IMAGE EVALUATION TEST TARGET (MT-3) 1.0 1S«- IM I.I 1^ 1^ III 2.2 2.0 1.8 1.25 1.4 ^ ■« 6" ► h m ^h 'm <%^.'^" w'^ Photographic Sciences Corporation 23 WEST MAIN STR2ET WEBSTER, N.Y. i4S80 (716) C72-4503 t (meaning "CON- TINUED"), or the symbol V (meaning "END"), whichever applies. Maps, plates, charts, etc., may be filmed at different reduction ratios. Those too large to be entirely included In one exposure are filmed beginning in the upper left hand corner, left to right and top to bottom, as many frames as required. The following diagrams illustrate the method: L'exemplaire film* f ut reproduit grflce k la g*nAroslt4 de: Douglas Library Queen's University Les Images sulvantes ont «t« reproduites avec le plus grand soln, compte tenu de la condition at de la nettet* de l'exemplaire film«, at en conformity avec les conditions du contrat de fllmage. Les exemplalres orlglnaux dont la couverture en papier est imprlm«e sont fllmte en commen^ant par le premier plat at en terminant soit par la darnlAre page qui comporte une empreinte d'Impresslon ou d'illustration, soit par le second plat, salon le cas. Tous las autres exemplalres orlglnaux sont fiimte en commen9ant par la preml6re page qui comporte une empreinte d'Impresslon ou d'illustration at en terminant par la dernldre page qui comporte une telle empreinte. Un des symboles suivants apparaftra sur la dernlAre image de cheque microfiche, selon ie cas: le symbols — ^ signlfie "A SUIVRE", le symbols V signifit^ "FIN". Les cartes, planches, tableaux, etc., peuvent Atre fllmte it des taux de rMuction diffirents. Lorsque le document est trop grand pour Atre reproduit en un seui clich«, 11 est fiim6 d partir de Tangle supArleur gauche, de gauche d droite, et de haut en bas, en prenant le nombre d'images nAcessaire. Les diagrammes suivants illustrent la mAthode. 1 2 3 1 2 3 4 5 6 :.r ^ Mhbh O'JP .'S? THE KINGSTON PERMANENT BUILDING SOCIETY INOOUPOKATED IK AOCOKDANCE WITH AN ACT OF THE PROVINCIAL LEGISLATURE, A.D. 1846; POIl THE rUUl'OSE OF ASSISTING THK MEMBERS BY ADVANCINO THE AMOUNT OF THKIK SlIAUES ON OOOD MORTGAGE SECURITY, IN THE ERECTION OP DWELLINGS OR FARM BUILDINGS : THE ACQUISITION OF FREEHOLD OR LEASEHOLD I'UOPERTY : THE REMOVAL OF INCUMBRANCES OR LIABILI- TIES UPON PROPERTY ALREADY HELD BY THEM ; THE LMPROVEMENT OF LAND ; AND ALSO TO At FORD SUCH AS DO NOT DESIRE THEIR SHARES IN ADVANCB, AN EFFICIENT AND PROFITABLE MODE OF INVESTING SMALL SAVINGS. KINGSTON. PRINTED AT THK DAILY NBWS OFFICE. 18 5 2. The EDITH and LORNE PIERCE COLLECTION of CANADI ANA ^een's University at Kingston igl^s^^ nj KINGSTON PERMANENT BUILDINGSOCIETY INCORPORATED BT ACT OF PARLIAMENT. SHARES £50 EA CH. Monthly Instalment, 10s,; Entrance Fee, 5s.; Transfer Fee, 2s.Qd. DIRECTORS. JOHN COUNTER, Esq.— Presirfcjrf. JOHN MO WAT, -EBq.— Vice-President. Thomas Kibkpatbick, Esq JoHw Watkins, Esq. James Linton, Esq William Ford, Jr., Esq. Thomas BeiqIss, Jr., Esq. Horatio Yates, Esq. Maxwell W. Strange, Esq. George Baxter, Esq., Secretary and Treasurer Archibald John MacdOnell, Esq., Solicitor. Commercial Bank, M. D., Bankers. 'OFFICE— opposite the COURT HOUSE, KINGSTON. ■I fi ; I The 1 I. Tc to assisi or to ac II. 1 own po III. ' and rel The No £ value ( when t classes Pers( same t6 withdre The and til more si The satisfac is in th being receiva higher very cc of £50 m sma borrow pay £i only £ £b3 IC /O? RitigBtnn ^trtnamtit aJuilMng loriettj: The following are the principal objects of this Society : — I. To raise by monthly subscription from its members a fund, to assist them to purchase or build their own dwelling houses, or to acquire other freehold or leasehold property. II. To remove encumbrances on property already in then- own possession, or to improve the same. III. To provide for those who do not require advances, a safe and remunerative method of investing small sums of money. The Society is established on permanent principles. No fines on withdrawing. No bidding for shares. The value of each share will be realized in six years, positively, when the 1st Class will terminate ; and, thereafter, the other classes annually. Persons may enter any of the classes nf this Society upon the same terms as the first one ; and, under the same rules, can withdraw their money or redeem their properties. The Permanent System is now being universally adopted ; and the older soeieties are gradually being merged into the more single principles of those on the permanent plan. The present Society is not only more simple, but much more satisfactory, because its classes are determinate, and no bonus is in the first instance deducted ; in the older societies the bonus, being at once withheld, diminished materially the amount receivable per share, making it less useful, and causing a much higher rate of interest to be paid. A member borrowing at the very commencement in this Society, will only pay for his share of £50 (the whole of which he receives) , Stock, - - - - - - je36 Bonus and interest, - - 35 10 In all, jETI 10 in small payments of 20s. per month during six years. If he borrows at the commencement of the second year, he will only pay £6b 10s. in all ; at the commencement of the third year,, only £59 10s. ; at the commencement of the fourth year, only je53 10s. in all for £50 borrowed ; and so on. /0 7^/SEX RULES AND REGULATIONS OF THB KINGSTON PERMANENT BUILDING SOCIETY. I 1. That the intents and purposes for which this Society is established, are : — To raise by monthly subscription from its members a fund for the purpose of assisting them to purchase or build their own dwelling houses — to acquire other freehold or leasehold property — to remove encumbrances on property already in their possession, or to improve the same — and to provide for those who do not require advances, a safe and remunerative method of investing small sums of money. 2. That all moneys which shall from time to time be sub- scribed, paid, or given to, or for, the use or benefit of the Society, or which shall in anywise belong to the Society, shall be appro- priated and applied — in payment of the necessary expenses of the Society — in loans or advances to such members as require to borrow the amount of their respective shares, upon their fnrnishing sufficient mortgage security-"in paying off, under the Rules hereinafter provided, the shares of members with- drawing from the Society — and in the payment, at the expira- tion of the term of each successive class, of the full value of such shares therein as may remain unadvanced. 3. That the stock of the Society shall consist of shares of jE50 each, payable by monthly instalments of ten shillings each, on the third Wednesday of each month. 4. That the 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 five shares each, and who shall choose from among themselves a President and Vice-President. 5. In the absence of both President and Vice-President, the Directors present at any meeting of the Board, shall have power 6 to appoint a Chairman pro tern, and widi such Chairnmn shalf be competent to transact the business of tlie Society on BoarcJ days. 6. That the Election of Directors shall ho by Ballot ; and at such election, members shall be entitled to vote for each share, but that no shareholder shall be entitled Jo more than twenty votes. Absentees shall be permitted to send a list in their own handwriting of those persons whom they wish to be elected, under senl, to the Secretary, previous to the time of meeting, and the same shall be received as their ballot, 7. That the Directors elected at the formation of the Society, or hereafter to be elected, shall continue in oflice till the elec- tion of their successors, unless in case of disqualification or resignation ; in which case their place may be filled by the remaining Directors. 8. That the Directors may make such arrangements with any of the Chartered Banks doing business in the city of King- ston, for the deposit of moneys and securities belonging to the Society, and for conducting other financial concerns as they shall from time to time deem necessary. 9. 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 third Wednesday of December, 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. 10. That extra General Meetings of the Society may be called by the Board of Directors, for any purpose, upon the members being notified of such meeting through the Post-office or other- wise, at the discretion of the Board. 11. That all questions at the annual or other general meet- ings of the Society {except the election of Directors, the akera- tion of any existing rule or rules, or the adoption of any new I airnmn shnlf cty on BoarcJ illot ; nnd at • each share, tfuiii twenty in their own o be elected, of meeting, ' the Society, ill tlie elec- ilification or filled by the sments with z\ty of King- nging to the 2rns as they bers shall be place as the ednesday of ig Directors ;ral purposes t each of the a full and the previous ay be called he members ice or other- neral meet- , the akera- of any new i one), shall be decided by a majority of ihe members present, the Chairman having n casting vote in addition to his vote as a nicml)er ; but no meniber shall be allowed to vote on any question allbcting his: individual interest or conduct. 12. That a Treasurer shall be api>ointed, who shall also perform the duties of Secretary, and who, before entering upon his office, shall furnish security to the satisfaction of the Board of Directors for the due performance of his duties. 13. That the Treasurer and Secretary shall be empowered to receive and pay all moneys for and on behalf of the Society, and his receipt shall in all cases be a sufficient discharge ; he shall also keep a Cusii Book, where all moneys received and payments made, arc to be regularly and correctly entered, and he shall deposit in the Bank all such moneys as he shall have on hand. 14. That no money shall be drawn from the Bank without the signature of the President (or in case of his absence or illness, of the Vice-President, or in the absence or illness of both, of two Directors) and of the Treasurer. 15. That Books shall be opened for Keeping the Accounts, Minutes, and other 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 Direct- ors 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. 17. That the name and place of abode of each shareholder shall be entered in a Registry-Book to be kept for that purpose ; and each member changing his residence, shall, within one calendar month thereafter, give notice in writing to the Secre- tary of such change, and of his new place of abode and address, under a penalty of 2s. 6d. 18. That the Directors shall appoint two or more Inspectors, whose duty it shall be to examine and determine the value of property offered to the Society as security for loans or advances, s enl.''. '"T t'"': "P^"^""^ ^" ^""^"^^ ' ««^h reports to be entered in the Books of the Society. ^ 19. That every person becoming a member of the Sociefv ^except as transferee, legatee or legal representative), shall pay an entrance fee of five shillings per share. 20. That all persons upon taking shares in this Society, shall execute u Covenant to observe the Rules, in a Book to be kept 101 that purpose. *^ 21. That every ..ember, so long as he shall continue to be a racnibcr ana until the objects of the Society be attained, shall pay ten sh.langs per share per raonth, on or before the day appon, H for that purpose, and in default thereof, shall pay I fine of three-pence per share for the third month, doubling the fine for each succeeding month, till the expiration of the first Z """'"'^\"»'' "*•'«'• ">•••' "^e, if the same remains unpaid, the share or shares of such member, or his representative, ThaM become forfeited, or remain, at the discretion of the Directors Serrbllr"''' ^"" "^^-^'^''-fi-unabated, but n^o of dI JIl" ^""'T ''''" ^^ '"''^ "^ '"•=•• ""J^ ^ 'he Board of areclors may from tmm to time appoint for that purpose for the disposal of ruch funds as the Society may have to lend or advance, of which due notice shall be given. 23. That each borrower at every such meeting, shall pro- duce, wumn ten days from the day of meeting, security sa^ s factory to the Board of Directors, and in defajt thereo f Z t fine of ten shiUmgs per share. ' '^^ onfvt h?" '^'■'1'°''' "'■ ^"""^"^^ P-'-'P^'y (in Upper Canada rowe'r '^hl, """ 'r""""" "^"'" P"'f'"'y P™P°»<"i. 'he bor- rower shall pay all expenses of inspection, and if ,1.; se.uri-y TJZZl'JTt '"' '•^S'^'"'' Mortgage or Transfer to the satisfaction of the Directors, at his own expense; securing th» moneys advanced, with interest, and with bontis of flve^shii: l»igs per share monthly ; and also the due payment of all taxes, reports to be of the Society ntativv), shall ? Society, shall ook to be kept •ntinue to be a attained, shall before the day 3f, shall pay a > doubling the m of the first nains unpaid, sntative, shal' the Directors, bated, but no as the Board ^lat purpose, have to lend ;, shall pro- ecurity sa;.is- lereof, pay a pper Canada i to members ed, the bor- tbe security ansfer to the securing the of five shil- of all taxes, 9 iissessments and rates, with which the said property shall be eharged ; all ground or other rent due thereon, and shall insure the same, and pay all premiums of insurance ; and in default thereof, the Society shall be empowered to pay and discharge ^he same, and hold the said property liable for the re-payment Jthereof, and also for the payment of the ordinary monthly *>ubscriptions, interest and bonus, and any fines or forfeitures that may be incurred ; which Mortgage shah contain a cove- nant with the Mortgagor to insure the buildings comprised therein from loss or damage by fire, and 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 •hall neglect to pay his subscriptions, fines and forfeitures, and all moneys paid or advanced by the Society as aforesaid, for the space of six months successively, to take possession of the premises mortgaged, and to collect the rents and profits thereof, and to sell such premises by public auction or private sale, on gthe most advantageous terms, without any further consent or ^concurrence of the Mortgagor, and to apply the proceeds (after fdeducting all expenses) to the payments of whatever may be due to the Society. 26. That after such Mortgage or Transfer shall have been jexecuted, together with such Policies of Insurance and bther securities as the Directors may require, the Mortgagor shall at once receive the full amount of the share or shares borrowed or advanced ; or if one or more buildings be in progress of erec- tion, 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 progress of the work. 27. That (he Directors shall have power to renew, from time to time, effected insurances from loss by fire of all buildings, and to pay the ground rent of all premises mortgaged to the Society; which payments may be made out of the funds of the Soctety, as such insurances and rents become due, and shall be charged to the Mortgagor, and repaid by him when the monthly 10 i subscriptions fall due ; in default whereof, a forfeiture of ten per cent shall accrue to the Society upon the amounts so paid. 28. That any person entering the Society after its commence- ment or formation (except as Transferee, Legatee or Legal Representative) , shall pay the full amount of subscriptions which shall have been paid by the original shareholders from the date of such commencement ; those joining within three months shall paj' interest on such instalments ; and those join- ing after that period, and within twelve months, a proportion- ate bonus besides, according to a scale to be settled by the Directors. After twelve months, and within the second year, any person may enter the 2nd Class of the Society upon the same terms as those who entered the 1st Class ; and in like manner each succeeding year, persons wishing to join the Society, may enter the succeeding annual class upon the same terms ; and for the full period of six years each. 29. That any member not having received any loan or advance from the Society, wishing to withdraw from the same,, may, after the first year of the class of which he is a member,! be allowed to do so upon giving one calendar month's notice| to the Secretary ; and may receive back the net amount of his '^ monthly subscriptions paid up, and such premium or interest as the Directors from time to time may direct; and should any surplus funds remain unemployed after the monthly loans, and the Directors be unable to invest them advantageously (in accordance with the act) , investing members shall withdraw their shares under competition or by ballot, receiving a full share of the profits realized, as shown by last annual statement ; but any member withdrawing from one class, may at once, if disposed, enter any other class of the Society. 30. That any shareholder not having received any loan or advance from 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 Directors may appoint, and upon payment of the sum of two shillings and sixpence for each share so transferred ; and then the Transferee (after exe- forfeiture of ten amounts so paid, ter its commence- jGgatee or Legal of subscriptions hareholders from ing within three ; and those join- -hs, a proportion- )e settled by the the second year, Society upon the iss ; and in like ling to join the 3s upon the same 1. ed any loan or V from the same, he is a member,! • month's notice let amount of his mium or interest and should any mthly loans, and antageously (in 3 shall withdraw receiving a full inual statement ; may at once, if ved any loan or are or shares by in the Books of lay appoint, and ind sixpence for feree (after exe- 11 Auting the covenant to observe the rules) shall be entitled to all the privileges of the original shareholder. 31. That in case of the death of any member, the legatee o^ fgal representative of such deceased member, shall, before jcoming entitled to the privileges of an original shareholder, [rocure his place of abode, and the particulars of his title to be ;gistered in the Books of the Society ; and shall at the same [ime exhibit the will or probate thereof, or grant of letters of Idministration (as the case may be) , for the inspection and Ltisfaction of the Directors; and pay for such registry the sum two shillings and sixpence per share. 32. That the Directors shall have power, from time to time, determine the fees and travelling expenses to be allowed the ispectors, and the salary and contingencies of the Secretary j|lid Treasurer. 33. That the Funds of the Society shall not be appropriated |o any purpose whatever unconnected with the objects and iterests of the Society. 34. That the Directors elected at the formation of the Society, \b well as those hereafter to be elected, shall be indemnified, fut of the funds of the Society or otherwise, from all expenses In reference to the formation, conduct and management of the Society. 5^ 35. That the Directors shall have power to release any exist- ^g Mortgage, upon receiving in lieu thereof another sufficient "' jcurity, or a sum of money equivalent to the present or then ralue, at legal interest, of the future payment of the Mortgagor ; ^11 expenses to be paid by the Mortgagor. I 36. That the Society shall hold its meetings at such place as tlie Directors may appoint.