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LEAVE:4W0RTH, book AND JOB PRINTER. 1847. * ,»**"■ i i i?[E®ai?is'!ri§ 45 OF THK ST. CATHARINES BUILDING SOCIETY. INCOUPORATED BY AGT OF PAPXTAMEKT. SHARES, £100 EACH. Monthly Subscription, 10s. per Share — Entrance Fee, 5s. per Share — Transfer Fee, 2s. Qd. per Share. Directors. GEORGE PRESCOTT, President. JOHN F. MITTLEBERGER, Vice-President. WM. HAMILTON MERRITT, THEOPHH.US MACK, SAMUEL HAIGHT, RICHARD A. CLARKE, J \MES GILLELAND, CHAUNCEY YALE, ANTHONY K. BOOMER. HIRAM SLATE, Secretary & Treasurer. LORENZO D. RAYMOND, Solicitor. GODFREY WAUD, ? . > Insi'ectors. jamp:s dougan, S The St. Catharines Building Society recommends itself to public notice, on the following grounds : firstly, as an easy and profitable mode of investing small sums of money j secondly, by an advance of money upon the shares of those shareholders who may desire to borrow at a premium or bonus, to af- ford them the means of acquiring freehold or lease- hold premises, or erecting buildings on property al- ready acquired. If the experience of Societies upon similar princi- ples, in Eiiglnnd, be a ci iterion of their success in this country, the most satisfactory results may be antici- pated-, and this may l)e confidently expected, from tlie circumstance, tliat money is in much hinjher de- mand here tiian in England; and that, therefore, the borrower, being able to invest at greater advantage, can atford to give such a bonus as must add in a great- er degree to the |)rofits of the sha.eholders than could be expected in England ; while, on the other hand, tlie borrower runs no risk of giving too much for his loan, if he exercise prudence in the investment of it, as his offer is altogether voluntary, and he may be presumed to have formed some idea of the return it ^vill afford him. The scheme of the Society is explained at length, in the published Rules adopted by the sharehoKlers. It may not, however, be irrelevant to state briefly, that the stock of the Society consists of shares of the va- lue of £100 each — the holders of which shares, will be required to pay monthly instalments of ten shillings per share, until the teruiination of the Society, and an additional seven pence half-penny per share, per month, towards the current expenses. The accumidated deposits are, from time to time, offered for sale to the shareholders — the most advan- tageous ofJer being accepted by the Directors. Pre- vious to the receipt of the money, the borrower will be required to furnish good security on real estate, [which security may be the proper!}' purchased by the loan,] and covenant to pay interest at six percent, upon his loan: thus he will thenceforward be requi- red to pay ten shillings per month as interest upon ev- ery share of £100 so borrowed, in addition to tue sum which he pays as a shareholder of the Society. The principal, or sum borrowed he is never required to re-pay, since, 1)}^ the interest of moneys loaned, by bonuses, and fines, and forfeitures, the profits of the Society at length furnish a suffu lent sum to pay up the amount of their respective shares to the share- holders who have not l)ecomc borrowers — at which time, all the shareholders, borrowers or otherwise, will be released from their montldy instalments, inte- rest, &c., and those shareholders who have obtained loans of the Societv, will have their securities re- turned to them. Compulinj]; £20 as the avcrafre bonus upon each share loaned, it is expected that the Society will ter- minate in about ten years from its commencement. Should the averap;e bonus be higher, the period of its termitmlion will, of course, be earlier. U|)()n this con- clusion, the shareholder will obtain the amount of his share, [say £100,] at the period of ten years, or after the payment of £G0 •, if more or less than ten years, he will pay more or less, at the rate of £6 for each year, before he obtains the payment of his £100. If any shareholder who has not borr«)wed of the So- ciety, shall desire to discontinue the payment of his in- stalments, he will most probably meet with a pur- chaser, at more or less advance upon his actual pav- ments •, or should he be unable to accomplish that, the Society engages to purchase the share or i^hares, re- paying the shareholder the net amount which he may have paid in, deducting £1 per share by way of for- feiture. Further information respecting the details of the Society's opera- tions, may be obtained from any of the Directors, or from the Secre- tary, at the Office of the Society' # !f U IT J. K S Ol' '11 IK ST. CATHARINES BUILDING SOCIETY. 1. That the inferosts nnd purposes for which this Society is establi^lietl, are, Ijy advanciiif^ tiie amount of their vShares upon il!;ooi1 \Iort!L>;aij;e security, to assist the members tliereof in the erection of Builtlin}i;s •, in the ac(piisition of b^reehold or Leasehold property •, or in the removal of incuml)rances or liabilities upon property already held by them-, and also, to afford such as do not desire their Shares in advance, an effi- cient and profitable mode of investing small savings. 2. That all moneys which shall, frt)m time to time, be subscribed, j)aid, or given, to or for the use or ben- efit of the Society, or which shall in anywise be- long to the Society, shall be ap})ropriated and appli- ed, in the first place, in loans or advances to the sev- eral members, and towards the necessary expenses of the Society •, i)UL no member shall be entitled to re- ceive, by way of loan or advance, more tha"i the a- mount of his Share or Shares subscribed for, except as is hereinafter ])rovided 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 wiiich members may nevertheless avail themselves. And wiienever the funds of the Society in hand or invested, (other than the amounts loaned to members within the limit of their respective inter- ests,) shall be ecpial to the amount of JCIOO for every Share held by members who have not already recei- ved the amount in advance, the Directors shall an- nounce the same, cease to receive the monthly pay- ments of instalments mul intoresl, and proceed to close the Society as speedily as j)ossible, paying £100 to the holder of each unreceived Share, and should any surplus unavoidably remain, dividing it amongst all the members, according to the number of Shares held. 3. That the Stock of the Society shall consist of Shares of JCIOO, currency, each, payable by monthly instalments of 10s. each Share, on the fust Monday of each month. 4. That the affairs of the Society shall be under the control and management of a Board of nine Direc- tors, (of whom five shall be a (juorum,) who shall hold one or more Shd-js each ; and who shall choose from among themselves, a President and Vice Presi- dent : to which Board shall be delegated all the pow- ers given by the Act of Incorporation to be executed, excepting such as are specially reserved by the Rules of the Society. 5. In the absence of both President and Vice Pre- sident, the Directors present at any meeting of the Board, shall have power to appoint a Chairman pro tern. \ and with sucii Chairman shall be competent to transact the business of the Society : such President, Vice President, or Chairman pro tern., shall have a casting vote, in addition to his vote as such Director. G. That the election of Directors shall be by bal- lot •, and at such election, members shall be entitled to a vote for each Share which they may hold — but in no case to exceed three votes. 7. That 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. 8 8. That the Directors iiuiy niuke such arrange- ments with any of llie chartered Banks doinf^ business in the town of St. Catharines, for a (U'posit of moneys and securities l)eh)n<2;ini; to tite Society, and for con- ducting other financial concerns, as they shall, from time to time, deetn necessary. 9. That a general Annual Meeting of tl)e mem- bers shall be held at the oflicc or rooms of the Soci- ety, or such place as the Board of Directors may ap- point, on ihejirsl Thursday in the month of January^ in each year, for the purpose of electing Directors to serve for the ensuing year, arul 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 funds and effects of, or belonging to the Society — specify- ing in whose custody or possession the said funds or effects shall then be remaining, together with an ac- count of all and every the various sums of money re- ceived and expended by, or on account of the Soci- ety, since the publication of the preceding periodical statement : Provided, nevertheless. That the Directors chosen at the first election shall continue in otfice un- til the first Thursday in January, 1848. 10. That extra general IMeetings of the members 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 noti- fied of such meeting, at least five days before, through the Post Oflice, or otherwise, at the discretion of the Board. 11. That all questions at the Annual or other gen- eral Meetings of the vSociety, (except the election of Directors, as before mentioned,) shall be decided by a majority of members present, eitlier in person or by proxy — tlie Chairman having ii costing vote in addi- tion to his vote as a member. 12. That a Treasurer shnll be appointed, who, be- fore entering upon his oflice, shall furnish security, to the satisfaction of the Board of Directors, for the due performance of his duty. 13. That the Treasurer shall be empowered to re- ceive and pay all moneys for and on behalf of the Society, and his receipt shall, in all cases, be a suffi- cient discharge. lie shall also keep a Cash Booky where all moneys received, and payments made, are lo be regularly and correctly entered 5 and he shall de- posit weekly, with the Bank, all such moneys as he shall receive. 14. That no moneys 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. 15. That a Secretary shall be appointed, who shall give security, to the satisfaction of the Board of Directors, for all moneys received by him, and for the due performance of his duty •, and that Books shall be opened for keeping the Accounts, Minutes, and other proceedings and transactions of the Society. 16. That the proceedings of the Society shall be entered in a Minute Book, in detail, in such manner as the Board of Directors may, from time to time, di- rect—such entries to be signed by the President, Vice President, or Chairman, as well as by the Sec- retary. 17. That the name and place of abode of each Shareholder, shall be entered in a Registry Book, to be kept for that purpose. I f ff »; 10 18. That there shall be two or more Inspectors, whose duty it shall be to examine and determine the value of all property offered to the Society, as secu- rity for loans or advances, and to report their opin- ion in writing — such reports to be entered in the Books of the Society. 10. That every person becoming a member of the Society, (except as transferee, legatee, or legal repre- sentative,) shall pay an entrance fee of 5s. per share. 20. Tiiat all persons, upon taking shares in the So- ciety, shall sign the Rules and Covenant, in a Book to be kept for that purpose. 21. That every member shall, so long as he shall contintie to be a member, and until the termination of the Society, pay at the office of such Society, ten shil- lirifrs per share, per month, on or before the day ap- pointed for that purpose 5 and in default thereof, shall pay a fine of Tlirp^ Pence per Sliare, for the Tirst Month, Six Pence " " Second do. One Shilling " " Third do. : Doubling the fine for each succeeding month, till the ex[)iralion of the first six months , and after that time, upon notice being sent by Mail, addressed to the last place of residence recorded in the Books of the Soci- ety, if the same remains unpaid, the share or shares of such member, or his representative, shall becoaie forfeited. 22. That at the time of paying each of the month- ly subscriptions, each member shall pay therewith the sum of 7Ad. per share, ioward the expenses of management. 23. That each member changing his address, shall within a calendar month thereafter, fi;ive notice w^m 11 in writing to the Secretary of such change, and of his new place of abode and address, or in default thereof be fined 2s. 6d. 24. That Meetings shall be held on such days as the Board of Directors may from 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: the mode of disposal to be cho- sen by the Directors. 25. That each purchaser or borrower at every such meeting, sliall, on or before the next day, depo- sit with the Treasurer the sum of £1 10s. for each share so purchased or borrowed; which deposit shall be forfeited, unless he produce, within ten days from the meeting, security satisfactory to the Board of Di- rectors ; or have the permission of the Board to ex- tend the period, by a vote of three-fourths of the Di- rectors present at the meeting at which such permis- sion shall be granted •, and iu case the borrower shall neglect to make the deposit of £1 10s. per share as aforesaid, and shall neglect to complete iiis contract, the said amount of £1 10s. shall nevertheless be deem- ed to be forfeited, and shall be charged to him in the books of the Society. 26. That no property situated beyond the town- ships of Grantham, Thorold and Louth, be accepted as security for loans and advances to members of the Society -, and that the Directors be instructed, except in very special and particular cases, not to receive in security, land upon winch good and suilicient build- ings are not found, or engaged to be erected. 27. That the c«)erations()f the Society may be extended by the J)irectors to any township, town or village within the bounds of the district of Niagara j i^^ 1 i.'. ■ H 12 provided a requisition, signed by at least a majority of the shareholders situated within the limits prescribed by Rule 26, be presented to them, for that purpose ; and provided also, that no such town or village be ad- mitted to the privileges of tlie Society, unless at least t^^enty shares are subscribed for, by persons residing within the limits of such town or village, or posses- sing freehold property within the same. 28. That after inspection of the property propo- sed, the purchaser shall, if the security be appro- ved, execute a mortgage or transfer, to the satisfac- tion of the Directors, and at his own expense, se- curing the moneys advanced, with interest, and also the due payment of the ordinary monthly subscrip- tions, and any fines or forfeitures that may be incur- red — wiiich mortgage shall contain a covenant by the mortgager, to Insure the buddings 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 mortgager shall neglect to pay his subscriptions, fines and forfeitures, for the space of six months suc- cessively, to take possession of the premises mort- gaged, to collect the rents and profits thereof, and to sell such premises, either together or in separate par- cels, by public auction or private sale, on the most advantageous terms, without any further consent or concurrence of the mortgager, and convey the same to the purchaser or purchasers thereof, absolutely freed and discharged of and from all equity or right of redemption of the mortgager, his heirs or assigns, and to apply the proceeds, (after deducting all ex- penses,) to the payment of whatever may be due to the Society. » $ caiiL'i ..■^^— .. 13 29. That after such mortgage or transfer shall have been executed, together with such Policies of Insu- rance and other securities as the Directors may re- quire, the mortgager shall at once receive the amount of 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 certifi- cates from the Inspectors, and from time to time, as the Directors shall determine, according to the pro- gress of the work. 30. That the Directors shall have poNyer 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 — which payments may be made out of the funds of the Society, as such Insurances and rents become due, and shall be charged to the mortgager, and repaid by him, when the following monthly subscriptions fall due-, in default of which repayment, a forfeiture shall accrue to the Society, of 15 per cent, upon the amount so paid. 31. That any 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 original shareholders, from the date of such com- mencement, and a proportionate bonus, according to a scale to be settled by the Directors. 32. That any member being desirous of withdraw- ing from the Society, may, on giving one calendar month's notice, in writing, to the Secretary, be allow- ed to do so J and may receive back, (without interest,) the net amount of his or her monthly subscriptions % I f 14 paid up, deducting any fines or forfeitures that may be due, and also a forfeiture of twenty shillings per share. 33. That any shareholder may transfer his share or shares, by causing an entry of such transfer to be made in the books of the Society, in such manner as the Directors may appoint, and upon payment of the sum of 2s. 6d. for each transfer •, and thereafter the transferee, (after signing the Rules,) shall be entitled to all the privileges of the original shareholder. 34. That in case of the death of any member, the legatee or legal representative of such deceased member shall, before becoming entitled to the privi- leges of an original shareholder, procure his other place of abode, and the particulars of his title, to be registered in the books of the Society, and shall at the same time exhibit the will or probate thereof, or grant of letters of administration, [as the case may be,] for the inspection and satisfaction of the Directors, and pay for such registry, the sum of 2s. 6d. 35. That the Directors elected at the formation of the Society, as well as those hereafter to be elected, shall be indemnified out of the funds of the Society, or otherwise, from all expenses in reference to the for- mation, conduct and management of the Society. 36. That whenever shareholders in this Society receive the amount of their shares in advance, the member so receiving his share or shares, shall pay, on the first Monday in each month, during the existence of the Society, the legal interest for one month, upon the whole amount of his share or shares then advan- ced to him : it being understood that his monthly in- stalments due and payable, are paid in hio character of shareholder. I ACT TO INCORPORATE BUILDING SOCIETIES. Jin Act to encourage the estahlishment of certain Societies, com- monly called ''Building Societies,'' in that part of the Pro- vince of Canada formerly constituting Upper Canada. [Passed 18th May, 1816.] Whereas, it is desirable to afford encouragement and protection to the establishment of certain soci- eties, commonly called Building Societies, for ihe purpose of raising, by small periodical subscriptions, a fund to enable the members thereof to obtain un- incumbered 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 So- ciety," and provisions were made for the conduct and management of that society, and certain privi- leges and immunities conferred upon it: And whereas, it is expedient to encourage the formation of similar societies throughout that part of this province hereto- fore constituting the province of Upper Canada, whenever the inhabitants of any particular locality may be desirous of availing themselves of the provis- ions of this aci : — Be it, therefore, enacted, ^c., That when, and so soon as any twenty persons or upwards, in that part of this provir-e heretofore constituting the province of Upper Canada, shall have agreed to constitute themselves a Building Society, and shall have signed and executed, under their respective hands and seals, a declaration of their wish and intention so to consti- tute themselves such Building Society, and shall have % 1H| ; ; ; ^^ I i h) li) 16 deposited the same with the Clerk of the Peace in the district in which 'hey shall reside, (who, for receiving such deposit, shall be entitled 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, consti- tuted 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 de- posited 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 society, and in shares not exceeding the value of one hundred pounds for each share, (such subscriptions not to exceed twenty shi'.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 a- mount or value of his share or shares therein, to erect or purchase one or more dwelling house or houses, or other freehold or leasehohl estate, to be secured by way 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 so(i(!tv, with the interest thereon, and with all fines or liabilities incurred in re- spect thereof 5 and that it shall and may be lawful to and for the several members of such society, from time to time, to assemble together, and to make, or- dain and constitute such proper and wholesome rulevS and regulations for the government and guidance of the same, as the major part of the members thereof so assembled together shall deem meet, so as such rules shall not be repugnant to the express provisions of this act, or to the general laws of this province, or of Upper Canada-, and to impose and indict such rea- sonable fines, penalties and forfeitures, upon the sev- eral members of the' said society who shall ofJend against any such rules, as the majority of the mem- *;. 1? bers may think fit, to be respectively paid to such uses for the benefit of the said society, as the said so- ciety, by such rules shall direct-, and also, from time to time, to amend and alter such rules as occ^igned to the said society, either to secure the pay- ment of the shares subscribed for by its members, or to secure the payment of any loans or advances made by, or debts due to such society •, and they may also proceed on such mortgages, assignments or other se- curities, for the recovery of the moneys thereby secu- red, either at law or in equity, or otherwise ; and that such society shall have the power of investing, in the names of the President and Treasurer for the time being, any surplus funds, in the stocks of any of the chartered Banks or other public securities of the pro- vince •, 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 accord- ing to the rules thereof XI. ^nd be it enacted. That if any person appoint- ed to any office by such society, and being entrusted with and having in his hands or possession, by virtue of his said office, any moneys or effects belonging to such society, or any deeds or securities relating to the same, shall die, or become bankrupt or insolvent, his heirs, executors, curators, administrators, or as- signs, or other person having a legal right, shall, with- in fifteen days after demand made by the order of the Directors of such society, or the major part of them assembled at any meeting thereof, deliver over all things belonging to the said society, to such persons as the said Directors shall appoint. XII. *fwrf Ac i7eing to run th, or £48 100 i, and Id the o £96 6—96 irivate 12 "12