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 6 
 
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■.'■■■i 
 
 1 
 
 PROSPECTUS 
 
 OF THE ' '- 
 
 C^JEBEC BUJLDING SOCIETY. 
 
 » ^ 
 
 r: 
 
 ^gh(ires :— £100 each. 
 
 Monthly Subscriptions, 10s. per Share ; Entrance Fee, Ss. 6d. 
 per Share, Transfer Fee, 28. 6d. per Share. " 
 
 • . — ' 
 JOS. MORRIN, Esq.. President. 
 JOS. HAMEL, Esq., Vice-President. 
 
 W. MARSDEN, 
 ^O.yOtiITAIl,LE, 
 DimBAR R03S, i^ EsQUi 
 '\ c/P. PELLETIER, 
 
 'f, sheppard, " , 
 
 |V. KIMLIN, Treasurer and Secretart. 
 
 Lboa^ Advisers.— ANDREW STUART, Esq;, 
 and J. M. HUDOxV, Esq., 
 I^otaries.— JOSIAH HUNT, Esq., and ; 
 <^ J. B. PRUNEAU, Esq! 
 
 I4r. SIMON PETERS. 
 Inspectors,' 
 
 Bankers, The Quebec Bank. 
 Office Fort Street, Upper- Tom n. 
 
 «; 
 
 Keference is directed to the 3d Rule,— by which it u-ill be seen 
 that the Society allon:^ interest .to accnmulate to the credit of 
 Shareboldeis who desire to pay in advance. 
 
 }^Sl4>de 
 
 ^Sf^ffi:^^^ 
 
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 ■ tK'hlT »bH 
 
 IJIHE extraordinary saccess that has attended Build- 
 ing Societies elsewhere has led to the formation of the 
 
 which has for its principal object, the enabling individuals 
 to invest iheir savings in the Purchase or Erection^ of 
 Building. 
 
 "A Tenant, Jn ten years, payHijs Landlord a sum equi- 
 valent to the value of the house het>GQupies, and yet at 
 the expiration of thai period he has no ifiterest in the 
 property — but, by becoming a Member of thisSoQiety, 
 he will be enabled to purchase or buiid.a bouse, by means 
 of a loan granted to him for that purpose, repayable by 
 monthly instalments, little if any more than the re;it 
 which he otherwise would be paying, with tliis advantage 
 — ^that he becomes the proprietor in ten or twelve years at 
 most, but generally in much less time ; as will appear by 
 the fallowing table compiled by Mr. Thomas Champion, 
 ^Director of the " Farmers' and Mechanics' Building 
 Society," Shewing the number of monthly payments of 
 t€|i shillings each, that, must be made to liquidate the 
 shares of £100, the .money being invested monthly to 
 
 give compound interest, at the rate of half per cent per 
 month. 
 
 The Shares being all 
 
 paid off at an aver , 
 
 age boiiuS of 
 40 per cent. 
 
 The Society will have paid 
 off all its Shareholders in 
 82 payments, or 6 years 10 mos. 
 
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 "ar.. .,,,,.,,,, ^,,,^139 
 
 Building Societies have been established, and in wc^ 
 cessful operation, in England, for upwards of a quarter of 
 a century, and for nearly four years past in Canada, and 
 their i)enefits {.nd advantages have been fully developed" 
 and ascertained during that.period. The Montreal Bqild- 
 Jng Society, which is the oldest in this country, decla- 
 red a premium of ^jO 4s. 4d. on £18 per share pakl up. 
 at Its last annual statementin October 1848; but great a» 
 , this dividend is Compared to other invesiments, it is much 
 smaller than that of some similar S«|^ies of later form- 
 ation ; for instance, so successful havllleen the opera- 
 ions of one of the Upper Canada Building SocieUe.. 
 that persons desifmis of joining now, are obliged, not onry 
 to pay up arrears, interest, and premium, but also a CO*. 
 
 SIDEHABLr INCREAgEU ADMISSION FM. 
 
 The Shares are fixed at £100 ea^h, and ai« paidNip by 
 regular monthly instalments of ten shillings fpr each 
 share subscribed ; thus a holder of one share can borrow 
 or purchase £lOO-.five Shares,£500, and so on in pro- 
 portion to the number of shares he holds. The moner 
 Which the Society will have to loan, will be ofiered to 
 
monthly competition, wheiv every member «riU have an 
 opportunity of purchasing to the extent of his shares. 
 
 The borrower or purchaser, before receiving the 
 amount, mu*t deposit with the Secretary the particulars 
 of his securities, which will then be' visited by the 
 Inspector, and the titles investigated, and should both ^ 
 torove satisfactory, the money is advanced, charged at the ' 
 rate of six percent, per annum, Sjioald the borrower - 
 desire to erect a dwelling-house, the money is advanced 
 as the buildinc; progresses. \ 
 
 - Any member, desirous of either building or purchasing 
 a housed (whether for his own use or to rent,) or of pay- 
 ing for one* already purchased, is thus enabled to obtam 
 funds from the Society to an extent not exceeding the 
 /. amount of his share or shares subscribed fur. As secu- 
 rity for such advance, he gives the Society a moitgage 
 upon real estate : upon Which Tnortgage he continues to 
 pay the interest, merely, until the funds of the Society, 
 from bonuses and. other sources, have so' increased, 
 that the full amount of the shares subscribed for have 
 been realized— wlien the Society becomes self-extin- 
 guished and terminates. Then, without liaving (appa- 
 rently) repaid the principal, otherwise than by the 
 ihonlhly subscriptions before-mentioned, the mortgage is 
 given up to him, free from all incumbrance. Without 
 these advantages,how many difficulties are in tlie way of 
 procuring loans from private persons, even for a very 
 short term! • " ' j. 
 
 Capitalists can do belter with their money than lendmg 
 it at legal interest in the security of real estate ; and many 
 will have to be applied to, and" many rebuffs and refusals 
 given and received, before the loan-seeker can succeed. 
 
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 Stockholdert in a'Buihliog Society aie in n^ifTerent poci^ 
 tion. — They kn6\v .that at certain regular pe^riods ther« 
 ar^ tales of so ifiany lots of nrjoncy among' themselves^ at 
 which all hav^ opporlunities.or competingf and that the 
 lots wiU be awarded to the highest bidder. Every Stock- 
 holder feels, therepjre, that he can readily tiorrow the, 
 amount of hisTstocIc^ by giving a certain bonus for it, and 
 that he is consequently, in a~great 'measure^ independent' 
 of foreign as^stance. 
 
 "The borrower indirectly, and the non-borrower <lirectly, 
 benefits by the bonuses given, which being deducted ^n» 
 the first place, the Soci^y works upon and 0ih as well 
 ■ as its other funds. • 
 
 ■ Should the bonuses average 40 per tei^, the Society 
 must become self-extinguished in a little' Je$s than seven 
 ' yeacs — say seven, however, and in that case jthe monthly 
 payments on each share will amount tb £42. Theilif- 
 ierence between that amount and the j^lOO, which th^ ' 
 inveater receives at the expiration of the Soeiety, consti- 
 tutes hifi profits— allowing liim (to save the troiible and 
 ^;70edi6usness cf a long compound interest calculation]^ 
 interest at 6 per cent per annum on £42 from the day on 
 which he began to make his monthly 10s. payments 
 towards that amount; tl^ie sum (including entrance fees, 
 &c.,) which he really pays, for his share is, £62 10s. 3d. 
 and his profit is, over ani^ above legal interest, no less than 
 , £37 IDs. 
 
 -^ 'In Oanada, bonuses hav0 thus far averaged about 35^ 
 per cent, although, in many instances, this rate is greatly 
 exceeded. 
 Among other beneficial r^ults to be anticipaled {fom 
 
 1\ 
 
 .1' 
 
— 6 
 
 
 1^ 
 
 the establishment of Building Societies nny bfrenutnenrted 
 the following :-^ . *^ ; 
 ^ 1. — ^Enabling [arsons of small but regular incomes t& 
 apply a portion of their savings towards the acquisition of 
 property and independeJbe, with greater ultimate profit^ 
 than can possibly accri# from a Savings* Bank ; with 
 this s^l^i^onal advantage, that they are at all times in a 
 situation to profit by any. cheap purchase of landed pro- 
 pert]( that may present itself, by borrowing from the So-^ 
 ciety, on the easiest possible terms. 
 
 2. Professional men, builders, mechanics, and clerks 
 in commercial, bankir)g, and other establishments, are 
 among the classes Inost likely to be benefited, more or 
 less, by the institution. 
 
 3. Proprietors ofbtiilding lots will be enabled to dis- 
 pose of property which would otherwise remain on their 
 
 I \aLxA% for years, "without producing any rent or interest 
 V whatever. 
 
 ^^ The benefits arising from these institutions must be ia< 
 the exact ratio with the magnitude and extent of their 
 .operations. 
 
 The profits being derivable from the bonuses paid dh 
 money borrowed, and interest upon mortgages, thetfa 
 will of course be in proportion to the number of shkre- 
 holders. ' . 
 
 The utmost safety and protection from risk, are oiil^r^d 
 to capitalists (as none but Landed or Building Secutil)r 
 will be received; personal security, however utiiex- 
 will not in any case be taken) and the cobw 
 
 c eptionaMe, 
 
 duct of the affairs of the Society is under the cuntrout tiA 
 management Of a board of seveVi^frectiAiB, wfto are chiosen 
 annually, by ballot, from aftioh^ the shareholders. 
 
 /, 
 
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 TEb funds of tW Society arising from monthly subscript 
 tionsi, fees, iic, are deposited daily in one of the 
 chartered banks of (his city, and no money can be drawn, 
 out except upon the joint check of the President, or Vice- 
 President, and Treasurer. J__^ 'L, . ;, . 
 
 A regular monthly meeting of shareholders will take 
 place, when th^ modey on hand will be loaned ; but as so 
 much of the success of these Societies depends upon (heir 
 internal management, this Society has depar(ed from the 
 ordinary rule, by imposing upon the Directors a reg6krr 
 -weekly attend Ae, ifi rotation, at the office, for the pur- 
 pose:^ supervising its current atfairs. 
 
 "^e Dirediors, jtherefore, with the most perfect CMiiS- 
 ^ence, submit their Prospectus to the public, believing that 
 they flmre commenced the establishment of a society' 
 which will prove of great benefit to their iellow-citizens : 
 requesting the most searching inquiry into the, history 8hd 
 operation of similar institutions wherever^ they have an 
 existence, and referring persons desirous of more parti- 
 cular information to the Rules of the Society, or to any, 
 pr all of its officers. • 
 
 'M^iSl^ii^t,- 
 
i- 
 
 CAP. LVll. 
 
 i' 
 
 Preamble. 
 
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 f 
 
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 When twenty 
 penoDS shall 
 agree to ron- 
 •Utute* Build- 
 ing Society* 
 they shall be a 
 Corporation 
 for tha*. pur' 
 pose, after hav 
 itkf complied 
 
 Wi t h e er t «ff= 
 formalities. 
 
 To encourage the, establishment of Build- 
 ing Societies in Lower-Canada. 
 
 25th Jpril, 1849. 
 
 \V/J[/hEREAS an Act was passed in the 
 ninth year of Her Majesty's Reignt for the 
 purpose of encouraging the est^blisiiment of 
 Building Societies in Upper -Canada, and it 
 is expedient to encourage the formation of 
 similar Societies in Lower-Canada, whenever 
 the Inhabitants of any particular locality may 
 be desirous of availing themselves of the pro- 
 visions of this Act : Be it therefore enacted 
 by the Queen's Most Excellent Majesty, by 
 and with the advice and consent of the Legis- 
 lative Council and of the Legislative Assem- 
 bly of the Province of Canada, constituted 
 and Assembled by virtue of and under tiie au- 
 thority of an Act passed in the Parliament of 
 the United Kingdom of Great Britain and. 
 Ireland^ intituled : ^» Act to re-unite the 
 Provinces of Upper and Lower- Canada^ ^ 
 and for the Government of Canada, 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 them- » 
 selves a Building Society, and shall have 
 signed and executed, under their respective 
 hands and seals, a declaration of their wish 
 and intention so to constitute themselves such 
 
 Building Socieiy^anTsliall have deposited the- 
 same with the Clerk or Prothonotary of the 
 Court of Queen's Bench of the District 
 wherein such Building Society is to be formed. 
 
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 and to havQ its principaf Office or place of 
 Business, (who for receiving such deposit 
 shall be entitled to'rece ve a fee^ of two shit- 
 lings and six pence) such persons and such 
 other, persons as may afterwards become mem- 
 bers of such Society, and their several and 
 respective heirs, exeeuVors, curators, adminis- 
 trators, succ^Sors, and assigns^ shall be or- 
 dained, constituted and declared to be, and 
 shall be a CorporMion, body corporate and 
 politico, by such name and stylQ as a Building 
 Society, as by siuch declaration so deposited as 
 aforesaid shall I have been declared to be the 
 name by which the petsons so executing the 
 same, desire sjuch Society to be known, for 
 t&e purpose of raising by, monthly or other 
 periodical subscriptions of the several mem- 
 bers of the said Society,'and in shares not ex- 
 ceeding the vaAue of one hundred pounds for 
 each share, (such subscriptions not to exceed . 
 twenty shillings per month for each share,) a 
 stock or fund tor the purpose of enabling each 
 member thereof to receive out of the funds 
 of the said Society the amount of value of Ms 
 share or shares therein, to erect "^r purchase 
 one or more dwelling house or houses", or other 
 freehold or leasehold estate, and to be secured 
 byway of mortgage or otherwise to the said 
 Society until the amount or value of his share 
 or shares shall have been fully paid to the said 
 Society, with the interest thereon, and with all 
 fines or liabilities incurred in respect thereof ; ^^^y'^IH^y 
 and that it shall and may be lawful to and for S:'. * 
 the several members of such Society, from 
 time to^4iinc, to «8sennb|» together, and to 
 
 % 
 
 \ 
 
 Rules, 
 
 g^i^r 
 
 make, ordain and constitute such, proper and 
 wholesome Rules and Regulations for the 
 goveraroent and guidance of the same, as the 
 
 
 fim 
 
 wk^ 
 
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 i- , 
 
 "S^ 
 
 of til 
 
 May impose 
 
 
 major part of the ihelnbers thereof so assem- 
 bled together ' shall deeqi meet, so a» such 
 Rules shmf not be repugnant to the express 
 provisions of this Act, or to the general law» 
 of this Province or of Lower-Canada; and 
 «.,j .».po.e *** impose and inflict such reasonable fines, pe- 
 fines on mem- nalties and foiffeitures upon the several mem- 
 bc«, fcc. bers of the saijd Society who shall offend against 
 any such rules, as the majority of the members 
 may think fit, to be respectively paid to such 
 uses for the benefit of the said Society, as the 
 said Society by such Rules shall direct ; and 
 also from tir^e to time to ainend and alter such 
 rules as oc^casion may require, or annul or 
 repeal the ^me, and to make new rules in 
 , lieu thereof, under such restrictions as are lit 
 this Act cf)n{ained; Provided, that no mem- 
 ber shall rfeceive or be entitled to receive from 
 DiJJdSdsV&c.**!® funds/ of such Society any interest or dir 
 'f>. vidend by way q^ annual or other periodical 
 (| profit upon any share or shares in the said 
 I Society tintil the amount or value of his share 
 or shares shall have been realized ; except on 
 the withdrawal of such member according to 
 the rultis of the said Society then in force. 
 
 - / ^ 
 
 Society mkf H. And be it enacted. That it shall and may 
 receive money be lawful to and for every such Society to 
 ttiu mihout^ have /and receive from any member or mem- 
 *«««*'*'• bersi such sum or sums of money by way of 
 ulu^Liwf. Sonus on any share or shares, for the priyi«. 
 lege of receiving the same in advance prior to 
 same being realised, besides interest for the 
 ire or shares iso received or^ny part thereof, 
 i^thout being 'subject or liable on account 
 
 I 
 
 the 
 
 
 ^ lereot to any of the forfeitures jor penaFSeT 
 /imposed by any Act or Acts of Parliament of 
 by any Laws in force in l^ower-Canada rela-^ 
 ting to Usury, . 
 
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 — 11 — 
 
 in. And be it enacted, That each such So-- . 
 ciety shall hnd may from time to time, elect ekcUrom* 
 and appoint any number of the members of *''"«*o »•'!?« 
 tlie said Society to be a Board of Directors, DiKctort^ ' 
 (who shall choose, a President^ and Vice- 
 President,) the number and qualification "" 
 thereof to be declared in the Rules of such 
 goei^||iyL4^a nd shall and— may li filegaift tn " . 
 such Directors all or any of the powers certain pow- 
 given by this Act to be executed; and «" n>»y be «•- 
 such Directors being so elected and ap- jf^Jlii^*''' 
 pointed shall continue to act i<)r and duiing 
 such time as shall be appointed by the Rules of 
 such Society ; the powers of such Directors . 
 being first declared in and by the said Rules ; 
 «and in all cases where Directors shall- be a p- " 
 pointed for any particular purpose, the powers 
 delegated to them shall be reduced to writing, 
 and entered in a book by the Secretary or 
 Clerk of the said Society ; and a majority of 
 . the number of such Directors, present at any Quoran. 
 meeting thereof, shall at all times be necessary, 
 to concur in any act of such Directors, and 
 they shall in all things delegated to them, act : 
 for and in the name of such Society ; and alf " 
 acts and orders of such Directors, under the* 
 powers delegated to them, shall have the like 
 force and effect as the acts and orders of such 
 Society at any General Meeting thereof could 
 or might have had i^ pursuance of this Act ; 
 Provided always, that the transactions of such 
 Directors shall be entered in a hook bebng- Provito : 
 ing to such Society, and shall from time tojjjjjj^jj, < 
 time and at all times be subject and liable tob«k^t,8t«. 
 -the^ — ' — " • • ■■ ^^^-- ^ 
 
 reriew, allowance and disallbwanceT^ 
 such Society, in such manner and fornias such 
 Society shall by their General Rules have di- 
 rected and appointed, or shall in like/ manner 
 direct and ap^nt 
 
'Si^i:^ :^y- And be it enacted, That every such So. 
 for whieh So- ciety SO established as afuresaid shall in or by 
 
 biuied &c!" ""^ ®'' "°*^^ ?^ their said Rules declare all 
 * * and every the interests^and purposes for which 
 such Society is intended to be established ; 
 and shall also in and by such Rules direct aU 
 :and^very the rt*ses^mid^pufposes tu whichlhe 
 money which shall from time to time be subs- 
 cribed, paid or given to or for the use or be- 
 nefit of the said Society, or which shall arise 
 therefiom or in any wise shall belong to 
 the said Society, shall be appropriated and 
 applied; and in what shares or propor- 
 tions, and under what circumstances, any mem* 
 berof such Society,- or other person, shall cr 
 may become entitled to the same or any part 
 thereof ; Provided that the application thereof 
 
 Proviso as to shall not in any wise be repugnant to the 
 
 001*00168 W . ^ . '' /• '^ 1 o . 
 
 which moneys uscs, interests or pu^oses ot such Society, or 
 
 may be ap' 
 plied^ &c. 
 
 V 
 
 any of them to ^ declared as aforesaid ; 
 and all such Rul6s during the continu- 
 ance of the same sh^Il becompjied with and 
 ■ ^ enforced; and thelnoneyssu subscribed, paid 
 or given, or so arising to or for the use or be- 
 nefit of the said Society or belonging thereto, 
 shall not be diverted or misapplied either by 
 the Treasurer or Directors, or any other officer 
 or member of such Society entrusted there- 
 . with, under such penalty or forfeiture as such 
 ^ Society shall by any Rule enforce and inflict 
 
 for such offence. 
 
 Rniel^be V. And be it enacted, That the Rules for 
 booitkeptfor the management of every such Society shall 
 l'J!'i* P"? ?*^* ^ entered and recorded in a book to be kept 
 
 ^ 
 
 members. 
 
 ibr that purpose, which book shall be open^t 
 all seasonable times for the inspection of the 
 members of such Society, but nevertheless do- 
 thing contained herein shall extend to prerent 
 
^JT^'"^ "??«■% -■^■'(B'S**"' 
 
 "Efr.^. 
 
 — 13^ 
 
 such So* 
 in or by 
 clare all 
 or which 
 iblished ; 
 directaU, 
 ^Eich the 
 be subs- 
 le or be- 
 all arise 
 elong to 
 ited and 
 
 propor- 
 ny mem* 
 
 shall cr 
 any part 
 1 thereof 
 i to the 
 ciety, or 
 iresaid ; 
 continu- 
 irith and 
 i^edy paid 
 se or be- 
 thereto, 
 ither by 
 it officer 
 1 there- 
 as such ' 
 id inflict 
 
 ules for 
 
 ty shall 
 
 be kept 
 
 khy aher^tion In or amendment of any such 
 Rules in the whole or in part,x)r making any 
 new Rules for the management of such Socie- 
 ty, in such manner as by the Rules of the said 
 Society shall IVom time to time bejjr ovidcd. 
 
 open^t 
 >n of the 
 slessDO- 
 prcrent 
 
 VL And be it enacted, That all Rules from Rules to be 
 time to time made and in force for the mana- ^t"**'?" °° »j 
 
 ' ■ , ^ . , 1-^1 31«?mberi ana 
 
 gement of such Society anil entered and xfi- omcers of 
 Corded as aforesaid, shall be binding on the ^°'''**y" 
 several membets and olficcrs of the said So- 
 ciety, and the several contributors theielo, and '^ 
 their representatives, all of Whom shall be 
 deemed and taken to have full notice thereof ^ 
 by such entry and record as aforesaid; and, , 
 the entry of such rules in the book or books 
 of the said Society as aforesaid, or a true copy - 
 ofthe same, examined wiiii the orit^inal and 
 proved to be a true ropy, shall be received ar* 
 evidence of such Rules respectively, in all 
 cases. '. . \ "■'- 
 
 VU. Andbe it enacted, That no R\ih en> „.., ,^ ,J 
 tered as aforesaid shall be altered, rescinded aitercd7>ie., 
 or repealed, unless at a deneral Meetins: of the J\^ ^?"*'"*V, , 
 Members of such Society, convened by public " 
 
 notice written or printed, signed !)>■ the Se- 
 cretary or President of the said Society in 
 pursuance of a requisition for that purpose by 
 not less than fifteen of the Members of such 
 Society, which requisition shall state the ob- 
 jects for which (he meeting is called, and shall 
 be adressed to the President and Directors ; 
 whereupon each member shall be notified Of 
 the proposed alterations through the Post Qf- 
 
 V 
 
 fice, within fifteen daysYsuch meeting to con- 
 sist of not less than one-third of the share- 
 holders, three-fourths of which meeting n!ust 
 concur in such alterations or repeals 
 
 / 
 
Roles (n ip«- 
 cifj i)la«:e of 
 
 -^ 14 -. 
 
 .Ik' 
 
 \ 
 
 *.■:•; t- 
 
 Officers to 
 give secuM 
 
 VJII. And be it enaclijf Thi4h^ Rules 
 of every such Society shall specify tlie place 
 or places at which il is iirfended that the said 
 Sqciety sluill hold its meet ings^,aiid shall con- 
 tain provisions with respect to the powers and « 
 iiutieafof the members at brge, and "*" "••'i*-^*^ 
 officers as may be appointed for the 
 ment of the ailakcs of the said Socie^y| 
 
 IX. And be it enacted, TJa^jj^Director» 
 of every such Society shalj aulmKy from 
 time to time qt any of tMr ust/a I meetings, 
 elect and appoint such. person or persons^to 
 be Officers of the said Society as they shall 
 think |)roper, and grant such salaries and emo- 
 luments as they may deem fit, and pay such 
 necessary expenses attending the tnanagement': 
 of the said Society as may bo incurred; iand 
 usiiall and may from time to time elect|when h 
 "sIimII be deemed necessary to carry into exe- 
 'iutiori the purposes of the said Society, for 
 such space of time and for such purposjes as 
 shall be fixed and established by the Rules of 
 tlie said Society, and may from time to time 
 iiisc\iarge such person or personsj^ and elect 
 > and appoint others in the loom of 'those who 
 shall vacate or die br be so discharged ; and 
 all and every ^uch ot}icer or other person 
 whatsoever wlM||^|yibe ^ppointejl to any 
 office in any ^^^Bu&g or cjM^knin^ %ie 
 receipt, n)ani^pHB^|||P.expe ninTure of iany 
 sum of inoheyMTrected for the purposes of 
 the said Society, before he shall be admitted 
 to take upon him the^execuiion of any such 
 office or trust, shall bfecome' bound in a bond 
 
 raSJ^t 
 
 rectors may determine, with two sufficient 
 sureties, for the just and faithful execution pf 
 
 
 ~ P ' a g — 
 
% Rules 
 le place 
 I ho said 
 lall con- 
 ire rs dndjL 
 of 
 
 ^"^^^"7®!!^' 
 
 hrectow 
 y from 
 leedngs, 
 rsons^to 
 sy shall 
 nd eiTiO- 
 ay such , 
 iigement-: 
 ini; and 
 Avii€n h 
 ito exe- 
 iety, for 
 poiies as 
 Rules of , 
 to time 
 id elect 
 )se who 
 ?d ; and 
 
 person 
 
 to any 
 inrf T^he 
 
 of iany 
 )oses of 
 idmiUed 
 ay such 
 
 a bond 
 
 ufficient 
 Lition pf 
 
 f 
 
 
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 f 
 
 
 
 
 such office oftrustgand for rendering a just 
 and true account according to the Rules of the 
 said Society, and in all matters lawful, to pay 
 obedience to the same. * * 
 
 X. And be it enacted. That ft shall andsocietrnmy 
 
 f may be lawful for every such Society to take take and hold 
 and hold any real eslate, or securities thereon, &c!,^moit%, 
 bond fide mortgaged, assigned or hypothec s««i to j5odetj:»„ 
 cated to the said Society, either to secure tiie ment ofTharef" 
 payment of trie shares subscribed for by its 
 members, or to secure the pay mfent of any loar.s ., -^ 
 or advances made by, or debts due to such So- 
 ciety, and may also proceed on such mortgages, 
 assignments or other securities, for the recovery 
 of the moneys thereby secured, either at law or 
 in equity or otherwise, and that such Society f%) 
 
 shall have the power of investing in the names ' " 
 
 ||., of the President and Treasurer for the time in^«»t»n««»t of 
 B being, §tn^ surplus funds in the stocks of any""°°*^** 
 of the Chartered Banks or other public securi- 
 ties of the Province, and that all dividends, 
 ' interest and proceeds arising therefrom shall 
 
 be brought todaccount and applied to and for ; 
 
 the use of the said Society according to the 
 Rules thereof. • ,^::_^ 
 
 XI. And be it enacted, That if any peison W"*j? «f pro-' 
 appointed to any office by such Society, and IVoff^cn^or 
 being entrusted with and havine: in his hands *I'«.??.e'«ty 
 
 „_ ^^ • . . . /> ■ • • 1 /r> ihali die or be. 
 
 or possession, by virtue of Ins said office, any come utoi- 
 
 moniesor effects belonging to such Society, or ^"><' < 
 
 any deeds or securities relating lo the same, '" I 
 
 shall die or become bankrupt or insolvent, his ^ ~ 
 
 heifs, executors, curators, administrators or 
 
 assigns, or other person having a legal right, 
 
 fihall, within fift ee n days after demand made , ===== 
 
 by the order of the Directors of such Society 
 
 or the major part of them, assembled at any 
 
 meeting theieof, deliver over all things be-~~"~~~r 
 
mm 
 
 — 16 — 
 
 .\ 
 
 Provi80> 
 
 longing to the said Society, to such persons as 
 the said Directors shall appoint, and sliall pay 
 out of the estates, assets or effects of such pelr- 
 Rons, all sums of money remaining diie whith 
 such person received hy virtue of his said office, 
 before any of his other debts are paid or satis-, 
 fied, and all siich assets, estates and cffecits 
 shall be hound to the payment and discharge 
 thereof accordingly ; Provided always, tliat 
 the same he not paid or satisfied to the preju- 
 dice of mortgages or privileges on real estate, 
 or of liens or privileges on personal esta|te^,only, 
 
 nt 
 
 of 
 
 Property of 
 the Society 
 vested in the 
 
 duly executed previous to the apppiri 
 such officers. i^^./: 
 
 XII. And be it enacted, That all real and 
 heritable property, moneys, goods, chattels 
 and eliecls wiiatever, and all titles, securities 
 President and lor monjy or Other ohligatory instruments and 
 Jhe^im" ^°^ evidences or muniments, and jrti other effects 
 being. whatever, and all rights and claims belonging 
 
 to or had by such Society, shall be vested in 
 the President and Treasurer of th(j said Society 
 for the time being, for the use find benefit of 
 the said Society and the respeci.ive members 
 thereof, their respective heirs, executors, cu- 
 rators, administrators or assigns, according to 
 their respective claims und interests, and after 
 the death or removal of any President or 
 Treasurer, shall vest in the succeeding Pre- 
 sident arid Treasuier for the same estate dnd 
 interest as the formei President jmd Treasurer 
 
 „ " _ had therein, and subject to the same trusts, 
 
 without any assignment or conveyance what- 
 ever ; and also shall for all purposes- of action 
 or suit, as well criminal as civil, in law as in 
 equity, in any wise touching or concerning 
 the same, be deemed and taken to bd>, and 
 ^—^—— shall in every such proceeding (when ne- 
 
arsons as 
 shall pay 
 luch pelr- 
 le whith 
 lidoffioe, 
 or sa(|s- 
 d effedts 
 lischarjge 
 ySf tijat 
 le preju- 
 i\ estate. 
 
 lut 
 
 of 
 
 real ahd 
 chattels 
 ecurities 
 lents and 
 (F effects 
 slonffiiiff 
 ested in 
 I Society 
 enefit of 
 Members 
 tors, cu- 
 )rding to 
 md after 
 dent or 
 ing Pre- 
 tate and 
 'reasurer 
 e trusts, 
 :e what- 
 of action 
 aw as in 
 ncerning 
 b^, and 
 rhen ne^ 
 
 V 
 
•\r>< 
 
 ••fjfSfeif^' 
 
*f-t!^w^'* (W^IBB^^ 
 
 cessary ) be stated to be, the property of the a««J »haii b« 
 pers,njs appointed to the offices of President J"SyVof 
 and Treasurer of the said Society for the timo certain pur- 
 being, in the proper names of such President P"""* • 
 and Treasurer, without further desc^fiption, 
 and such persons shall, and they arc hereby ■ 
 authorised to bring or defend or cause to be ^ 
 
 -brought or defended anv action, suitorprose- 
 cutim^criminal as well as civil, in^^Iaw or in 
 equity, touching or concerning the property^ 
 right or claim^fk^id, of or belongino- to or 
 had by the said SocietjV4ind in all casM con- 
 cerning the property, riohr^^^:claim aforesaid 
 of the said Society,* may sue and-besued, 
 plead and be impleaded in their proper naSes^ 
 as President and Treasurer of the said Society, 
 without other description, and no such suit, »„..,.„♦.»- 
 action or prosecution shall be discontinued or tSI'JS" 
 abated by the death of such persons or their re- """^ *"■'"' 
 moval from the offices of President or Trea- """""' **'' 
 surer, but shall continue in the proper name of - 
 
 the persons commericing the- ?ame, any law, ' ' 
 
 usage or custom to the contrary notwithstand- 
 ing; and the succeetfing President and Trea- ' , - 
 surer shall have the same rights and liabilities, 
 and shall pay or receive like costs as if the 
 action or suit or prosecution had leen com- Ai to their 
 irenced in their names, for the benefit of or to •"""«"•• . 
 be satisfied out of the funds of the said Society. 
 
 Xlir. And be it enacted. That in air such ^ 
 actions, suits and prosecutions as aforesaid, 
 the Secretary of such Society shall be a com- - i- 
 
 petent witness, notwithstanding he may also "-^ 
 
 be Treasurer of the said Society, and that his ^"''•"••y. « 
 name may have been used in such action suit SeC* - 
 
 s^uch TrcasTfref: 
 
 XIV. And be it enacted, That the Presi- Non-iiabiHty 
 
 f iv^'.*'*'"^'*^^'^®"* 3"^* Directors of every .ferV &/""' 
 such Society shall injheir private capacity be ' 
 
-V 
 
 — 18-^ 
 
 Treainrer to 
 
 v^ ,. 
 
 exonerated trotn all responsibility in relation 
 to the° liabilities of such Society. 
 
 XV. And be itVnacted, That the Rulbs of 
 every such Society shall provide that the Trea- 
 nrepare year- *"rer Of Other principal Officer thereof shall 
 Sth?finds:f ?"^® ^' ^^^^* in every year prepare or cause to . 
 tlie Society. ^® prepared a general statement of the funds ] 
 and effects of and belonging to the said So- 
 ciety; specifying in. whose custody dr pos- • 
 
 session the said funds or effects shajr then be 
 ftrticokri. '■emaining, together with an account of all and 
 
 • every the various sums of monfey received; and- '^ 
 expr^nded by or on account of the said Society ' 
 
 since the publication of the preceding periodic 
 4* cal statement; and every such periodical 
 statement shall be attested by twd or' more 
 ^ members of the said Society appointed ^udi- ' 
 
 , / tors for that purpose, whoshdll not be direct- 
 
 ors, aajj shall be countersigned, by the Secre- 
 tary or Clerk of the said Society, and every 
 member shall be entitled to receive from the 
 
 AtteataHon, ^^^'^ ^""^^^^^ ^ ^^P^ °^ ^uch periodical state- 
 ko. ment without charge. 
 
 • * 
 
 ' XVI. And be it enacted, That nothing • 
 herein contained shall affect or be construed to 
 affect or interfere with any of the rights oi; 
 privileges confenedv^upon the "Montreal .. 
 Building-society," under thie Act passed in " 
 the eighth year of Her Majesty's Reign, and 
 intituled. An Act for the incorporaHon of 
 certain individuals under the name and . 
 style o/*' The Montreal Building Society;^ 
 nor in any wise to affect the said Act. 
 
 • 
 
 XVTL And be it enac4edy^TbaHfae w ords 
 
 Sariag of the 
 mhts of .|he 
 Afontreal 
 Building 
 Society, and 
 ot the Act S 
 V. c 94. 
 
 liiter,nrct> tie» 
 claasc. 
 
 " Lower-Canada" in this Act shall be under- 
 stood to mean that part of the Province which 
 formerly constituted the Province of Lower- 
 
 A*?' 
 
relation 
 
 J 
 
 Canada ; the words " Upper-Canada" that 
 part of the said Province which formerly con- 
 stituted the Province of Upper-Canada ; and 
 •■ the word "Society" shall be understood to. 
 _:_ include and to mean Building Societies and In- 
 stitutions established under the provisions and 
 authority of this Apt ^ the word "Kiiies'» to 
 include Rules, Orders^ By-Laws and |legula- 
 tions ; every word importing the singular 
 number shall extend and be applied to several 
 persons or tiling^ as well as ope person or 
 thing, and bodies corporate as well as indi- 
 viduals ; and e^fery word importing the plural 
 number shall extend and be applied to one per- 
 son or thing as well as several persons -or 
 thm^ ; and every word importing the mascu- 
 line fender only, shall extend and be applied to 
 a female as well as a male ; the words " Real 
 
 , ^stat6" shall extend and apply to immovea- 
 ble estate and property generally; and the 
 word " Secur=ities'' shall extend and apply to 
 privileges, mortgages, (equitable as well as , 
 
 legal,) %j9o^A^yMc^ and' incumbrances upon 
 real and immoveable estate, as well as to other 
 rights and privileges upon personal estate and 
 property : That this Act shall extend to aliens, T« whom tbit 
 denizens and females, both to make therh fend"'******" 
 subject thereto and, to entitle them to all the " ' 
 benetits given thereby ; and that this Act shall 
 be construed in the most beneficial manner for 
 promoting the ends thereby intended. • 
 
 . ^,X'"; -And be it enacted, That this Act PubUcAct. 
 
 shall be deemed a Public Act, and shall ex- 
 t end to all Courts of Law or Equity in thi.q 
 
 m-. 
 
 n 
 
 Province, arid lie-judicially taken notice of as 
 such by all Judges, Justices and other persons 
 whatsoever without the Same being specially 
 shown or pleaded. ^ ° *^ '' 
 
...*^,^ 
 
 *"■ r 
 
 ^ 
 
 
 
 Preamble. 
 
 Howsnbserip' 
 tioiu to be ap 
 propriated. 
 
 
 ROLES AND REGULATIONS. 
 
 1st. — That the intents and purposes for wliich 
 this Society is intended to be established, are, 
 to assist the members thereof in the acquisition 
 of freeholdor leasehold p^perty :— and in tho 
 removal of incumbrances or liabilities upon pro- 
 perty already hold by them; and to enable them 
 to receive the amount of their shares in advance, 
 upcm furnishing good mortgage security, i 
 
 ; 2nd.— That all monies which shall from time 
 to' time, be subscribed, paid, or given to or for 
 the use or benefit of the Society, or which shall 
 in any wise belong tot the Society, shall be ap- 
 propriated and applied, in the first place, in loans 
 or advances to the several members, and towards 
 the necessary expenses of the Society :. but no 
 member shall be entiiled to receive, by way .pf 
 loan or atdvance, morB than the amount of%3 
 share or sharfes subscribed for, except as herein- 
 after provided for : if not taken,, up among the 
 members, any^unds may bo otherwise invested 
 for the ben^t of the Society, at ihe discretion 
 of the directors, o^ wliich members may, never-< 
 theless, ivvail themselves. 
 
 Jnt e rcattoJ 
 
 That Sharehblders who mayisirdrsil ^ 
 
 of making an immediate deposit of money, (at tho 
 rate of not less than £5 per share for each share 
 sulfscribed for) fof the purpose^df meeting in ad- 
 vance their monthly duos, be allowed interest 
 
 L.'t. _ 
 
 allowed upon 
 deposits mlide 
 in advance. 
 
 Vl*^^** 
 
'^ 1=v 
 
 j^TFp-**rj 
 
 ''y^t'^p^'^i' y^i-'y-pv^^^'i. 
 
 1 ifl 
 
 s. 
 
 )r wFiich 
 ed, arCj 
 |uisition 
 d in the 
 )on pro-j 
 ble them | 
 idvance, [ 
 • i 
 
 )m time 
 o or for 
 eh shall 
 II be ap- 
 in loans' 
 towards 
 but no 
 
 it of l(t3 
 herein- 
 long the 
 invested 
 scretion 
 neveiv 
 
 dMfouf" 
 '. (at the 
 ch share 
 g in ad- 
 interest 
 
 
 N 
 
upon the amount so deposited at the rate of six 
 per centum per annum for the first three months^ 
 the amount that will have l^ecomc due to the 
 Society by the Shareholder iii payment of his 
 monthly dues, interest, &c., upon such number 
 of shares as he may have stibscribed for, to be 
 deducted from the coHcctivo/amount of such de- 
 posit and of the interest thereon, and that interest 
 at the rate of six per centum per annum be then 
 allowed upon the balance M his credit for the 
 next ensuing throe months, and so on untib the 
 whole amount of his dfeposit shall have been 
 taken up in the payment of his monthly dues to 
 the Society. r. / 
 
 4th.— TJjafr^io stick of flie Society shall «''>"w to be 
 consist of sliaros of £100 currency each, payable „'*/i!;So'?"h 
 by hionthly instalments of 10s. each sliaro, on the how to V^ 
 first AlondaJ^ of each inonth, commencing on the P"'''' »"«^** 
 first Monday in the nVontii of February, 1850. '^''»Vp«"«''«- 
 
 fri rpi I A . „ , JJirectors; 
 
 oxw. — iiiat the affairs of the Society shall be theipqiomm; 
 
 I'dcp the control aid management of a Board ^'■.**''*^"* j""** 
 jpt seven Directors jit of whom 'four shall be a dent w to 
 quorum) and who shall choose from among them- be chosen, 
 selves a President arid Vice-President. / 
 
 Cthw-— In the abionce of both President nnd I" tb* ohf^nee 
 Vice-President t\\S Dij-ocl»rs present at any ?(« ""T"' 
 j meeting of the Board sliall have po^ er to appoint SShV 
 a chairman pro. tem., and with such chairman tem.m^y be 
 shall bo competent to transact the business of the "PP^T'**' 
 Society on Board days. > 7 
 
 7th.— That the election of Directors shall be El<^iion of 
 by ballot, and at such election members shall be y'lj^^^^" *» 
 entitled to votes upon the following scale, viz :- .c\ff of'^otU. 
 For 4 shares or less... ..1 vote. 
 
 5 to l ^-stwre s 2 votos if 
 
 **» 10 to 20 '\ 
 
 21 to 30 ,..4 
 
 
 But no shareholdei- shall be entitled to more 
 than 4 votes. . 
 
■^fffl^-' 
 
 
 — 22 — 
 
 Dura'lonof 
 office rtf DI-; 
 
 tectort,-^!-- 
 
 8^h —That the Directors elected at the form- 
 ation of' the Society, or hereafter to be elected, 
 shaU continue in office tilltho election of their - 
 successors, unless in/ fase of disqualification or 
 resiffnation :— and tl/e Directors shall, severally, 
 "^ take one week's ti»^n of duty, in rotation, in 
 
 supervising the gcjieral affairs of the Society. 
 
 Dircptor. n,r.y 9th.— That the Directors may make such ar- 
 make arrange- panffomcnts with any of the chartered t)anKs^ 
 *"""V1!! M doluff business in the City of Quebec, for the 
 . ilJ'iXe-' dep^it of monies and securities belonging to the 
 tec- Society, and for conducting other financial con- 
 
 ^X "[ . corns^as tliey shall from time to time deem ne- 
 ■" /-r".'^ ■ cessary. , ■ '■^";.- 
 
 loth —That a general annual meeting of tho 
 
 „ ._ . memberV shall be held in the Parliament Build- 
 
 p S,^;.ings. City of Quoboc. -Ji^^f i^^;™ 
 
 tors, wi 
 be held 
 
 General an 
 Oiial meeting 
 for the elec-; 
 
 s,Avhe«to the month of January in each year, commencing 
 
 held;Trca-. ,g-^ (and in tli4 event of that day being a 
 
 trcVJiS;"; holiday, on the Monday next ensuing.) forthe 
 
 statement of 
 the funds. 
 
 iiuiiuuy. "i» i/««v *— ^ J —' /• xi 
 
 purpose of electing Directors to serve for tlve en- 
 suinn-year, and f<5r all general purposes relating 
 -..-^— ^ to the management of the Society .'-and at each 
 . & of the said general annual meetings shall be sub- 
 
 mitted a full and clear statement of the affairs ot 
 the Society for the previous twelvemonths ; wd 
 every such periodical statement shall be attested 
 ' by two or more members of the Society, ap- 
 ; pointed auditors for that purpose, who^shall not 
 
 be Directors. ** 
 
 - . ■ -■ ■ ■ * 
 
 Extra gerieral ^ , .i __That extra general meetings of the So- 
 Sr;i?;o?/afcietym*aybe qalled by the Bx>ard of Direct^s 
 aupjlyingya- ' the members being notiljed of such meeting 
 cancieBin th«? ^^ ,^ tb'^ P"s<^ Office, or otherwise, at the 
 
 bovr to be 
 called. ° 
 
 discre^tion otthe BoardT:=:tH"at -vacancies in fRT^ 
 board of directors by death, insolvency, bank- 
 ruptcy, or otherwise, shall be supplied at tho 
 next ensuing meeting of Directors, by notifying 
 the person who had the next highest number ol 
 
- -^s-rsrwi'" 'i"'.'"'' "^r'V^^ 
 
 '* 
 
 ^ 
 
 L. A__„ 
 
 i^jr 
 
 / . 
 
 ^ 
 
 "IX 
 
 -^ 
 
 «?r 
 
 ^"S 
 
.^ 
 
 tv 
 
 \ 
 
 ' *-.-.' 
 
 ■{-^ 
 
 % 
 
 1: 
 
 M 
 
 W^^^ 
 
.t;- 
 
 ^23 — 
 
 VDtes at the annual election (of w)|ich a list shall . ^ 
 
 be preserved) that he has been elected to supply " . *» 
 
 such A'acancy. 
 
 ,12th. — That all questions at the annual or Member/to 
 other general meetings of the Society (except the«lecideallquei- 
 election of Directors as before mentioned) shall {loSVcS-' 
 bo decided by a majority of members present i man to bave a 
 the chairman having a casting vote in addition casting vote, 
 to his vote as a member. 
 
 13th. — That a Treasurer shall be appointed A Secretary-"', 
 who shaU also perform the duties of Secretary, be'"'ap*p"o"ntld, 
 and -who before entering upon his ojgice shall who 8hal| far- 
 furnish security to the satisfaction of the Board ""*» security. ^ 
 of Directors, for the due performance of his 
 duties. 
 
 Secretafy- 
 I'reaiiurer to 
 reeeire and 
 pay all mo- 
 neys ; cash- 
 book to bft 
 kept ; qioneyt 
 to be deposi- 
 ted daily. - 
 
 Moneys how 
 to be drawn 
 from the 
 Bank. - 
 
 14th.— That the Treasurer and Secretary 
 sh^U be empowered to receive and pay all monies 
 for and^n behalf of the Society, and his receipt 
 shall in aU cases be a sufficient discharge. He 
 shall also keep a cash book, where all moneys re- 
 ceived and payments made are to be regularly 
 and correctly entered^ and he shall deposit daily 
 with the Bank all such money as he shall receive. 
 
 15. — That no money 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. 
 
 IBth. — That books shall be opened for keep-> Minutes and 
 ing the accounts, minutes, and other proceed- «*=*?''"* . 
 ings and transactions of the Society. kVp". 
 
 17th.— That the proceedings of the Society Proceedings 
 shall be entered in a minute book, in detail, in j' S"«'«ty !» 
 such manner as the Board of Directors may, amuntl " 
 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. . . 
 
 
^~n 
 
 V, 
 
 { I 
 
 
 . ' . ■ I 
 
 Ref»«[>y Book tistli — That the name and place of atode 0/ 
 ** * *'^*' each shareholder shall be entered in a registry- 
 book to be kept for that purpose. 
 
 One or more- 
 Inspectors tn 
 be appointed. 
 
 19th. — That there shall be one for more In- 
 spectors, whose duty it shall be to examine and 
 determine the valuo of all property Offered to the 
 Society, a3 security for loans or advances, and 
 , to report their opinions in writing : such reports 
 _ to be entered in the books of the Society. 
 
 Members to 20th.— That every person becoming a member 
 Fe'/^exception.^^^tlio Society, (except as transferee, legatee, ot 
 legal representative,) shall pay an entrance fee 
 *^ of2sf 6d. per share. 
 
 Rules to be 21st. — That all persons upon taking shares in 
 Memberf *^® Society, shall sign the. rules in a book to be 
 kept for that purposQ. />* 
 
 Monthly pay- 22rid. — That every member shall il^long as he 
 share! ^Fines ^^^^^ continue to bo a member, and until the ob- 
 fordefault. jects of the Society be attained, pay ten sHillings 
 per share per month, on or before the day ap- 
 pointed for that purpose ; and in default thereof 
 shall pay a fine of ^^ 
 
 • ^ 3d./ per share for the 1st. month. 
 .^^- 6df " " 2nd. 
 
 Is. " " 3rd. 
 
 <( 
 
 it 
 
 I 
 
 doubling the fine for each succeeding month, till 
 the expiration of the first six months, and after 
 that time if the same remains unpaid, such mem- 
 ber, shall be considered as withdrawn, and sub- 
 ject to the penalties imposed in the following 
 idause. 
 
 Mode of with- 23rd. — '. 
 
 i'nyJtl^ZT- withdrawini 
 Society ; cer- , ' , f 
 
 tain portion of one calender 
 
 at any member being desirous of 
 from the Society, may, on giving 
 month's notice in writing to the 
 
 subscriptions Secretary, 7 be allowed to do . so ; and may re^ 
 
 to^be returned, ^gjyg back/ (without interest) the net amount of 
 
 his monthly subscriptions paid up, deducting 
 
 • any fines/ interest, or forfeitures that maybe 
 
• < 
 
 due, and also a forfeiture of twenty shi 
 share. 
 
 iillings per 
 
 24tli«r-That^ach member changing his resi- Change oi 
 donee »1iall, within one calender month there- residenee to 
 after, give notice in writing to the Secretary of {"^^ l"*^**!^ *" 
 such change, and of his new place of abode and fine. "^ 
 address, or in default the.reof be fined 2s. ^6d. 
 
 25th. — That meetings shall be held on such Meeting t« I 
 days as the Board of Directors may from time J?.***' Y"f *^^ 
 to time appoint for that purpose, for the disposal funds! 
 of such funds as tlie Society may have to lend or / 
 advance, of which due notice shall be given, / 
 
 26th. — That each purchaser, or borrower, at Porchwerio 
 every such meeting, shall on or before the next "^Jy ^PJ*}**^| 
 4a^y deposit with the Treasurer the sum of £2fejted. 
 10s. for each share so purchased or borrowed : t 
 which deposit shall be forfeited unless he pro- 
 duce, within fourteen days from the day of meet- 
 ing, Security satisfactory to the Board of 
 Directors. V 
 
 27th.-- That in ordinary cases, no property Limit* in 
 -isituate bdyond the limits of the county of Que- ^•''jJ^.J'JP*'^ 
 bee, be accepted \is security for loans or ad- security •! 
 vances to Members of the Society; but the''*- 
 Board o^pirectors may, at their discretion, and ' 4' 
 
 upon special application, accept security on pro- f}, 
 
 ^ perty situated any where witliin the limits of the i 
 
 District of Quebec. 
 
 28th.— That after itispection of the property Mortgafre or 
 proposed, the purchaser shall, if the security be *"^"''*''*|[l"*^ 
 approved, execute a mortgage or transfer to the made to the 
 satisfaction of the Directors, and at his own ex- Society ; in- 
 pense, securing the monies advanced, with i*'- default* &o' 
 terest, and also the due payment of the ordinary ciety niay tek* 
 monthly subscriptions and any fines or lor- P"*'»v««on of 
 feitures that may be incurred, and shall also P'°P"*^» *** 
 beJEir the cost of enregbtration : which mortgage 
 i^htUl contaioi a covenant by the mortgager to 
 
 .A 
 
 ^«' 
 
— 26 — 
 
 kf 
 
 Whwi pur- 
 iphaser, or par* 
 
 Kbnildihgf 
 all rec«ire 
 lie amount 
 torchaaed. 
 
 insure the buildings comprised therein from loss 
 or damage by fire, for the full amount of the 
 advance upon such buildings, and to assign 4ve* 
 the policy or policies to the Society ; aiid also a 
 power to the Society, in case the mdrtgager ihall 
 
 ' neglect to pay his subscriptions, fines or Ifbr- 
 feitures, for the space of six^months successively, 
 to take possession of the premises mortgag^, to 
 collect the rents and profits thereof and t^ sell 
 such premises by public auction or private Isal^ 
 on the most advantageous terms, wathou* any 
 further consent or concurrence on the part df the 
 
 ^mortgager, and t<J apply the proceeds (after de- 
 ducting all expenses,) to the payment of what- 
 ever may be due to the Society. 
 
 29th.— That after stich mortgage or transfer 
 shalL have been executed, together with such 
 policies of -insurance, and other securities as the 
 Directors may require, the mortgager shall at 
 once receive the amount of the share or shares 
 borrowed, purchased, or advanced, deducting 
 the Bonus agreed to be paid thereon : or if one 
 or more buildings be in progress of erection, 
 such amount shall be advanced upon one or more 
 certificates, from the Inspectors, and from time 
 to time, as the Directors shall determine, accord- 
 ing to the progress oi the work. 
 
 t>ir«ctorfl 
 nay renew 
 Policies and 
 ••y ground 
 ■tt ; amount 
 |o be charged 
 mortgager ; 
 penalty. 
 
 
 SOth. — That the pirectors shall have power* 
 to renew, from time to time, already effected 
 insurances from loss by fire of all buildings, and 
 to pay. the ground rents of all premises mortgaged 
 to the Society i which payments may be made 
 out of the funds of the Society, as ?uch iusuran-, 
 ces and rents become due, and shall be charged' 
 to the mortgager, and repaid by him when the 
 following monthly subscriptions fall due; in de- 
 fault whereof a forfeiture shall accrue to the So- 
 ciety, of 20 per cent, upon the amount so paid. 
 
 1 , • f 
 
 ■:^- ■. 
 
 I •■ 
 
 o 
 
— 27 — 
 
 1 
 
 31st — That any peraon entering the Society Members 
 after its conimenbement or ionuation, (excepti'»'?'"K *<*•' 
 as transferee, leg^tde, or legal representative,) SSrSf'i 
 shall pay the full amount of subscriptions Mrhich Society to ^ 
 ^ shall have been paid by the original Shareholders wreats, See. 
 from the date, of such commencement : ' those 
 joining within six months shall pay interest upon 
 such subscriptions, and those joining after that 
 perioSka proportionate bonus besides, according 
 to a sc^ to be settled by the Directors. 
 
 d2nd. — That any Shareholder may transfer bis Sfcareholde. 
 fchare or shares by causing an entry of such JJJL^J^jS' 
 transfer to be made in the books of the Society, ^ 
 •'in such. manner as the Directors ihay appoint, 
 and upon payment of the sum of 2s. 6d. for 
 each share sd transferred and of all arrears then 
 due;' and thereupon the transferee, (after sign- 
 ing the rules) shall be entitled to all the privile* 
 ges of the original shareholder. 
 
 33rd. — That in case of the death of any mem- \A. MembcJ 
 ber, the legatee or legal representiitive of such ^jT'"*' ?JJ^*J 
 deceased member, shall, before becoming en- SuSJee or 
 titled to the privileges of an original shareholder, l«^ repres* 
 procure his place of abode, and the particulars of JJ^7 i*si*" 
 his title, to be registered in the books of the holder. 
 Society, and shall at the same time exliibit the 
 will or probate thereof, or grant of letters of ad- 
 ministration (as the case may be,) for the in- 
 spection and satisfaction of the Directors, and 
 
 • pay for such registry the sum of 2s. 6d. per 
 share. 
 
 34th. — That the Directors elected at the foir- Direc\ort.Bo| 
 mation of the Society, as well as those hereafter***''®^'???,*,' 
 to be elected, shjUl be indemnified out of the^rffsociet 
 funds of th^" Society, or otherwise, from all ex- 
 
 • penses in reference to the formation, conduct, 
 and management of the Society. 
 
- , • 
 
 .1, 
 
 h^ ' 
 
 For the due observatice ■land pe^ermance of 
 all and every the foregoing By-L»w8, Rules and" 
 Regulations, and of all and every the future 
 By-Laws^ Rules and Regulations' of « The 
 Quebec BuHding Society y"" We, the Members 
 of the said Society, who have; hereunto suB- 
 Bcribed,' and set our hands and seals, do hereby 
 seyerally, each for himself, his executors and ad- 
 Idinistrators, and not jointly' or the one for thb" 
 other, covenant and declare to and with the Pre- 
 sident and Treasurer of the said Society, and 
 their succes^or^ in office, that we, and 'our seve- 
 ral and respective executors^nd administrators, 
 shall and will well and" truly observe, perform, 
 fulfil, and keep all and singular, the said forego- 
 ing and future By-Laws, Rulei| and Regulations 
 of the said Society, which on our several and 
 respective parts are, or ought to be, observed, 
 prepared^ fulfilled, ifnd kept. 
 
 {Passed \8t Oct,, 1849.) 
 
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