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Photographic
Sciences
Corporation
23 WEST MAIN STREET
WEBSTER, N.Y. 14580
(716)872-4503
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—^^^^^^^^—,—^ i^^^K^^BBaBaaaaaa nHBaMiB^B^aiBnaiMaa
1
2
3
4
5
6
T^3>'V' \
THE NEW
TORONTO ONTARIO
^ Y
n
\
iv>>
*>
ox THE PERMANENT PRINCIPLE.
-»-« —
INCORPORATED 12th DECEMBER, 1868,
PURi?UANT T») ACT OF PAKIJAMENT.
-♦-»-
TOUONTO:
PRINTED AT TUB OLOBR BOOK AND JOB OFFirR, 25, KINO STRKF.T WRST.
1859.
%,
'
THE NEW
TORONTO ONTARIO
firit
ON THE PERMANENT PRINCIPLE.
-•-•-
I INCORPORATED 12th DECEMBER, 1868,
PURSUANT TO ACT OP PARLIAMENT.
■♦•«-
TORONTO;
PRINTED AT TBB GLOBE BOOK AND JOB OFHCa, 25, EIKQ STRCST WEST.
1859.
A^ ^^V.
DIRECTORS:
GILMOR, Esq., President.
FRANCIS RICHARDSON, Esq., Tice^Prendent.
ANGUS MORRISON, Esq., M.P.P., Solicitor.
ARTHUR LKPPER, Esq.
ALEXANDER HENDERSON, Esq.
THOMAS HEXNING Esq.
JOSEPH DIXON, Esq., Ins^edor.
BANKERS:
CITY BANK OP MONTREAL.
SECRETARY AND TREASURER :
N. GATCHELL, Esq.
m ■• <♦»■♦■
I
Shares, £50 ; Konthly Sttlweriptioii, 16Bt 8d.; Xntraace Fee, 2i. 6d. ; '
Me&tUy Management Fee, 7Kd.
PROSPECTUS.
«•♦•
mt.
Vice-President.
*., Solicitor.
Q.
;EAL.
SURER:
1
itrance Fee, 2i. 6d. ;
Id.
The early expiration of the Ontario Building Society
(established 20th March, 1850) and the consequent
inability to receive new members either as inverters or
borrowers, has induced many of the Sharelioldera of the
Society to associate for the cstablislimcnt of a Society
to succeed the one about so successfully to tcrmi-
nate. In establishing this society its projectors have
availed themselves of several important improvements,
in its mode of operation, which experience has shown
to be safe, and conducive to the mutual advantage and
convenience of members.
From a number of systems, on which Building So-
cieties arc conducted, the best features have been se-
lected and embodied in a form, which by the simplicity
of its operations, and the certainty of its results, cannot
fail to be generally acceptable, as follows : —
I. New members may join this Society at any time
without being called on to pay any arrears or premium.
II. A Shareholder is required to pay 168. 8d. per share
monthly. His subscription or payments commencing
from the time of his entrance and continuing until the
1st day of March A. D. 1864, wlien he will be entitled
to receive the amount paid in, with the accumulated
profits, from the time he became a Shareholder.
III. A payment, at the time of entering, of a certain
sum, agreed upon by the Directors, shall entitle a mem-
ber to the full amount of his share with the profits accru-
ing at the expiration of the time specified.
m
J
equal numW of montl-a' credit .•i.hout'bofng au£t to
V. A SImrchoWcr may withdraw at any time with
notice, and after the first six montl.s be entitled in
add t.on to the return of the amount paid on 'h"
Shares, to compound interest at six per cent T, T
t nne'hi f '*?''?'<'" «■"''""& '""'^elf nnalde to co^
Se' Ltri^fT' '"='^' «" ^-■■"°- «-- ""onths-
remain at compound interest until the time ii.ed for
the rcahzation of his Share. "«- ".tea lor
VI To Charitable Institutions, Benefit SocieHn.
Wardens or Trustees of Churehe . on wl ici. a S
remams, or any other bodies requiring a Sink L FuS
llT't''!, '• JT" *"»' » -" -""-too BunS
Sttrt.'"""' "'^""'"^^^ -- -y other modf
TO MEMBEES BOKROWING
The Society will make advances for terms of from one to
five years, repayable by monthly contributions covering
pnncpal and interest according to the foUowtg *^
LOAX TABLE.
£100 if to bo repaid in one year, a
monthly pa/ment of. „„ , . ,
jeiOO if to bo renaid in tJ^ ^ *
.v,^ .11 repam in two years, a
monthly payment of. . . Vi ,. »
4 16
I
over three
of recover-
10 amount,
llowcd an
subject to
"no, with
c inontljs'
Mtitlcd, in
in on his
t. per an-
subscrip-
'o to con-
J montlis*
)rs, cease
which lie
ule, may
fixed for
Societies,
a debt
Iff Fund,
Buildinp^
or mode
1 one to
overing
8 4
5
5
iSlOO if to be repaid in three years, a
monthly payment of.. <£8 7 4
i&lOO if to be repaid in four yearti, a
monthly payment of 2 13 4
jSlOO if to be repaid in five years, a
monthly payment of 2 5
A loan of one share £bO in proportion to the above
rates. No member can be called on, under any circum-
stances, to pay for a longer time, than what he chooses
for himself wlien entering.
TO DEPOSITORS
This Society offers all the advantages of the Savings*
Bank, together with a higher rate of interest and more
accommodating terms than those institutions are able to
allow.
The whole capital of the Society is pledged for the
security of money received on a deposit, and being all
loaned on real estate, no safer guarantee can possibly
be given or required.
Although the difficulty of readily finding safe and pro-
fitable investments is much less among a young and
progressive people than in older and wealthier com-
munities, still it is well known that very considerable
amounts, in the aggregate, are scattered unproductive
throughout the country, in sums of from £5 to iSlOO,
when, through the medium of Societies such as this, the
owners might be largely benefitted themselves, and pro-
mote the enterprising industry of others, by bringing
within their reach the capital necessary for its prosecu-
tion. Among the agricultural population of the Province
especially, has this unwise plan of simply hoarding been
followed, principally from the fact of their being less
accustomed to business operations, and, therefore, less
competent to successfully employ their surplus means,
t
6
worthy of ♦r *"" «7"* "' '"'"totio-". ""Oh an thte,
worthy of their confidonco: the socurSty and certain
profit guaranteed by this Society, both to depioTe and
members, rocomn.ends it to the attentive cons deration
ofth.s largo and in.portaut noction of the commuX
As an ouconrafe'oment to habits of economy «r.« fore-
thought among the young and others in the receipt ^
small or uncertain incomes. ,vho ,Io „ot feel warrSed
n „„do,,aking to n.ak,, the n.onthly payn.en.s "S
from SI,arohoIdorH, the Society will receive sun.s of one
Pound and upwards on deposit, for which inte est w^
bo allowed according to the following
TAB L E :
TERMS.
tolerert allow ^^^^t^"^
on.u» .. .ioo.tev,rc™. ;„, L •;,.„j: — ^
fipecial armngoraen.. ''
All communications to be addressed to the undersigned
OFFICE: Western Assm-anoe BuUdiags, Chureh
btreet, Toronto.
N. GATCHELL, Esq.,
Secretary and Treasurer,
Subject lo calljSulvjerno^allo
«'Uhoui i,„uce. SOUayMiouce.
Jprc. pr. on.
« «
5 pr c. p. an.
« u
Toronto, 16tb Pebruaxy, 1859.
-»*.-
ich an this,
md curtain
ositors and
nsidoration
wunity.
^ nM fore-
rccoipt of
warranted
8 rc<|Uired
inis of ono
crest will
ti'rjectioeatia \
•0 «Jay« notice.
pr c. p. an.
<< it
Bubjeot to
ersigncd,
Church
I Treasurer,
L Y-LAWS.
1. This Society shall be called the Toronto Ontario
Building Society, and .he in., nts and purposes fi>r which
it is established are to assist the racmbers thereof in ihe
acquisition of freehold or I'jasohold property ; in the
erection of buildings, and otherwise improving the same ;
and in the removal of incumbrances or liabilities upon
property already held by them ; and to enable them to
receive the amount of their shares in advance, upon
furnishing good mortgage secuiity ; and to facilitate the
accumulation and the borrowing and redemption of
capital.
2. That all persons, upon taking Shares in the Society,
shall Sign and Seal the Covenant to be kei)t by the
Secretary and Treasurer for that purpose. And such
Covenant shall be in the words folbwuig, that is to say :
" For the duo observance and performance of all and
every the By-Laws and Regulations of the 'Toronto
Ontario Building Society, already made and adopted,
or hereafter to be made and adopted, we the
Members of the said Society who have hereunto sub-
scribed and set our hands and seals, do hereby severally
each for himself, his Executors and Administrators, and
not jointly or the one for the other, covenant and declare
to and with the President and Treasurer of the said
Society, and their successors in Office, that wo and our
several and respective Execufors and Administrators,
shall and will, well and truly observe, perform, fulfil and
keep all and singular the said By-Laws of. the said
Society which on our several and respective parts are, or
ought to be observed, performed, fulfilled and kept."
I I
a
Society, or which fhaH il a„vt- t T "" "*'"*'«' "^ «'«'
or advances to the sevor^ . , ^' P''*«='''"''«ans
»ece.aaryexpe«selof t's cL rh?' ""' *°"''''' «"«
entitled to receive by wav Irf ^ ' '"'""""ember shall be
the amount of his' llar/o! T "" "'''""=•'• °'°^<' ''«'»
should tha funds of ho%! • ! "' ^-^''^cribed for : or
men^bers, at the „s„a, '^.ITI "ot be taken up by the
Boch funds may be othe^! ^"^ ^^ ""^ »'>«<=tors.
fe Society at L dL trrorihT D-'"^ ''^''^«' "^
members may, nevertheless, atiUhem e" e7 '''^'^'''
*• Ane Shares shall h/. r.f *i i. . '^^^^t-s.
5- Monthly subs Jtts IVr^''' value of ^50.
other payments, shal be paid at VT'"*^'* ""'''• «"«»
the iirst Monday of every Sth oJlf ""'f^'' "'"'=*' °"
upon a legal holiday, then on « 7 "^^''''"'''y ^^"«
otherwise ordered by the Diro / ^Z ^°"°^""^' '««'
for each share shall be 16s 8?r\^'"' subscription
the time of entrance and 'to r '»''"<''.to eommence from
of each month aft r whl 1 ^"1 "" '^' "^''^ M^nd-y
and continue un il tln^l T"'^'' «'"'" ^'^ admitted'
will be A. D. 1864 ' ^"'"^'^ '" ""'eh which
fo 'hf;::;f rfr'u^r..nf '--0 ^eposltof money .
dues for any period mn"^' A ^''""'' *"""■' Monthly ?
allowed intie's t on he am" f""° '"'^""^«' «•>-» "« '
rate of six per cent ner !, T '" ^"P"''"'^' at the j
the amount'ha wu/ha, "r- 'V' ^''' ^'^ "-ths , '
subscriptions or ot L^", a, dX " '° f"" ^""'"''y ''^^ ^
advance, to be then dlductcd f ?."" "" "''"^'"'^ '■> i
deposit, and interest at fe rate"' o •''"'"'"' °'^'"='' 1
annum be allowed upon the L !"" P""" '""'^- ?«'
irae, be sub-
>cnefit of the
the Society,
Iace,m loans
toward the
aber shall be
% more than
bed for : or
1 wp by the
2 Directors,
e benefit of
8 of which
•
J of £50.
fines, and
s office on
t day falls
^ing, until
Ascription
»encefrom
t Monday
admitted,
^b which
>f money
monthly
shall be
1, at the
nonths ;
^iety for
Tients in
of such
ent. per
for the
i whole
9
amount deposited shall have been taken up in the pay-
ment of the monthly dues to the Society ; or Shareholders
paying any certain number of moutldy paynients in
advance may, with the consent of the Directors, be
allowed a like number of additional months credit with-
out being subject to fines.
I. The affairs of the Society shall be under the control
and management of a Boardof seven Directors (of whom
four shall form a quorum for the transaction of business,)
who shall hold not less than five uuadvanccd Shares each ;
and who shall choose from among themselves a President
and Vice-President. No Director shall hold the office of
Treasurer of the Society.
8. In the ctbscnce of both the President and Vice-
President, the Directors present, at any meeting of the
Board, shall have power to appoint a Chairman, pro tcm,
and with such Chairman shall be competent to transact
the business of the Society.
9. The election of Directors shall be by ballot ; and
at such election any member, either personally present
or represented by any other member as his proxy, shall
be entitled to votes upon the following scale, viz. :
For 1 to 4 Shares 1 vote
For5 " 9 " 2 do
For 10 " 14 " 3 do
For 15 " 19 " 4 do
For 20 " and upwards 5 do
No Shareholder shall be entitled to more than five
votes.
10. The Directors elected at the formation of the
Society, or hereafter to be elected, shall continue in office
till the election of their successors, unless in case of
disqualification or resignation.
II, The Directors shall, at a special meeting to be
called for that purpose, have power to fill up any
I*
I <
f; }
^
10
anA J^^^ha^cd STf • "'* -'-"^-'''--ts with
otrororZ:^^:^^^^;^^ ^'-^'-^^ '" t''^ City
longing to theSociPfvl I r "'.'""^ securities be-
been read and «iV„„^ *i n ■ . ""-''■''"ff shall have
"« aua biguod, the Banker's Boob sl,»ii k
auced and insnected inrl .i,„ ^" '"' P''''-
count of the E ■ f """""*" ''^^''"'ed on ac
clared Tad tt If'"" "'? l" ' "'^'=*'"^ ^I^-" "^^ d-
«l.a!l be eu e«d „ the M ^p'",""' ''^ "'^ ^''"kers,
c«io,. ror wiri: stdv!:^; iT.:f " ^f ^
and considered. *»^vcinccs sHall be recorded
and under sucli relktl P^^^^^ ' '"*^'''' t''''^«f'"'.
-oSks ! 1 trtTS fr f ^ ^'^ ^'■-- -P-t the j
and .hail haveZwer to L^ , "''''■^''"''T™^^"'-^^;
business for the Societt ^rr.""' ''^"'*' '° ^''''-^'''^t a»y
the .ociety, and to pay them out of the funds
f
i
: : j/S'-^ ^■'■i'i»!E:':¥'W.
in the course
r by a voiQ of
present j and
' Bj-Iaws and
^ its Officers,
'h regulations
'ft or the Acts
rements with
in the City
securities be-
? other finan-
Rie, deem ne-
ctors, imme-
g shall have
shall be pro-
ived on ac-
shall be de-
the amount
le Bankers,
^^h^ch appli-
i)c recorded
' money for
deposit^ m
't therefor,
>ni time to
', either on
' they may
nspect the
treasurer ;
knsact any
the funds
11
of the Society such remuneration for their services as they
shall think reasonable ; and subscriptions or repayments
may be paid by members to such agents at the time
hereinbefore provided ; and such agents shall transmit
the same, with an account to the Secretary, before four
o^clock on the monthly subscription day, or pay such
fine as the Directors shall think proper.
16. If any Director shall die, or resign, or become in«
capable to act as Director, or become bankrupt, or insol-
vent, or compound with his creditors, or cease to hold
the required number of unadvanced Shares, or be re-
moved from his office by a resolution of a special gen-
eral meeting of the members, or shall for three months
successively be absent from the meetings of the Board,
" without the consent of the Directors," he shall there-
upon cease to be a Director of the Society ; and the
President may convene a special meeting of the Directors,
and at such special meeting they shall appoint another
member of the Society to be a Director in his place as
hereinbefore provided ; and no Director shall take any
part in any discussion, or vote v^a any question, in
which he shall be personally interested.
It. A general annual meeting of the members shall be
held at the office or rooms of the Society, or such place
as the Directors may appoint, on the first Monday in the
month of March, in each year, for the purpose of
electing Directors to serve for the ensuing year, and for
all other general purposes relating to the management
of the Society, and at each of the said general annual
meetings shall be submitted a full and clear statement
of the affairs of the Society for the previous twelve
months.
IS. The Directors shall have power to establish
from time to time a minimum bonus for investing as well
as borrowing members^ regulating the fiame according
"pon c,,„„l to„L "* '° P''"'" »" the members
"- to vote ut any .neoti^^.L ^ ^ ko . * "' ^""'^*>-'
the advanced Sl.a.cs held by le "'''' '" '"'P'"'' "^
Witness, ^'S'"''!.
u , Secretary.
»i'eh iiHiuLcr shall be excluded rm... .1
"fany l.orti.,„ of the said , nfi/ . ? •''PP'»P"»ti«..
quired to cutribut to f,v d fi '"'' ''''''" "°' ""^ ^«-
b- bein, notified of sC^.! It' ^ o':! 'If T'-
office, or otl^rwise, at the aiseretio;:;; "dI t!"*"
betore mentioaedj halTbc deeif.t'" "^ "'™'='°'-^' »'
members, cither 'ii pe on of^ Pr/x: r^'"''^ "^'^«
the meeting : the Chairman Z '^ ^' '"'P'^^^'^iod at
Directors or men^bers hav, ° .7 r'""»^' "*'"'• "^"'^
to his vote as a member ^ '"^ ''"'"• '■" *'^'«"»«
Efficient Sari. td'h^rnt" ■■" ^" ^^^^ t-* »
prei
ho duration of
the members
ho followin
'> to be coun
is my desire
^utc towards
tlic Society,
part in the
» respect of
'propriation
not be re-
^orcsaid, as
'hares,
era of the
the niem-
» tlie Post-
fectors.
leral moet-
ectors, as
'ity of the
'sented at
tier of the
I addition
also per-
' empow-
behalfof
ses be a
he Bank
ion thoy
IS
amount to iflO. Uc shall attend all meetings of
the Directors or members of tlic Society : enter minutes
of all resolutions or proceedings in the minute book, and
shall keep the accounts in order. — in proper books to be
provided for that purpose, — and prepare the same, or a
balance sheet thereof, for the inspection and signature
of the Auditors. He shall summon the Directors to all
meetings (by circular,) and issue all circulars and
notices to members which may, from time to time, be
thought necessary by the Directors : conduct the corres-
pondence of the Society, and perform all other duties
that the nature of his office may require.
23. No monies shall be drawn from the Bank without
the signature of the President, (or in case of his absence
or illness, of the Vice-President,) and of the Treasurer.
24. The proceedings of the Society shall be entered in
a minute book, in detail, in such manner as the Directors
may, from time to time, direct ; such entries to be signed
by the President, Vice-President, or Chairman, as well
as by the Secretary and Treasurer.
25. The name and place of abode of each Shareholder,
shall be entered in a registry book, to be kept for the
purpose ; and any member changing his residence
shall, within one calendar month thereafter, give notice,
in writing, to the Secretary of such change, and of his
new place of abode an-a address, or in default thereof be
fined 2s. 6d.
26. One or more Surveyors shall be appointed, who shall
survey and examine the property offered by any member
of the Society, if the Directors shall consider it necessary,
and shall, in all cases, render, at the Society^s office, a
report in writing, to the Directors, of the value and state
of such property, in such form as the Directors shall
prescribe, and who shall be paid such fees as the Direct-
ors shall think reasonable.
n .
14
"WI transact th ntir^tr' 'T^'^ '^"^
cty as the Directors ,TJ ^ business of the Soci-
ety. and «hal!, in f„ cas " elA"'""n^ '^ "" ^"'^'•
port, in writing, whether Lot-., k"" P"''''°" " ^<'-
good and 8«ffici;nt ZZT *^ *" '''"^""^'' ''y him
«haU prepare riUeeLarvrr" "',*'' ^"^''^'^ ' """
meuts ■•/ favour of" esTc^tf'^Tf t v^- "'' '"^*^-
veyor's fees and other T ^' , " S»'«=>tor and Sur-
curred "" '"^"'^'' *«<='""'' tf'«y may bo in-
«HS-hfr:^:^°,^t2:e^trv^^^^^^^ '
of tho'whoIcTolr'rof Difrrr'a^l'^ ' '"'^''''' '
removal or resio-nafmn i* "^^^^''^^' ^»^ m case of a
sons in Lis or their ZZT ^' ""'' P''"P'"- Per-
Either of the aa f offi \:^. ^^^^^^^^ P-vided.
office by the Director?sh^.l L"*^-. " """""""^ ''™'»
special LotingTfth^stlt;* '"'"■!^ *° ''PP*^''' '" <^
purpose, and he IhaU T • '' *° *"^ '''^"^'^ ^""^ t'"'*
fourl;f the L; L;^^^^^^^^^ Office if three.
vote for anch re-instatement ""'*'"«^ ''"'"
30. AH persons upon takinff Stock in ♦!.» q • . . ..
execute a covenant to observe fh! the Society shall
kept for that purposrand /e? * ! "!.''' '" " ^""'^ *» ^
bera aa transferee £«« or'' *^'" ''*''"""'^ «^'»-
.•■aU pay an entrance'SV W^r ShTr"'"'^'"^ 1
i
wh<
I
i
-■sanweBat*-
I
^f (who shall
Shares,) who
' of the Soci-
which he ehall
s title to any
ty to the Soci-
E)ircctors a rc-
eemed by him
Society; and
ts and instru-
citor and Sur-
aH cases, bij
' may be in-
id Treasurer,
es except for
t a meeting
a majority
I case of a
ccrs, the Di-
proper per-
' pi'ovided.
noved from
appeal to a
tied for that
ce if three-
eting shall
ciety shall |
hook to be j
«ing iacm- '
lentative,)
I
15
If
f
31. The fines, for the non-payment of tlio monthly sub-
scriptions or unadvanced Shares, shall be —
Three pence per Share for the 1st Month,
Six pence per Share for the 2nd Month,
Twelve pence per Share for the 3rd Month,
doubling' the line for each succeeding month, till the
expiration of the first six months, and after that time, if
the same remains unpaid, the Share or Shares of such
Member, or his representative, shall become forfeited.
Provided, that after any Share shall be in default
for the term of six months, the Directors shall have
power to recover, from such Shareholder, the amount
due to the Society, by an action of debt in any Court of
competent jiirisdiction. The fines for the non-payment
of monthly re-payments on advanced Shares, or of any
other monies due by members, for which the fines aro
not herein provided, shall be at the rate of 3d. in the
pound per month on the amount duo.
32. At the time of paying each of the monthly sub-
scriptions, each member shall pay therewith, towards
the expenses of managemement, the sum <»f 7|d. pcrShars.
33. The Directors may accept property situated any-
where within the limits of that part of the Province for-
merly Upper Canada, on the unadvanced Shares of any
member of the Society, as security for loans.
34. Any member entitling himself to an advance of a
Share or Shares, shall give notice, in writing, to the
Secretary, of the situation, tenure, description, and full
particulars of the property proposed to be mortgaged by
such member to the Society, in such form as the Direc-
tors shall prescribe ; and shall deposit with the Secre-
tary all necessary title deeds and documents relating
thereto, and also such sum as the Secretary may con-
•ider requisite to meet any necessary expenses. Should
any Shareholder decline to take up the amount awarded
I !.'
16
provisoes aL a„C„l\f ™' .l^^ « -f clause^
ciety shall think fit witl, .t Solicitor for the So-
-a that .•„ caso1i:£.tj^rX ,«;«'- D-tors ,
times, neglect or refuse to n.„ r ^ ' ""^ ''">" <"•
fees or other payments, for' the "L^c??™"'''' '"^'^ ""^
««ssively, then the Directors ml' v^ "'' '"°"*''' ""«=•
the concrreace of th Irtlt^i''^":'"' - -'tho«t -^
persons, ,vith such salarv iTr . ?'^?"" " ''"'•«°''. <" ^
tWnlc proper, to collect o r^lt Tl""" r" "^ ""^ '"='V ?
gaged premises • with fl 7. '""'"'"' "'■ "'« "ort. '
ment as the Mor JI^ „- '/ '""''" "' ""''"■-'"ff P'^y
to ael! and dispose of su ™ f '""^':°'-''^' ' '''^''' P»^er .'
private sale, when the D^ '^ ?' ^^ P"'''"'= »'''=ii<»' or
that in case\ho M .t:;ly 'r^ And ?
occupier of such mortll^oL ' '• 'r^^'^ *''« ««=""»• ^
deed may contain stinuhtr/ ?'!"?''''="*'''' ""'t^agc :
»nt to the SocieL at^?- "'"' '"' ^'"'" becom^t^
deed ; and the Sctolrs nU T" *" ''' "''"'"> '" ^-^h
between landlord aS eni; "T/T' *" '''^"•■•"■" »»
take place of any plcTt " „ ^ "''"" ""-y ««'" «•»«"
the Director. ^/JIZT^TX ■'' ''^ ""''"^'y'
much of the purchase monevTs *«! h " """ "PP'^ "<>
the same sum as would beCmS t "'.''"''^-^ *•* P^^
Perty, pursuant to the loT- ""*"'"' *'«' P^o- '
'»Ie« J together with S otCl?"' '"""'''''^ '» these
B surplus ■
pay
thereof to the Mortgagor.'
17
securities to the
'»e month, such
re, whether any
i Directors may
I to such mem.
* to the Society
li" such clauses,
itor for the So'
the Directors •
t any time or
>''^cnts, fines and
Jix months sue-
^ith or without
t a person, or
I as they may
ts of the mort-
^nforcing pay.
' » also, power -
^Hc auction or l
' proper. And ^
If the actual I
the mortga^ :
hecomc ten- i
^ed in such 1
xJistrain as
iy sab shail I
he Society, j
id apply 80 I
sary to pay |
'"» the pro- i
^^ in these
"*es, Solicl-
^^y, and to
36. All property, secured to the Society, consisting of
buildings, shall be insured by tlie Morto^agor, if required
by the Directors, in such sum and office as they shall
think advisable ; and the policy or policies shall ' be as-
signed over to the Society. In case any member, having
executed a mortgage to the Society, sljall make default
in payment of the expenses which may be incurred, in
and about insuring, and keeping insured, the mortgaged
premises, or of the ground rent or other payments to
which the said property may be subject, pursuant to the
covenant in the mortgage deed, he shall pay a fine of five
shillings ; and if default shall continue beyond one
monthly subscription day, he shall pay in addition
such fine as he would have incurred for the non-payment
of an equal amount of re-payments, at the time appointed
for the payment thereof: the Society not to be responsi-
ble for any consequences arising from any omission in
the payment of the premium, or other payment due on
any Policy of Insurance.
37. In case of damage by fire, the Directors shall
receive, from the Insurance Office, the amount payable
in respect of such damage ; and the receipt of the Sec-
retary and Treasurer of the Society, shall be a sufficient
discharge, to the Insurance Office, for the money therein
expressed to be received ; and the Directors shall have
full power to settle and adjust with the Insurance Office
any question relating to such insurance, and to accept
the amount to be paid by the Insurance Office, in respect
to the damage done to tl premises ; or to make such-
arrangements with the Insurance office as to the rebuild-
ing or repairing of the said premises, or relating thereto,
as the Directors shall think reasonable.
38. The Directors shall, at their discretion, either lay
out the money which shall be received from any Insur-
ance office as aforesaid, or any part thereof, in repair-
< i ! I i
18
fit. i„ or towar;:;i,s:r'; "-""^ '"""' ""•"•^
'vhich shall be duo from tlt xr """'"^""'•■"""""t
receive the .s,.,ao. (by wr.t.ng) direct to
•hS; .T::;^u;::r!::xT'"'^"'"r"^"'''*'-sodety.
the Secretary a WW te,/Z ""^'' ''''"'"■""• S'^-^ '»
lara relati„/ta tie m- , ? '' "'^ "" «"'^^'' P"'>"o-
-<. if at any «".^«c.i„?S I J7~ ^^ >
trsr:; •:[:::-•-'• "'"---- '"'"- -^"
Of thf Policy of iz; .: z i:,:^ fr' "--■ ^-^""-'^
givea ; and the nu^nd^rletinltf •'"'"' f'^'" '"
meat «hall pay a fine, at the di^io of 'IL"n ' T"'
ofnot more than ten 8lnlli„«s w ' / ' '
shillins- per week f,„. „ ^ o,' °' '''''' *''»■' one
shall, rffllThink fit to/ ""', "'"' "" ^''•<''="'«
vcar annns . ' '^'' ^"^ "t least once in everv
year, appoint some competent person to ohhin J TJ ^
information he can with respect to tradesr ! .° ■'
on in and about th,. m„.t~ i traaos, &c., earned !
to the DireetoL a^dSf ' ' "" *° "''°"
40. If any member who shill I.o,.^ « . ,
ea,e to the Society, shairde 1 ^ elHhe l: ""'''^
property, subject to the mortgage he s Ll boTf'^:''
80 to do, With the consent of thn n ! * '''''"■*y
auly transferring theraLf eclr^r^^^^^^^ ''''
the intended purchaser i„ manner limed bv^"^''
rules ; and upon such transfer being comDletil f ' "
' retain ami
^ shall think
'tho amount
the Society,
a^V)r, or to
) clircct to
'he Society,
^»» give to
'h particii-
^uch mort-
oinpanies ;
ti bo com-
'lin^ .shall
e validity
t shall bo
ich state-
Directors,
than one ;
Directors 'I
ill every i
all the I
, carried )
report
a mort-
>rtgagcd
t liberty
the first
)rtgagc,
y these
and all
, being
ed,such
re-pay-
!
<
■5
i
>
J
i
i
19
rncnts payable in respect of such Shares ; and the Direc-
tor may grant to the original mortgagor, and at his
cosi r ..u charges, a rclcapc from all future liubility in
respect thereof.
41. It shall bo lawful for any member, having executed
a mortgage in favour of the Society, to substitute, at his
own expense, and subject to the approval of the Direct-
ors, any other property, as security to the Society, in
lieu of the property originally mortgaged.
42. If any member shall desire to have his property
discharged from a mortgage to the Society, before the
expiration of the full term for which it has been taken,
he shall be allowed to do so on payment of all repay,
ments, and any fines, fees and other sums due in res-
pect thereof, up to the time of the rec'emption of such
mortgage, and of the present value of the future re-pay-
ments, calculated to the term, and discounted at such
rate of interest and on such terms as the Directors may
determine.
43. On tlie redemption of any security by a member,
or when all re-payments have been made by him on ad-
vances pursuant to these rules, a full discharge of such
security shall be executed, and the same shall bo deliv-
ered to such member, with all other deeds and c' . lo.ts
deposited hy him in connexion with such secur*.^ . and
such discharge shall be prepared, and the necessary sig-
natures obtained, and any matters relating thereto trans-
acted, by the Solicitor to the Society, at the expense of
such member.
44. In case of the death or insanity of a member be-
fore receiving an advance, and upon the application of
the legal representative of such deceased or insane mem-
ber, to withdraw from the Society, such representative
shall be entitled to preference before ordinary members,
and to withdraw at any tim*?, and to receive back the
t't^'Km xfmmwmi/imi!-
' i
i
tl.e fine.., anffct .TSV""' I"/'*" Society, Ion, all
cc«HC..l member "t^C^r !'^ *'«' '-■""■- •'-
But the d" i7':,?'P"""? .«ff " '"'^<' ''"on paid.
than6perce,.l t„r^. '^ '"ff'-c- rate of interest
<6. If the Directors shall bo nnahln «, ^:„ , .
money i„ hand at the usual r 1„ *. ^'"' "^ *''"
«ider it for the in e e ts of t, "'-=! ^ "^^ '""' . ' "'"'y """^ • . •
--.of the .e-nh^: ^^l — SL:tuX:' I o^-a
«eparately^nd .."s, a ' " t"""'" °''" many shares
wni .arrLt/jo:i'::iT rr:t rK^^^^^^^
■ ''^'^'^' ^"^ ^^^^^* tfaey shall have res-
pective!
the bnll
ballottci
(lr;i\v or
' share o
, by causi
J books of
may app
each trai
iugf the I
4 original
■ 48. In
: legatee
I before b
; shareholc
i lars of hi
oty, or ir
other do(
ami satis
try the s
examinai
49. Th
for each
tively ha
shall be i
otherwise
tion, coiK
60. No
."3?SSS^SW!^-"'^
v
h dccoajjcd
ty, Ic88 all
anc or dc-
c«th, with
vaiicc, be-
y part or
»t of the
notice in
> fio, and
at 6 per
is nionth-
08, inter-
• no mem-
f>n which
eon paid. ;
' interest ;
ey think ,
e of the ;
!iey con- J
special '
o them, I
sidcr it |
fawing", I
iken up I
», or by i'
•8, they
g such
be pre-
sharcs
nhand
ot pre-
)r the
e res-
it
J pcctivcly subscribed, and the person or persons wliom
I the ballot Hhall determino to take the share or shares so
ballottcd for, s}»all within ten days be obli^red to with-
dnvy or borrow from the Society to the extent of tho
Hliare or shares so baUoted on liirn on the terms pre-
viously determined on by the Directors, or sliail pay
sucli lino as tho Directors may determine. The ballot
shall have application to each unadvanced Share and
not to individuals.
4T. Any shareholder may transfer his share or shares
by causing an entry of such transfer to bo made in the
books of tho Society, in 8uch manner as the Directors
may appoint, and upon payment of the sum of 23 6d for
each transfer, and thereupon tho transferee (after sign-
ing: the rules) shall be entitled to all the privileges of the
I original shareholder.
48. In case of the death or insanity of any member the
legatee or legal representative of such member sliall,
before becoming entitled to tlic privileges of an original
sharehoiacr, procure his place of abode and the particu-
lars of his title to be registered in the books of the Soci-
ety, or in default thereof for one month, shall pay a fine
of 2s. Od., and shall at tho same time exhibit the will or
probate thereof, or grant of letters of administration or
other document (as the case may be), for the inspection
and satisfaction of the Directors, and payFfor such regis-
try the sum of 2s. 6d. and 10s. to the Solicitor forliis
examination of the will or probate,
49. The Directors shall be paid the sum of 10s. each
for each Board or Committee meeting they may respec-
tively have attended on the business of the Society, and
shall be indemnified out of the funds of the Society, or
otherwise, from all expenses in reference to the forma-
tion, conduct, and management of the Society.
60. No dissolution of this Society shall take place un-
m
ill
22
less its affiiivs be deranged, or its principles prove inad.
equate to promote its objects, or its funds be insufficient
to meet the claims, or from any other such cause, render-
ing the dissolution absolutely necessary, and then only
by a vote of at least two-thirds of the members present
either in person or by proxy at a special general meeting
to be called for that purpose. |
61. In the practical application of these rules or any
rules heifeafter to be made in virtue thereof, the construc-
tion put upon them by the Board of Directors shall be
final and conclusive. Every word in the singular num-
ber shall be applicable to the plural, and every word
importing the masculine gender shall where necessary ^
be understood to mean a female as well as a male unless
there be something in the subject matter or context re
pugnant to such construction.
i!
-♦♦*-
s prove inad.
be insuflQcient
cause, render-
ind then only
ibers present
ncral meeting
rules or any
the construc-
ors shall be
ngular num-
every word
'e necessary |
male, unless I
context re-