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Lea diagrammea auivanta lliuatrent la mAthode. 1 2 3 1 2 3 4 5 6 , <*t^:Ja«aBaM«feiwff«itwiiWi ^^^^^^^ «gjg>!nn^rBR KINGSTON BUILDING SOCIETY. Incorporated by Act of rarliament. SHARES £100EACH. Monthly Payments, lOs. per Share, Entrance Fee, 5s. per Share, Monthly man's^ment Fee, 7 id. per share Transfer Fee, 2?. 6d- DIRECTORS, HENRY GILDERSLEEVE, ESQ-j President. JOHN COUNTER, Esq. FRANCIS M. HILL, Esq. JOHN MO WAT, Esq. THOMAS BRIGGS, Jr., Esq. JOHN R. FORSYTH, ESQ., Vice-President. HENRY SMITH, Esq., M. P. P. GEORGE ALEX. GUMMING, Esq. THOMAS KIRKPATRICK, Esq. Secretary and Treasurer,— Geohgh Baxter, Esq. ^o«ci/or,— Archibald John Macdonnell, Esq., Yr. of Greenfield. JiariKerSy — The Bank of British North America. FRINTID AT THX CHRONICLE & GAZETTB OrriC*. KIKGSTOW. 1847 '^^■^ -.r; c.;i "3 iij^i '": i::0'* f ■ <".. i ^l^:i^ -4£.4;J ^iUffiC. ■v.. ; ■ ■■ s./:- J Ct "■-s "t; •'•Ji-r ""'-"■[ (- I D. OZBSOW.Fritttcr. "*"■'-'■-- — ^'ll ■! - I - — r.;^.(ir-*;^,; 'a(t'K^ PROSPECTUS. A Building SociirrT may be said to have two-fold qualities and obiects,-those of a Savings Bank, and of a Mutual Trust and Loan Com. pany. As a Savings Bank, it affords the most profitable means of mvesting Savings, large or small, that has vet been adopted m this, or any other countV; and as a Mutual Trust and Loan Company, it gives the borrower a longer period for the return of the sum borrowed, and ^sier ternw for its repayment, while it makes a more profitable return to the lender, than any Associatioi in existence, among us. It is enabled to do this, because the borrower is also a stockholder, and consequently a participator in the profits of the Society—because his stock, proportionately with that of otheri,| benefits by his own and others borrowing. The Shares are fixed by the By-Laws at £100 each, and are paid up hjl monthly subscriptions of 10s.—When a sufficient sum is received from theail subscriptions, it is put up at Public Sale among the Stockholders, in lot of £100 each, and knocked down to him who gives the highest bonus. In Canada, bonuses average about thirty-five per cent. The borrowerl gives security upon real estate, already in his possession, or which he is tc buy with funds obtained at the Society's Sale, and the condition of his #-■ curity is that, he will pay up his monthly subscriptions, and the intorc upon the sum borrowed, regularly every month, with his subscription. The Society is calculated to come to an end in about eight years, il the bonuses average thirt> per cent. Take the case of a borrower of on« ghare— £100— at that bonus, and s4y, for the sake of round numbers, Uvil the Society is self-extinguished in eight years or ninety-six months. « He gets £70 out of the £100, the bonus being detained in the fir place ;->-the result is *hat be pays Ninety-six monthly subscriptions, • • • • *j^ Ninety-six month, int. at fiper ct, ^14 jptog^, » • • ^ ^ '■•--■— '-'--•"• £96 Management Fees, 8ec., * __J Upon which hi» mortgage is cancelled, and his property Society's incumbrance. ..,, ,., j^. Had ho borrowed £70 from a private individual for the «atn« Ii^mrtK of time, besides being called upon for the return of the whole sum Se time, he would have to pay at the end of eight years, The principal borrowed, £Yq Interest for eight years, 6 per cent., ! .' .* .' * .' .* .* '/,[ 33 12 £103 12 This calculation clearly shews, that the borrower from tli*» <5nn;n* fro. X'rpS.'^ilT^t^lt; z,t'^i "rLr^ T' a Bmld.ng Society, are in a different position._TW Lw S^, A ^ •'" ■n-w "fait "■"" "" "'*' "'f -"-^ loJ^ of Zey Zi'ThetXr at which all have opportunit es of comoetino- nnr? i]Lt ih.. 1 V"*"™^ ^®^> r Sr t ''^^'^ ''''-■ Evo,rstcirhold"er X tZ Tha't ^ can readily borrow the amount of liis Stock by civin^ a ceri»in hL f U,a^ndtbat he is consequently in a great n>eS;"r„dVenr TZ^ : .K» JH"^ b'>'.">vfet indirectly, and the non-borrower directly, benefits bv (S„^:dX::«^rottl'"*^ K'hat case the monthly payments on each share will am^nt tollg m fcr ^':^''^t' "'»»'« ""<• 'be £100 which the inves^et Livtt L»vl?h f K^ "f "'^.^""i'^'y. constitutes his proflts,-allowing him Ito feve the trouble and tediousness of a long compound Interest calullLi? b„T 1*^ "'• P''3"»en's towar-ls that amount, the sum, (indud n "en! kranre and management fees,) which he really ^avs for his sha e i^'/eo jlOs. 3d.-and his profit is, over and above legal interest, nolTthan £3? ieav4ts-,t ?rt:ShSiaf :^ber.h:; i-fit- es. ^^mi cMrt ujx>n it— ihe m(Mitljly subscriptions of 10s. per share being iust thd monthly interest on that share's value. Butit is not the Capitalist whom these Societies are intended princi- pally to benefit. Men with small incomes, industrious tradesmen, mechan- ics and laborers who are desirous of savino- money, and investing that money as they save it, more profitably than in a Savings Bank, at the same time, they enable themselves to take advantage of any good opportunity of pur- chasing freehold property ; of improving property already in their posses- sion, or of treeing it from incumbrance, by borrowing from'the Society on the already explamed easy terms, are tliose who are chiefly intended to reap the benefits arising from Building Societies : And to their serious consider- ation these Associations, particularly recommend themselves. The facilities afforded by these Societies of acquiring property and money, must necessarily tend to the benefit and advantage of the City, by the encouragement given to the erection of houses of a better description and the permanent settlement of mechanics and tradesmen, necessarily con- sequent on their becoming owners of property in it. The Shares being transferable can be sold at any time the owner wish- es, upon payment of the transfer fees. The following, taken from the Prospectus of the "Quebec Building T?u -jV'^ ^ ^""^^^ showing the time which the Society is calculated to last at the different rates of bonus :-— Bonus. t^Pfc'T" ^2 months.' '^'2 85 " 35 " « ii « 32i « « It .. 27J" " . 2 .. 25 " « 103 " ^H" " :::o6 •• 20 " " 1,0 " m" " .13 " 15 « « •„- .< m" " [y^WWrn " i« ;: " 124 " ^i " « ,28 « 5 " " ]ia 25" " ...::::::::::::,35 - - " " 139 « Vs Similar Institutions httve been proved bj verj tuocessiVil operation In England fur the last twenty-tive years, and in many towns in Canada sine* tlic passing of the Act, authorizing their formation. At the last meeting in Toronto, the amount of funds sold was jCl400, and the average premi* um paid, was 37^ per cent. A requisition, signed by several persons, wai Rent in, to the effect, that the rule adopted by the Directors, fixing a pre- mium on each new share should be abrogated, and parties permitted to sub- scrilje for new shares, without payment of premium, until the first Monday in May next : but it received no countenance from the Society — but on the contrary, the Directors were authorized to increase the rates of premium from time to time, as they might thmk the circumstances and prosperity of the Society demanded, and the Colonist asserts that in a short time the rate of premium will, in all probability, be increased accordingly. The knowledge of these things renders the Directors of the ^'Kingston Building Society" confident of every success, in submitting their Prospec- tus to the people of the City and District, to whom alike the Society is open. Kingston, April 10, 1847. jy^4 eratlon In lada sine* t meeting ige premi* »ons, wai ng a pre- ed to sub* : Monday but on the premium sperity of >e the rate 'Kingston Prospec- y is open. AN ACT To tncourage the estdbliahment of certain SocietieSt commonly called Building Societies, in that part of the Province of Canada formerly constUtUing Upper Canada. [Fuud I8lh Muy, 1846.] Wherxaa it is desirable to afford encouragement and protection to the establishment of certain societies, commonly called Building Socilies, for Prt* the purpose of raising by small periodical subscriptions a fund to enable the members thereof to obtain unincumbered freehold or leasehold property ; — And whereas, by an act passed in the eighth year of her Majesty's reign, certain persons were incorporated as a society for such purposes in the city of Montreal, by the name and style of " The' Montreal Building Society ;'* and provisions were made for the conduct and management of that society, and certain privileges and immunities conferred upon it; — And whereas it is expedient to encourage the formation of similar societies throughout that part of this province heretofore constituting the province of Upper Canada, whenever the inhabitants of any particular locality may be desirous of avail- ing themselves of the provisions of this act ; — Be it therefore enacted, &c., That when, and so soon as, any twenty persons or upwards, in that partof jjf* this province heretofore constituting the province of Upper Canada, shall «!" bave agreed to constitute themselves a building society, and shall have buii signed and executed, under their respective hands and seals, a declaration of f^luV their wish and intention so to constitute themselves such building society, ^ and shall have deposited the same with the Clerk of the Peace in the dis- p trict in which they shall reside (who for receiving such deposit shall be en- piil! titled to receive a fee of two shillings and six pence,) such persons, and such "*"" other persons as may afterwards become members of such Society, and their several and respective executors, administrators and assigns, shall be ordained, constituted and declared to be, and shall be a corporation, body corporate and politic, by such name and style, as a building society, as by such declaration so deposited as aforesaid shall have been declared to be the name by which the persons so executing the same desire such society to be known, for the purpose of raising by monthly or other periodical subscriptions of the several members of the said society, and in shares not exceeding the value of one hundred pounds for each share (such subscription not to exceed twenty shil- lings per month for each share,) a stock or fund for the purpose of enabling each member thereof to receive out of the funds of the said society the amount- certa forml an L'l 8 or value of his shares tl.orein, to erect or }.urcl.nNc one or more dwelh'nc house or houses, or other treeliold or h-iisehold estale, to bo secured hv wnv of mortgaire or otherwise to the f-aid society Mntil the amount or value of hi» Maro or shares si)all hav<^ been fully paid to the said society, \vilh the interest thereon, and \vith all lines or liabilities incurred in respect thereof; and that It shall and may be lawful to and for tho several members of such society from time to time, to assi:mblo logctlier and to make, orne f»r St/"^ /Aif»V (I hy way flue of hi» K.' interest. ; nrid that ^1 society, 'onstitute, mcnt and ♦ssembled nt to the ince or of penalties • shall of link fit, to ty^ as the to amend the same, re in this led to re- V way of id society realized ; f the said for every ch sum or ivilege of esidcs in- out being penalties e in that lay, from id society ce Presi- I rules of r any of being so 1 time as h Direc- ts where } delega- 18 Secre- • of such Directors present at any meeting thereof shall at all times b« necessary to concur in any act of such Directors, and they shall in ail things delegated to them act for and in the name of such society ; and all acts and orders of such Directors, under the powers delegated to them, shall have the like force and clfect as the arts and orders of such society at any general meet- ing thereof n.uld or n lo;ht have had in pursuance 'of this act : Provided always, that the transactions of such Directors sliail be entered in a Uiok belonging to such .ooiety, and shall from time to time and at all times be subject and liable to the review, allowance and disallowance of such society, in sucfi manner and form as such society shall by their general rules have directed and appointed or shall in like manner direct and appoint. IV. And be it enacted, that every such society so established as afore- said shall in or by one or more of their said rules declare all and every the J intents and purposes for which such society is intended to be established, and shall also in and by such rules direct all and every the uses and purposes to which the money which shall from time to time be subscribed, paid '>r given to or for the use or benefit of the said society, or which shall arise therefrom or in anywise shall belong to the said society, shall be appropria- ted and applied, and in what shares or proportions and under what circum- stances any member of such society, or other person, shall or may become entitled to the same or any part thereof: Provided that the application thereof shall not in anywise be repugnant to the uses, intents or purposes of such society, or any oftliem to be declared as aforesaid ; and all such rules during tho contmuance of the same shall be complied with and enforced ; and the mionies so subscribed, paid or given, or so arising to or for the use or benefit of the said society or belonging thereto, shall not be diverted or misapplied eitlier by the Treasurer or Directors, or any other officer or member of such society entrusted therewith, under such penalty or forfeiture as such society shall by any rule enforce and inflict for such offence. y . And be it enacted. That the rules for the management of every such *"'« soc.etv shall bo enlcred and recorded in a book to be kept for that purpose, K which book shall be open at all seasonable times for the inspection of the "•" members of such society, but nevertheless, nothing contained herein shall extend to prevent any alteration in or amendment of any such rules, in the vyhole or in part, or making any new rules for the management of such so- ciety m such manner as by the rules of the said society shall from time to time be provided. for^f^Mf "'^ ^' '^ '"''*'^; '^^?* ^" '"^"^ ^''^"^ *'"^« *^ *'™e *"ade and in RuieJ [l?f r 1 f 7!"',?^'^^"^ f ^"ch society and entered and recorded as afore- SJa said shall be bindmg on the several members and officers of the said society "«"'3 and the several contributors thereto, and their renrPsenfPt:-««5 all of \-^-m '"*'*** shall be deemed and taken to have full notice thereof, by such entry and record as aforesaid ; and ihe entry of such rules in the ho6k or books of th« s to * 10 Wjd society aa aforesaid, or a true copy of the same, examined with the original and proved to be a true copy, shall bo received as evidence of such rulen respectively, in all cases : and no ceri'orari or other legal procei^i shall be brought or allowed to remove any such rules into an^- of Her Ma- jesty's Courts of Record. VII. And be it enacted, That no rule entered as aforesaid shall be al- tered, rescinded or repealed, unless at a general meeting of tlie members of 'y such society, convened by public notice 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 Ibo members of such society, which requisition shall state the objects for which the meeting is culled, and shall be ijddressed to the President and Directors ; whereupon each member shall be notified ot the proposed alterations through the Post Office, within fifteen days r such meeting to consist of not less than one-tliird of the shareholders, tJiree-fourths of which meeting must concur in such alterations or repeal. VIII. And be it enacted. That the rules of every such society shall specify the place or places at which it is intended that the said society shall hold its meetings, and shall contain provisions with respect to the powers and duties of the members at large, and of such officers us may be appoint- ed for the management of the affairs of the said society. IX. And be it enacted, That tlic Directors of every such society shall and may from time to time at any of their usua' meetings, elect and appoint such person or persons to be officers of the said society as they shall think proper, ?nd grant such salaries and emoluments as they may deem fit, and pay such necessary expenses attending the management of the said societv as may be incurred; and shall and may from time to time elect, when it shal) be deemed necessary to carry into execution the purposes of the said society, for such space of time and for such purposerj as shall be fixed and established by the rules of the said society, and may from time to time discharge such person or persons, and elect and appoint others in the room of those who shall vacate, or die or be so discharged ; and nil and every such officer or other person whatsoever who shall be appoi...ed to any 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 execution of any such office or trusi, shall become bound in a bond in such form and for such amount as the Directors raay determine, with two sulFiciont sureties, for the just and faithful execution of such office or trust, and for rendering a just and true account according to the rules of the said society, and in all mat- ters lawful to pav obedience to the same. X. And be it enacted. That it shall and may be lawful for every such society to take and hold any real estate, or securities thereon, bom Jide mir:wmi 11 with thd ce of such al procGi^i : Her Ma- lall be al- lembers of I'd by the lisition for (tv, which , and shall rnber shall hin fifteen reholders, repeal. iety shall cietv shall le powers I appoint- iety shall id appoint ball think I lit, and [1 society le elect, irposes of ! shall be n time to Drs in the I nil and oil. ted to ement or the said n of any for such :, for the ig a just all mat- ery such yna Jide mortgaged, or assigned to the said society, either to secure the pB3rtn(^nt of J«[ the shares subscribed for by its members, or to secure the payment ot any hoi loans or advances made by, or debts due to such society, and they may also moS proceed on such mortgages, assignments or other securities, for the recovery J° M of the monies, thereby secured, either at law or in equity or otherwise, and payj^ that such society shall have the power of investing in the names of the Pre- sident and Treasurer for the time being, any surplus funds in ihe 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 and for the use of the said society, according to the rules thereof. XI. And be it enacted, That if any person appointed to any office by m such society, and being entrusted with and having in his hands or posse*- ^"3 I sion, by virtue of his said office, any monies or effects belonging to such *^®1 society, or any deeds or securities relating to the same, shall die or become bee* bankrupt or insolvent, his heirs, executors, curators, administrators or assigns^ i " cr other person having a legal right shall, within fifteen days after demand made by the order of the Directors of such society, or the major part of them assembled at any mooting thereof, deliver over all things belonging to the said society, to such persons as the said directors shall appoint. XII. And be it enacted. That all real estate, monies, goods, chattels, property and effects whatever and all titles, securities for money or other ll°l obligatory instruments and evidences or muniments, and all other effects P" whatever, and all rights and claims belonging to or had by such society, boc\ shall be vested in the President and Treasurer of the said society for the "H time being, for the use and benefit of the said society and the respective members thereof, their respective executors, administrators or assigns, ac- cording to their respective claims and interests, and after the death or re- moval of any President or Treasurer, shall vest in the succeeding President" and Treasurer for the same estate and interest as the former President and Treasurer had therein, and subject to the same trusts, without any assign- ment or conveyance whatever ; and also shall, for all purpose of action or suit as well criminal as civil, in law as in equity, in anywise touching or concerning the same, be deemed and taken to be, and shall in every such proceeding [when necessary] be stated to be, the property of the persons appointed to the offices of President and Treasurer of the said society for the time l^eing, in the proper names of such President and Treasurer, with- out further description, and such persons shall, and they are hereby author- ized to bring or defend, or cause to be brought or defended any action, suit or prosecution, criminal as well as civil, in law or in equity, touching or COncerninL he nronartv. ricrh<: or rlMin afr»rn«aifl^ of o^ hAlonrrlnnr in f\r Viad by the said society, and in all cases concerning the property, right dr claim aforesaid of the said society, may sue and be sued, plead and be impleaded in their proper names as President and Treasurer of the said society, with- lite. ho ■ > 'Y R m out oeher description, and no suit action or prosecution shall be discontinued or abated by the death of such persons, or their removal from the offices of President or Treasurer, but shall continue in the proper name of the per- sons commencing the same, any Jaw, u^sage or custom to the contrary not- withstandmg; and the succeeding President and Treasurer shall have the same rights and liabilities, and shall payor receive like costs as if the action or suit or prosecution had been commenced in their names, for the benefit of or to be satisfied out of the funds of the said society. Xfll. And be it enacted. That in all such actions, suits and prosecutions as aforesaid, the Secretary of such society shall be a competent witness notwithstanding he may also be Treasurer of the said society, and that his name may have been used in such action, suit or prosecution as such Trea- surer. XIV. And be it enacted. That the President, Vice-President and Di- rectors of every such society shall, in their private capacity, be exonerated Irom all responsibility in relation to the liabilities of such society. XV. And be it enacted. That the Rules of every such society shall provide that the Treasurer or other principal officer thereof shall, once at Jeastm every year, prepare or cause to be prepared a general statement of the lunds and effects of or belonging to the said society ; specifying in whose custody or possession the said funds or effects shall then be regaining, together with an account of all and every the various sums of money re- ceived and expended by or on account of the said society, since the publica- tion of the preceding periodical statement ; and every such periodical state- went, shall be attested by two or more members of the' said society, appointed Auditors for that purpose, who shall not be Directors, and shall be coun- tersigned by the Secretary or Clerk of the said society, and every member shall be entitled to receive Irom the said society a copy of such^periodical statement, without charge. '"" V ^^l' "^"^ ^® ^* enacted. That the word " society" in this act sh&ll " . ®''®*°°^ ^° include ^nd to mean Building Society and Institution established under the provisions and authority of this act ; the word " rules" to include rules, orders, by-laws and regulations ; every word importing the singular number shall extend and be applied to several persons or things,'as well as one person or thing, and bodies corporate as well as individuals ; and •very word importing the plural number, shall extend and be applied to one person or thing as well as several persons or things ; and every woi"d importing tlie masculine gender only, shall extend and be applied to a female as well as a male ; the words " real estate" shall extend and anolv to iramovabie estate and property generally ; and the word " securities'' shall extend and apply to privileges, mortgages, (equitable as well as legal,)'and mcumbrances upon real and immovable estate, as well as to other rights and ff/S^4 IS continued offices of the per- rary uol- have the he action benefit of secutions witness^ that his ch Trea- pririleges upon personal estatt and property : Thai thi9 act flmli extend (a aliens, denizens and females, both to make them subject thereto, and to en- title them to all the benefits given thereby ; and that this act shall be con- strued in the most beneficial manner for promoting the ends thereby intended. XVII. And be it enacted, That this act shall be deemed a public act, Pu* and shall extend to all courts of law or equity in this province, and be judi- cially taken notice of as such by all Judges, Justices and other persons whatsoever, without the same being specially shown or pleaded. and Di- onerated ity shall once at sment of Eying in naining, •ney re- publica- ;al state- ppointed e coun- member jriodical ct shall stitution " rules" ting the iings,''as lis ; and plied to y word I female Dolv to 5'' shall d,)'and hts and BY-LAWS OV THE KINGSTON BUILDINa SOCIETY 1st. That the intents and purposes for which this Society is intended to be established, are to assist thu members thereof in the acquisition of freehold or leasehold property ; and in the removal of encumbrances or liabilities upon property already held by them : to aid them in the erection of buildings thereon, and to enable them to receive the amount of their shares in advance, upon furnishing good Mortgage security. 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 anywise belong to the Society, shall be appropriated and applied, in the first place, in loans or advances to the several members, and towards the neces- sary expenses of the Society ; but no member shall be entitled to receive by way of loan or advance, more than the amount of his share or shares subscribed for, except as hereinafter provided for : if not taken up among the members, any funds may be otherwise invested for the benefit of the Society, at the discretion of the Directors, of which members may, never- theless, avail themselves. 3d. That the stock of the society shall consist of shares of £100 Cur- rency each, payable by monthly instalments of 10s. each share, on the first Monday of each month. 4th. ThatWie affairs of the Society shall be under the control and management of a board of nine Directors, (of whom five shall be a quorum,) who shall hold not fewer than three shares each, and who shall choose from among themselves a President and Vice-President. **y *■ Ji/^'A 15 5th. In the absence of both President and Vice-President, the Direc- tors present at any meeting of the board, shall have power to appoint a Chairman pro tern, and with such Chairman shall be competent to transact the business of the Society on board days. 6th. That the election of Directors shall be by ballot ; and at such elec- tion, members shall be entitled to a vote for each share, either in person, or by proxy, under power of Attorney. 7th. That the Directors elected at the formation of the Society, or here- after to be elected, shall continue in office till the election of their succes- sors, unless in case of disqualification or resignation. 8th. That the Directors may make such arrangements with any of the chartered Banks doing business in the City of Kingston, for the deposit of monies and securities belonging to the Society, and for conducting other financial concerns, as they shall from time to time deem necessary. 9th. That a general annual meeting of the members shall be held at the office or rooms of the Society, or such place as the board of 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 state- ment of the affairs of the Society for the previous twelve months. 10th. That extra general meetings of the mem.bers of the Society may be called by the Board of Directors, for the purpose of supplying vacancies in the Board, and for other purposes, upon the members being notified of such meeting, through the post-office, or otherwise, at the discretion of the Board. 11th. That all questions at the annual or other general meetings of the Society (except the election of Directors as before-mentioned,) shall be decided by a majority of members present, either in person or by proxy, as aforesaid ; the Chairman having a casting vote in addition to his vote as a member. 12th. That a Treasurer shall be appointed, who shall also perform the duties of Secretary, and who, h/ire entering upon his office, shall furnish security to the satisfaction of the xio n'd of Directors, for the due performance of his duties. 13th. That the Treasurer and Secretary sliall be empowered to recelv* and pay all monies for and on behalf of the 'Society, and his receipt shall in all cases be a sutFicient discharge. He shall also keep a cash-book, where •11 monies received, and payments made, are to be regularly and cofrectlr II i I entered ; and ha •hall depoiit daily in (he Bank all luch raonlea aa bo ihall 1 fure of the President (or m case of his absence or illness, of the Vice- j President,) and of the Treasurer. "levice 15th. That books shall be opened for keeping the accounts, minutes ' and other proceedings and transactions of the Society. * ' ' book'^l'n 25'/ ^^^ P''^^^^^'"^^ of the Society shall be entered in a minute- ,; book in detail, in such manner as the Board of Directors may, from time : tmie, direct ; such entries to be signed by the President, Vice-Presidentor ; Chairman, as well as by the Secretary and Treasurer. ^^^esiaent or 17th. That the name and place of abode of each shareholder shall be entered m a registry-book, to be kept for the purpose. dutl^k ;h«lT^*/^^ Directors shall appoint two or more Inspectors, whoso ♦h! W ? ^■^^'"'"/ ^"^ determine the value of all property offered to the Society, as security for loans or advances, and to report their opTnion« in writing ; such reports to be entered in the lix,ks of the Society. ^ 1 9th. That every person becoming a member of the Society, FexceDt a» sMlfete: " ''^' «P--'»'-,l shall pa, an entra/ce^ft^^fiv" 20lh. That all persons upon taking shares in the Society, shall execute a covenant to observe the rules, in a bSok to be kept for that pur^se J'utt,.r„Sr^Srefe^^^^ i^ro^lny; r^:o*?^ "^^ ""p"'-''" ^« ♦"- -^^^^ ■• »<• ^<^^^ Sd. per share for the 1st month, 6d. « « 2d Is. * « , « 3d C( « doubling the fine 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. 22d. That at the time of paying each of the monthly subscriptions, each member shall pay therewith the sum of T^d. per share,' towards the exnpn. BCB oi management. " ' -r- aSrd. i4Ji That each member changing his residence shall, within one .^^■^' JIfifA It M h9 ihall the signa- the Vice- iDinutes. a minute- ffom time 3siclent or shall be xcept as se of five execute ;e. nember, er share I default he first lare or s, each exnen- in one calendar month thereafter, give notice in writing to the Secretary of auch change, and of his new place of abode and address. 24th. That meetings shall be held on such days as the Board of Difec- tors may froiH time to time appoint for that purpose, for the disposal of such funds as the Society may have to lend or advance, of which due notice shall be given. 25th. That each purchaser or borrower at every such meeting, shall forthwith deposit with the Treasurer the sum of two pounds ten shillings for each share so purchased or borrowed ; which deposit shall be forfeited, un- less he produce, within ten days from the day of meeting, security satisfac- tory to the Board of Directors. 26th. That any freehold or leasehold property in the Midland District, be accepted as security for loans or advances to members of the Society. 27th. That after inspection of the property proposed, the purchaser shall pay all expenses of inspection, and if the security be approved, execute and register a Mortgage or transfer to the satisfaction of the Directors, at his own expense ; securing the monies advanced, with interest monthly, and also the due payment of all taxes, assessments and rateS) with which the said property shall be charged, all ground or other rents due thereon ; and shall insure the same, and pay all premiums of insurance ; and in de. fault thereof, the Society shall be empowerec^, to pay and discharge the same, and hold the said property liable for the repayment thereof, and also for the payment of the ordinary monthlv subscriptions, and any fines or for- feitures that may be incurred; which Mortgage shall contain a covenant by the Mortgagor to insure the buildings comprised therein, from loss or damage by fire, for the full amount of the advance, and to assign over the policy or policies to the Society ; and also a power to the Society, in case the Mortgagor shall neglect to pay his subscriptions, fines and forfeitures, and all monies paid and advanced by the Society as aforesaid, for the space of six months successively, to take possession of the premises Mortgaged, to collect the rents and profits thereof, and to sell such premises by public auc- tion or private sale, on the most advantageous terms, without any further consent or concurrence of the Mortgagor, and to apply the proceeds [after Sod^t "° ^'^P'^^ses,] to the payments of whatever may be due to the iJ^^u' '^.^^^ '^^!^^ '""^^ Morlgage or transfer shall have been executed, together with such policies of insurance and other securities as the Direc- tors may require the Mortgagor shall at once receive the amount of the ^^r/'* u^ borrowed, purchased or advanced, deducting the bonus agreed to he nain thprpon • nr -f -.-- -^ . - i m i. . . ° «,« i- 1 ^ '^reun , or it oiiu of more Duiiamgs oe m progress or erection, such amount shall be advanced upon one or more certificates from 18 the Insgectors, and from time to time, as the Directors shall determine accordmg to the progress of the work. «eiermme, I ^^i^' J'^^V^^ Directors shall have power to renew, from time to time already effected msurances from loss by firo, of all buildings, and to pay the ground rentsol all premises Mortgaged to the Society f which paymens become due, and shall bo charged to the Mortagor, and repaid by him when the followmg monthly subscriptions fall due, in default whereof^a foTfeUure shall accrue to the Society of 20 per cent, upon the amount so paid. fJS^^' T^^* ^"^ person entering the Society after its commencement or formation [except as transferee, legatee or legal representative,] shall pay the full amount of subscriptions which shall have been paid by the original ri^areholders from the date of such commencement ; those joining within six months shall pay interest upon such subscriptions, and those joinino- after by th^e^ Di^eXT'^'"'"''^^ ^""""^ ^'''^'''' according to a scale to be settled ih^itl.iTf- "^"^ "^.'"^^^'* "°* Jf ^".? received any loan or advance from the Society, being desirous of withdrawing from the Society, may, on giving one calendar month's notice, in writing, to the Secretary,' be allowed to do so and may receive back [without interest,] the net amount of his monthly subscriptions paid up deducting any fines, interest or forfeitures that may be due, and also a forfeiture of twenty shillings per share. 82nd. That any shareholder, not having received any loan or advance irom the Society, may transfer his share or shares, by causing an entry of such transfer to be made in the books of the Society, in such manner as the JJirectors may appoint, and upon payment of the sum of two shillings and sixpence for each share so transferred, and therefore the transferee [after executing the covenant to observe the rules,] shall be entitled to all the privileges of the original shareholder, S3d. -riiat in case of the death of any member, the legatee or Ie