y property or estate hypothecated, mortga- ged or assigned to the said Society, by any person or. persons as aforesaid, it shall not be necessary to set forth the special matter in the What only <|eclaration, but it shall be sufficient to allege need be pro- tj^at the defendant hypothecated, mortgaged or assigned (as the case may be) the oreal estate, describing the same, to the said Society, and that the amount, or sufficient part of the amount stipulated by such jtirty to be paid, to has becoitae and remains due and owing, whe- reby by virtue of this Act and of the Act hereby amended, an action hath accrued to the said Society, to have the said' estate and property sold ; and in order to maintain such action, it shall be sufficient, in addition to tho customary evidence of the hypothec, mortgage or assignment of such property or estate, to ment and sale prove by any one witness, whether in the em- otthe proper- pioy^ent of, or a shareholder in siich Society /' or not, or by any other means, that the defen- dant is 111 arrear and indebted to the said Society in or exceeding a suna on the accruing >, • of which, by the terms., 0f such hypothec, mortgagej assignment or agreement, the said Society may have the right to have the said .property or estate soldi and thereupon the Court shall give judgment for the said amount, and by such judgment order the property to bf/fi?fliH3y the Sheriff of the District wherein ;V it may be, after three insertions in the course of four montfasin the Canada Gazette j and it Advertise- >^ .\ 19 > Certain [vo* shall not be necessary for the Sheriff to go through any formalities in seizing the said lands or otherwise ; but all the laws of that part of the Province called Lower Canada, with respect to the protection of immoveable pro- . perty under seizure, and with respect to the filing of oppositions to, and after the sale of lands or immoveable property, to the payment, return and distribtition of the money, to the re-sale of such immoveable property at the folle enchere of any purchaser, and to the ob- . taining possession of any such immoveable pro- perty after sale, shall be applicable to the pro- ceedings authorized by this Act; and the ^«..„.„i^„ provisions of all laws and ordinances of Lower vWom exten Canada, or of this Province, regulating the sale ^^*^ ^^ of real estate, and the judicial proceedings i;X'?ii?r relative thereto, are, in so fur as applicable and Act not otherwise provided for by this Act, hereby extended to all proceedings to be had under this Act; and if it be not otherwise herein ' directed, all such proceedings, in so far as may * be, shall be conducted in like manner as pro- ceedings under ordinary Writs of Execution ; and the deed to be given by the Sheriff shall -^ have the lik^ effect as a deed given under an W ordinary Writ of Execution ; Provided always, Proviso; that the Sheriff of the District shall, in addition ^*^*'"^» P"""" to his disbursements, be entitled to deduct only ^^®* One per centum commission from the gross pro- ceedsofsale. , .: - III. And be it enacted, That every such So- ciety shall have power to forfeit and declare forfeited to the said Society, the shares of any member who may neglect or be in arrear to pay such number of instalments as may be or Forfeitwe are fixed by any stipulations/or by law ; and^v^J^* ?f, that every such Society may pursue the samemeiuirellit course, exercise the same power, and use the paid. The said doubts remo- ■ame remedies to enforce fhe payment pf any dcbtorderpand due to such Society, as any ' person or persons, body corporate or politic, may now by law take or use for such purtwse. dePslJif-'T J^' ^"** whereas, doubts have arisen as to and 10 of the '^ /construction of*the first and tenth Sectiont amended Act o/^ne Act hereby iAtnended,; with respects tq recited. the right of any ^h Society to loan and ad- vance money ori-tp^KJjperty and estate, actually belonging to and ftSquircd by the borrowers, at the time of such borrowing and advance, and it is expedient to remdve such doubt? ; Be it therefore enacted and declared, and it is there- fore, declared to have been and to Lie the inten- tion of^jjje said Act, That every such Society -. should Ijptve the power to advance, and every such Socreit^r is hereby authorized to advance in the usual manner, monies or any real estate whatsoever of any me|hber of the said Society, as well for the actual purchase of the same and for the erection of buildings thereon, as gene- rally upon the security of any real estate be- ^ longing to any such member at the time of his borrowing such moneys, and to take and re- ceive a mortgage, hypothec or assignmentof all Such real estate whatsoever in security for such advances on the same conditions and with the same privileges in all respects as any other real estate by the said Act, and by this Act authorized aud required to be mortgaged , hypo- thecated or assigned ; and ftirther, that all secu- rities heretofore, taken for monies advanced in the manner above mentioned, shall be valid and binding on the parties to all intents and purposes whatsoever, and in the same manner as if taken under this Act ) and that all dr any Any person person or persons whatsoever, whether capi- or corporation talists or otherwise, shall be at liberty to meiber of ^®°°^® "^^^^^'s of any such society; and U' / " tnat copartners and cor|)Orate bodies may hold anv faeh lo- ■hares therein, in same manner as single indi- ciety. . .Tiduals. • - \ V. And be it enacted, That this Act shall be Public Act. a^ public Act, and sueh be judicially taken DijHicc of by all Judges and Justices, and other persons whomsocveri \vithout being specially pleaded. * 18 Victoria, Cap. lie. AN ACT V To amend the Act for the encouragement of Building Societies in Lower Canada,. Wi {Assented to 19th May, 1856] Preamble. HERE AS the great mimber of Share- holders in Building Societies often renders it , difficult to obtain a meeting of one^third of such Shareholders ; And whereas inconvenience arises from the manner in which such Societies are required to sue and be sued ; and it is there- fore expedient to amend the Act passed in the 12 Vic. c. 57. twelfth year of Her Majesty's Eeign, intituled, An Act to encourage the establishment of l^uil~ ding Societies in Lower Canada: Be it therefore enacted by the Queen's Most E^xcellent Majesty, by and with the advice and consent of the Legislative Council and of the Legislative Assembly of the Province of Canada, constituted and assembled by virtue of and urider the au- thority of an Act passed in the Parliament of the United Kingdom of Great Britain and Ire- c ■'^ ' ^ Part 7 of sect repealed. How any Ruleofaliuil (linH Society may bv rt']>cn- ied or amen- ded. Societies may sue by the name taken in their decla- ration under •ecL 1 of 12 t- '■'■■■. ' ■ ■ '' • . •■■. "•'■.' . ■ ■ '. land, and intituled. An Act to n-uniU the Pro. tuncet of Upper ami Lower Canada, and for the Gov^rnmenl of Canada, and it isheref.v enacted by the authority of the same, as follows : 1. Ho much of the seventh section of the said Act asnrovides that no rule shall be altered. tfrinl"' ''^t^' ""'*'•« ^' « general meli ting of the members of such S^KJiety, such/ meenng to consist «f not loss than one thinl o7 "ealedr -^"'l**^*^^ ""^ is hereby re- h3'JT'^''^f'^''V'* ^^''} '^ 'nofe than one half of the number of membcfs of a Wuildinjr Nociety shall sign a requisition callinga ge? neral meeting of the Shareholders, anlrecom- mending a modifica^tion, recission or repeal of he rules of the said Society, and specifyiC ho terms thereof, the sqid meeting, without lmi! hnn"l "' '«;^V"'"u*'^' of Shareholders .rf^n shall be and is hereby authorized to make and ~al "^"^""^^ amendment, region tra^rf^'^''*^*;"^*''8:an3r'th}ng fo the c^. Tnl V^J^^ Act or in any other Act amen- section of the said Act, such Society, shall hereafter sue and be sued by the name and li^^A^^'^r'^^ '^' declara^on mei ■ t oned m the first section pf the said Act m that under which such So4ty sha??]^J«^ / ■ r */"•' \^..' ./ / PEl :5: 1. nam ciet^ % are, sitio iihtl f npoi enal shai gag< not rati' mor 3 timt use any pria era the pur< desi hen the clas ma^ ;\x. ■ ■:../.., .■■■' ■ -■ ■.■■.^. ■....X-. ■: r. 28 . •/ :■ - ^ ■■'«•■■:■ THE QUEBEC 7.;.' • ■;/*♦ 1 PEEMANENt BUILDING SOCIETY, '%: ^>^. >> -^-1 .%,. ' • ^i^0t0*0^0^tk^t0»0t0t ■ r RULtS, k REGULATIONS, J, ', prcsan)i«. 1.— Tfi* Soeiety is constituted HuJer the name of the Quebec Fermanent Buildinff So- ciety^ "--^^ ^ ■•:;--■■■ ■■ 'V ^ ■ : 2.— The intents and purpoees of the Society ^"*«'"* *;** are, to assist the members thereof in the acqiu-jJJ^'PsMiVtl. sition of freehold qr leasehold property :— arid in the removal of incumbrances or liabilities npon property already held by them ; and to enable them to receive the amount of thei^ ■hares in advance, upon furnishing good mort- gage security; and to provide for those who do not require such advances a safe and renume- lative method of '•investing small sum#. of money. 3. — All monies which shall from time »<» .^ time be subscribed, paid, 6t given to or for the cript>»«Jf t«»>e use or benefit of the Society, or which shall in •PP'°P"«»^'*- any wise belong to the Society, shall be appro- .. ; /' priated and applied, in the first place,, in loans * , ^ or advances to the several mempers, towards / the necessary expenses of the Society, in the /« purchase of the Shares of those members wha / desire to withdraw, from the 5»ociety, as hereinaftej^ provided, and in the payment, at * the expiration of the term of each successive class, of the full valueof such shares therein as may reinain unadvanced, but no member shall - l)e entitled to receive^^by wiy^of loan How sabf / .$ _or^c*d« 34 '■■.^' ProTiid» intetMt'to , be allowed upon deposits madeiniMl> Tance. ■ ■■; ■:■■!'/. Kainbejrof Shares amoontof each Shares. -■•■/-, ■■ .- ..■ ; /■ -. ^ ■.-. • . / Classes of Members; when opened and for what period. ^<" .Directors; their ^uomm; President and ^nce, inore than the amount of his share or shalres subscribed for. If not taken up among the menibers, any funds may be otherwise invested for the benefit of the Society, at the discreUon. or the directors, of which members may, never- theless, avail themselves.' 4 —Shareholders who may be desirous of making an immediate deposit of money, Yat the rate of not less than £6 per share for each unborowed share and of ^12 for each borrowed share, the half shares in proportion) for the pur- pose of meeting in advance their monthly dues shall be allowed interest upon; the amount so dejTosited atthe mte of six per cent calculated monthly. , 5.— The number of shares shall be Unlimited and of the value of jBlOO each, the half share* ofjfi50 each payable by monthly instalment of 1^-, per share, and 6s. per half-share, on the third Monday of each month, commencing oa the third Monday in the month of April, 1856- and for the full term of ten yeais, or, when the thurd Monday fellrfon a holiday, then On the day iblloviring. 6.^In order to a£R)rd a frequent opportumtr for subscription without the payment of heavy arrears, and a premium corresponding to the past profits of the Society, the Directors shaU be authorized to open, from time to time, a di». ti« cy of a 0ire£- lor. . <}eneral an- nuel Meeting for the Elec- tion'of Direc tors. The Tre- asurer to pre- pareian annual report and statemeut of allairy. Extra ge- neral mee- tings. v: ;•■■■.-, ■-::■-: f-^.-. ' '26 ■ / ■' ■ ■■,■'-'">■.■".■"■'■ ^•:.^-;..-.' bnsiness in the City of Quebec, for the deposit of monies and securities belonging to the So- ciety, and for conducUng other fipancial con- cerns, as they sliaJl from time to time deem l^^cessary. " • - *2.— Itany Birestor shall die, or resign or. become incapable to act as Director, or be come bankrupt, or insolvent, or compound with his creditors, or cease to hold the required number of shares, or be removed from his office by a resohition of a special general meeting of the members, he shall thereupon cease to be a^Directorofthe Society: and in each of the above cases> the President may convene a spe- cial meeting of the Directors, at which said special meeting they shall appoint another inettiber of the Society to be a Director in place of the one who shall have ceased to be a Direc- tor as^aforesaid. Should any Director, for three months successively, be absent from the mee- tings of the board, the Directors shall replace him if they think it proper, V ^3-^ A general annuel mee^ng of the mem- bers shall be held at the Society's office, or such other place as the board may appoint, on the l^t Monday of May, yearly, commencing in 1857, (and when that day falls on aholiday " then ou the day following; fpr the pttriwse of electing Directors for the ensuing year, and for all other general purposes relating to the management of the Society: find at each of the said general meetings shall be submitted a full and clear statement of the afl^rs of that Soci- ety Tor the previous tw^elve months, and each of the said periodical reports shall be attested by two auditprs appointed by the Directors 14.— Extra general meeting of the Society- may be called by the board of Directors, upon the members being notified of such meeting ' .•I /, '^r J .;;;:;^^<.■ :;;■,,;:..■". .-:vaif ■ •, • -.'•.■■ ■ ■''■■■-.' » through the Post, Office, or otherwise, at the discretion of the Board. * »,_,*« ^ 16.— Ail questions at the annual or other Majority o» •general meeting of the Society (except the J»^«^^^^^^ election of Directors as before mentioned) shall questions; ex- be decided by a majority of members present cepiion €hair- the chairman having a casting vote in addition man to have a to his vote a^ a member. castmgTote. * 16.-^A Treasurer shall be appointed who a Secretary- shall also perform the duties of Secretary, and Treasurer to who before entering upon his office shall f"!" ^J^Ju fe" liish security for the due performance of his j^^j, security, duties, ifthe Directors think it proper. 17.— The Secretary-Treasurer shall ^ em- Secreuwy- powered to receive and pay all monies for and ^^^^.^^ ^^^^ on behalf of the Society, and his receipt shall pay all mo- iji all cases be a sufficient discharge. He shall neys ; cjwh- >also keep a cash book, where all monies re- J««^*«^^«< , ceived and payments mad»,are to be regularly JJPy ^gp^/ and correctly entered, and he shall deposit with g^gj, the Bank all such money as he shall receive when \t amounts to the siiin of £Z5. ^ - Monpvshow ^ I8.-N0 money shall be drawn from the to^eTmwn Bank without the signature of the President frpmihe' (or in case of his absence, or illiness, of the Bank. Vice-President,) and of the Treasurer. 19.— Books shaim opened for keeping the-„d AccSIiirt accounts, minutes, ancKother proceedings and ^^^^ ^^^^ transactions of the Society. / kept 20. -The proceedings of the Society shall be Procedings entered in a minute book, in detail, in such of Society to manner as the Board of Directors jnay, from "'J^J^;^ time to tiirie, direct: such entries to be signed ^^q^ by the Pr^sidenti Vice-President, or Chairman, ' as well as by the Secretary and Treasurer. 21.-^^he name and place of abode of each Registry Book sliareliolder shall be entered in a registry-book to be kept ion ng ' ; ^ >t6 be kept f( Dr th«t purpose. %■'-■■'■■ ^ y '.•": . \. ■ 1:',: '— " • ■ . ■ !,'■* ' / }:'"C- m ■■ J' ^m" / .^' 28 Appoint- ttient and dutiM of the attorniei of the Society. Appoint** ment and duties of the Notaries of the Society One or more Inspectors to be appoint- ted. . Members to pay an en- ' tAince fee/. ' exception. 22.^-One or more attornies shall be appointed (who shall hold not less than 3 shares) who shall transact such necessary business as tW Directors may require. He shall investigate |h« title to any property offered as security to th» Society and all other documents relating them* to, and shall in all cases render a^ report, ia writing, whether such title be deemed by him -good and sufficient for the purposes of the Society. The* Directors ipay dispense the borrower with such investigation aiid report if they think it proper. The attorney shall v»* ceive such fees as the Directors shall ttiink reasonable.* ' 23.^-One or more Notaries shall be appointed (who shall hold hot less than 3 shares) who shall prepare all >deeds Of mortgage and other necessary documents in favour of the S pointed (who shall hold not less than 2 shares) who shall survey and examine the property offered to the Society>' He shall in all .casei render to theDirectors a report in writing, of the'_ value and statd of such property :; provided that in special cases the Directors may disr penSe with such exanlination and ieport. The Inspectors fees shall be fixed % the Director anci .the Attornies, Notaries and Inspectors fees* shall, in all cases, be jjaid by the borrower! ? ' 25,-^Every person be coming a member.of the Society, (except as legatee, 'or legal repre- sentative,) shajl pay an ;entrance fee of 2s. |ld; per share or half-share. : * X. , / . of ided Thp to% ifees^ • 'x. " 26.— All persons upon taking s^wes in the Ruksto be Sc^ktysholUign the rules in'k book t« be ^^-^ / kept for that purjpose. ,» V. v ^ i7 ^Every member in default for his mon- thly subscriptions when due, shaU^pay in the common funds of the Society a fihe of , 3d per share, 2d per half share 5>r\the 1st m. 6d " *d " for the2na m. Is « 8d " * for the 3rd m. doubling the fine for each succeeding Jfuonlh, till the expirationof the first six months, and after that time,if the arrears Jpf^wn^upai^ .ttie Share or sh^Ws shall ^e forfeited: t^js^to say, the member shall recent ba«k (j)»^thPWt . interest) the net amount of his monthjy sub*- .. criptions p^ up, deducting any fines, in^erMt. ^ ur forfeitiJres that may be-due, and^lapa^f^ • r feiture Qf20s per-share or 10s per half share, and he shall cedse to be a member . Over the term of six months, the borrower shall pay Ji fine of 6d in the pound per month, on, ^he ; amount of arrears, until the leg^ "^""^StA t^ : 28j— Any member desirous pf witharawuig Members from the Society, may on giving one calehdar may with- „ - month's notice in writing to th^ Secretary, be ^y. Wl | ^Uo4d to do so ; and he may receiv^i^^ netamotint of his mdnthly instalments already P" paid, deducting any fines or^fbrfeitures that v maV be due;. provided that if twelve instal-^^^^^^^^^^^^^^^^,^^^ ments have been received, the Directors are • hereby empowered to pay to any such -with- ,, drawing inember the interest <^6^pc'^9«»t ^^ the amdunt paid in, and more »f the Directors think it proper. The Directors shall .have the poW^r todetermine the ri^t of priority beU . vsreen members desiring to withdrawn. « 29.— Each tnember changing his residency change of shall, within one iCalendar month thereafter, .wddence to give notice in writing to the Sep^etary of such be notified to 'V I *\ 'wt ■b. t / 30 I l-A. *! • 14 • theSecretarj.: fin*. Da ji to he fixed 'for the disposal of fundi. Purchaser to make A deposit liimits in which proper- ty given as security shall, lie.- I Mortgage or transfer of property to be -made to the Society. When the > borrower shall receive the amount bor- rowed. change, and4f4ii« new place Qf abode and^ addres^i or in defauH thereof be fined 28. bd. . 30,— TKe Board of Directors may from timf to time, fix one or more days for the disposal of such funds as the Society may have to lend or advance, of wh\ch d«e notice shall be given. The mode of dispoispl shall be detennmed by . the Board. ^^ V * ' r t.^ 3 1 .—Each purchaser, or borrower, unless^ ne woduces, within iiiteen days, security satisfac- tory to the Board, or has their permission to extent the time, shall be liable to a fine of 10a for each share, or 5s for each half share borro- wed or adA-anced, and he shall .deposit when registering his name as applipant, a siim of 15 slullingsfbrl&wcopts . i *^ 32.— In ordinary cases, no property situate beyond the limits of the District of Quebec, shall be accepted as security for loans ^or^ ad- vances to Members of 'the Society ; but m Board of Directors may, at their discretion, and upon special application, accept -^ security cm property situatgcTany. where within the limilp of Lower Canada'. -. ^' 33.— After inspection of the property propo- sed, the purchdser shall, if the security be approved, execute a mortgage or transfer t^ the satisfaction of the Directors, and at his own expense, to secure the monies advanced, with interest, and also the due payment of the ordinary monthly^ subscriptions, and any fines or forfeitures that may be incurred, and shall also bear the cost of enregistretjfon. . . 34.— After such mortgage, or transfer^ shall haVe been executed, together with such poli- cies of insurance and other securities ^s the, Directors may require the mortgager^ shall at once deceive the amount of share or .shares lyr- rowed, pu rchased, or advanced, eitftr ili lull 1 .? ) ) 1 '%!f A-'- 31 ^> V ••^or with deduction of the bonus agreed to_ be paid thereon as per propdsal. Then, he shall continue to jpay each' month until the end ot Jfefe class he belongs to, an additional sum of %6s per share pnd 5s per half share sp borro- wed, if the advance is made by way of Bonus, and for a period of ten years ; or according to a scat^ proportionate to the Bonus, if the advance is made for the full amount : and if ^ne or inore buildings be in progress of erection, such amount shall be advanced upon one or more certiicates, from the Inspectors, and from time to time, as the Directors shall determme, ac- cording to the progress of the work, Cr ^ ■: 35.— The Directors shall have powet to j^y ■■[^.. f .? Directors the ground rents of all premises mort^ged tP ™;y„ J^^^^ the Society, which payments may be made amount to b* out of the funds of the Society as such rents be charged to pome due, and shall be charged to the mort- Mortgager; gager, and repaid by him when the following pen^l mommy suuaMiipMVH* »•*•» - — » , « • 4 ^ whereof a forfeiture shall accrue to the Society^ of 20 per cent, upon the amount so paid. , y ■,:- 36— If any member shaU desire to have his Discharge •prop^rtydischa^edfrom^^ mortgag^^to^l^ Society, before the expiration of Jhefultenn ^^, for Which it has been taken, he shall be allowed todbkoou payment of all repayments, and anv fines, fees and other sums due in respect ^ thweofciip to the time of the redemption of ^ r such mortgage, and of the j^es^t^ jalue of . v the futiire repayments, calculated to the end ot r the tefm, and at such rate of ^ interest and on^ ■ such terms at'the Directors may determine^ 37— It sh^l be lawful for any niember Substitution having executed a mortgage in fevor of ^he jfa^^er Society, to substitute, at his own expense, and P ^^ subject to the approval of th^ Directors, any ,^.^je4M^««A 4>> 38 •^'' ■■^y' .'•t^- Caie when * » borrower - may neU his propertjr. Members joining after commence- ment of each class^to pay airean, &c. Money which snail be receiyed from Insu- rance com- panies how employed. other property, as security to" the Society^ liu^ lien of the property originally rnortgaged. ,' > 38. — ^If any member who shall have VlTxe- cuted 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, upon first duly transferring the shares secured by such mort-,, gage, to the intended purchaser as provided by theseirules; aiid upon such transfer being com- pleted, and all arrears due to the Society, from the mortgager, being paid, and the conveyances to the purchaser executed, such purchaser shall thenceforth enjoy all the rights'and privi- ledges of the mortgager, and shall become liabld to pay all re-payments payable in respect of such shares ; and the Directors may grant to the original mortgager, and at his cost and charges, a release from all future liability in respect thereof, towards the Society. • 39. — Any person entering the Society after the cominencement or formation, of a class (except asi'transferee, legatee, or legal rej^resen- tative,) shall pay the full amount of subscrip- tions, which shall have been paid by the ori- ginal Shareholders from the date of such commenceii^ntMV''''^v '■' '^-'v- '•■"^''^^' ^ ' ■'^'''■'■^■■ 40^--The B>irectors shall, at their discretion, either lay out the money which shall be recei-g yed from^v Insurance office as aforesaid, oiV any part thei^oi^ in repairing the damage done to the premises, or retain and apply the same, or such ptfrt thereof^ a^r^liey shall think fit, in or towards payihent ana^sat^action of the, amount which shall be due frosHhe mortgager to the Society, and pay the surplus^if any, to the mort^ger, or to such other person as he shall (by- writing) direct to receive the same. \ •?!■' ^- 33 ■< 41 Slfmore than one half of the number of Meaing to member/of the Society shall BJ» ^ Se-'T-^^i^^^ sitioncalHnKa general '^^^^^"K ^^^^^.^^ ru&. -, holders, and recommanding a modificatioi^ > wcision, or repeal of one or more rules of the ^, ; sSS^be said general meeting, wittat ;• Suonas tp th{'««mber of^ar^iders present, shall bie authorized to make and pa^ Juch modificatibn, amendinent, rescisicm or v , , '^^ll-Any S&mr ^ J^ ^ share or shares by y"s»ng an entry of such ^^^^^^f^/^^d, transfer to be made ift the books of the feociety. ^,,^^€1. in such manner as the Directt^rs may appoint and upon payment of the sum of 2s. bU. lor each sW si transferred and of allarrearsthcn due; and thereupon the transferee^ (after s^^^^ . ning the rules) shall be entitled to Ml the Pri- vileees of the original shareholder. - member 43.-In case of the death of any member, the ^ j^ ^^X lecatee or legal representative. of such deceasea ^f proceeding member, shall, before becoming entitled to the for a legatee pri&ofan original shareholder, prociueorj^^^^^^ C plaie qf abode, and the T^rt^cnlars of his -^ame^to^be title, to be registered in the books ot the^ feo-i^older. . eS?^:and shin at the same ^r/'^^^^ i - wilier probate thereof; or grant oTletters^^ ^ administration (as th^^case W beKfor th^ , Inspection ahd'sati^feetioir of th^ ^"^"^ i anfray for suc^ registry the sum of 2s. 6d. » . ^44^he1)irectors elected at the formatioii -DirjK^ of t ^e^ - well as th.se her^^^^t*!:;^ electa shall be indemnified out of the funds of ^^^.^^^^ tL^iety, or otherwise, from all expenses m tht. Society.. I^rence to the formation, conijuct. and . ^ management of the Society. _ . „♦ h«^*.ta ""^.iir it shall app^r ta tlw Bffi^*,^ gJ^aTi.- any time, that the profito of tha Sporty y/MW :-s • ■n u Insurances of the property beJonging to the borrowers. ''■, "*;- f\ii dr Ihi th an 80 jrertaiicas... Sfs «Wn ti '* ""?^ -Pecified, such surplus Im^^htn^r^^'T't^'^ ^y '*»« Directors equitably, and equally between the investing and borrowing members, by way of, bonus iS ^o.«-o. in ™t±^y.,^^" ^^*k^^'» "^-'"bers the^cUv ?n i\^ ^'^^'^"tageand well being of me ^oclety to set apart one-third or Ip« nf {mchg^tsibrfutt^ ^v| the power to do so, and the same^ha l' %n| a part of the general ifunds oi the Societv J^hC^P^^^"^^^^ rer^vmffTI''^^^"""Sto the Society the £1^ 7 " ^} ^^^ l'""^ °^ ^'^^ execution of h^i^fr'^^^^ (""^«« ^^«^^e^ otherwise by a special resolution of the Directors Vin«ir« against accidents byfire at one ^ ^Se insT mn|^ompanies in qjuebec, to the ^lUtnount erected on the land and pl'emises mortgaffed to the Society for security of the. payment of th« sanje^ he shaU thereafter unKl£^ shall be fully paid and satisfied, keep the Sfe £frtr?^^^ as^resaid, aid h^^S Provito ^1 ' ^°?f ^^'ne endorse over the policy or n-ovito. poueje^ of insurance to the Sotjiety. And i?the^ ^id borrower omit to effect or r^e^o ^T / I uf }h "^°"^' aforesaid then the Dn^ / °^tf ^" *»^^«^heTight^ffectingandr7neW ' ' Jtl ^^^f '"^. ?' of insurilag the rights andante rest ofthe said Society in 'the laSds and nre- • ^^ mortgaged as aforesaid ou t of the geng^^ y^:^ y. \ • '""■■■■■•■"■■■■ M ' ■ ■■•--■":?;■■■ -■'■■':'•.■■."■■ ■ ' ■ ■ ■ ■ » .-..'».■ ■ ■ ,■•■..■,■■ > flind of the Society, and the borrower shall on > ■ demand pay and reimburse unto the Society - the amount of such premiums with interest thereon at the rate of six per cent per annum, and a fine of twenty per cent upon the amount •^4^i^If the Directors shall be enable ^^^^^ J^^ pose of the money mhand and ?*/*»tv. V„ ofln ceiSin rates, they may if they consider it for the m- ^^ terests of the Society call a snecial meeting ol the members, and announce the fact >o mem, and the proportion of the profits which they » consider it just, and proper to pay to jnembers withdrawing ; and if the money on hand shall;^ . . not then be taken up voluntarily, ^ther m ^ . loans at the usual rates, or by^ ^^^^t7v,°S :^ the terms proposed by the Directors, they shall in the prcTOupe of the members attending SUCH- meeting proceed by ballot in such form, a«^ shall be prescribed by the Directors, to dispose of so many sh&res, sepamtely, and one share a| a time, af the money in hand will warmnt amongst such of the members, as shall not previously .have received their shares in ad* ^ . vance, or the entire number of shares, tor which they shall have respectively s«*^scribed. and the person or persons whom the ballot shall determine to take the share or shares so ^ ballot for, shall within ten days be obhgedto withdraw or borrow ftom the Society, to the extent of the share or shares, so balloted on him on the ttrms previously determined on tyy ,^he Directors. v. a^. Duration of 48.— Whereas circumstaniies may be'eatter ^^^^^ ^j^^j^ ' render it expedient to change the duration, oi gj^t^nt. ten years provided, by these rules for every class of ihember: . , V "^ • /Tlie Directors shall be authorized, when • opAping an y new clas s' or classes, to select such \. ■^b™"j-v"'t»i|^!W»» . \.». 86 ^;;: L; .' *■». ..ft duration as thev *»«» ♦u- n V v^ "* . ^-^'''niw tLZu^J J^':^,m», *nd to fif'd to attain ZZ<,TT)l^ t'""'"* '- 'J'ng to ,uflh duration .nS .t '" *"'« ""eo'- • "Wn *•' of prt^ equitably increasing n^..P!i""' "?<« «t m •quitafcly increarirnS'.P*r"' ">«> »» «» T / « 1| #* C v\ V p. y ■, • " f ;. - ^ 'f ■ 4 x'. ;;■.■ • and to aent re- B acoor- aniount jdifloon. id thus inate at ss. and reaso- of the equiw, etiring >f pro- ced ag at an I -<# 4 \ J ^^ ■,V' ..; ■/:■ / M i '■ i ' .;•' ^ w» ' k' 1 -^ 1 ^ r, I 1 >' /'.■ : ■ • m k i \- t P r •■ 4-.' / 1 t • «.. / / ft * < V - ■ i'.. V / / ft //• / ..-^ 'y /y /' /" / •^ / / ^- / / / % "A V •'^, A - /• \»; ■- #: Wf- ::" :-.-'M^ fe- m -