Page 4 Advertisements Column 4

Lyttelton Times, Volume XXXVII, Issue 3566, 22 June 1872, Page 4

Pu'piio Notice*. TO THE DlßKnipjßS AND MANAGER OF THE 1 PERMANENT INVESTMENT AND LOAN ASSOCIATION OF CANTERBURY. p ENTLBMEN, - Wo, the undersigned shareholders in the above Association, do hereby request that you Trill conrono a GENERAL MEETING of tho Shareholders of the Association for the purpose of amending tho Rules of tho Association, by making those hereunto annexed. Dated this 14th day of June, 1872. GEORGE GOULD CHARLES PREBBLE ALFRED SIMPSON J. R. HILL JAMES S. JAMESON. T. W. BALFOUR DAVID CRAIG. Page 10, Rule 10. Strike out sub-section 4. Pass rule instead thereof as follows: —■ I That ail scrip which shall be issued by tho said Association in respect of investment I- shares taken up between the Ist day of January and tho 30th day of June in each year, shall bear date the Ist day of January iu such year ; and all scrip which shall bo issued in respect of such shares taken up between the Ist day of July and the 81st day of December j in each year shall boar date the Ist day of July in such year; and all applicants for such shares shall, on taking up the same, pay an amount equal to the subscriptions that would have been payable in respect of such shares had tho same been taken up on the Ist day of January or the Ist day of July, as the case may bo, preceding such application, with intoi rest on such subscriptions at such rate as may be from time to time fixed by the Directors from the dates at which they would have been payable. ! Rule XIII., pages 13,14,15,16. ' Strike out sub-section 3 (referring to Land 1 Transfer Act, 1870) and residue of rule. Pass [ rule instead thereof as follows : XV. —Investment of Money and giving Security. Strike out all parts of Rule XV., on pages 17 and 18, and pass 1 Rule XV. as follows : The funds of tho Association shall be primarily invested on mortgage *of freehold and leasehold land. The Board of Directors ore hereby authorised at any time after the expiration of two years from the commencement of. the Association, to invest such part of all sums of money received by the Association as shall not be required for its immediate purposes or use in advances to any Member or Members of such Association upon security of any share or shares held by such Member or Members, and upon the same terms as to re-payment as in case of advances upon freehold security; or the Board of Directors may, with the consent of the Association, to be testified at a public meeting, of the Association, and entered in the General Minute Book, invest such moneys upon real or Government securities in the names of such ’Trustees, and from time to time with such consent as aforesaid, to alter, transfer, and sell, such securities ; and all dividends and proceeds .to arise from the moneys so laid out or invested shall be regularly brought to account by such Trustees, and shall be applied according to the rules of the Society. Provided that any advances to Members upon their shares shall not in any case exceed the amounts actually paid upon such shares at the time of making such advances. When they shall consider it necessary, the Board of Directors shall give publicity to the amount of money at their disposal for investment, and the same shall be offered to the shareholders in the order in which their applications are numbered. Each applicant shall give to the Manager a schedule setting forth his name, the amount required by him, full particulars of the nature and situation of the property offered as security, the payment of his entrance fees, and at what rate per share per month he desires to repay to the Association the principal and interest of such loan; and on such application being granted in full or in part, then he shall commence at the next monthly meeting subsequent to such application to pay such sum per share per month as may be agreed upon, whether his mortgage shall have been executed or not, in terms of subjoined Table B, which table shall be considered as forming part of these Rules; and every borrowing member neglecting to pay his subscription or redemption money shall bo fined for , each share as follows :—6d for the first month, Is 6d for the second month, 3s 6d for the third month, 6s 6d for the fourth month, 10s 6d for the fifth month, 15s 6d for the sixth month, and thereafter a fixed fine of 6s per month per share. When the Board of Directors shall be satisfied with the security offered by any member, they shall pay to such member the sum which he ’shall be entitled to receive, upon his executing to the Trustees a deed of Mortgage, containing such powers of sale and other powers to the said Trustees, and such covenants on the part of the said Mortgagor as the Solicitor of the Association shall require. The mortgage to be given by the Member shall provide that, in case the said Member shall at any time thereafter fail, neglect, oxrefuse for three monthly pay days to pay, observe, and perform all or any of the subscriptions, payments, and regulations on his part respectively to be paid, observed, and performed, the Board of Directors for the time being shall have power, on behalf of tho said Association, lq appoint the Manager, or any other person or persons, to collect the rents and profits of the premises in such mox'tguge mentioned, and to charge for such collection, whether by the Manager or otherwise, a commission at the rate of 5 per cent., if the rent be payable quarterly or at longer periods, or 71 per cent, if payable monthly, or 10 per cent, if payable weekly. And tho Board of Directors shall have the power, after default in payment of such subscriptions and payments for three monthly pay-days, or on the breach of any covenant on the'Mortgagor’s part in any mortgage expressed or implied, whether the Board of Directors shall have entered into tho receipt of the rents and profits of any such mortgaged property or not, and without entering into the receipt of such rents and profits, and without the ebusent or concurrence of the said mortgaging member, absolutely to sell and dispose of the said mortgaged premises by public auction or private contract, upon the condition that the purchaser or purchasers shall pay as and for tho purchase money of any such property a certain monthly payment (to be fixed and determined by tho Board of Directors), until the full amount due to the Association on suCh property be paid ; or to moke any arrangement witli any member whose property shall bo forfeited or liable to forfeiture for his retention thereof, and for the cessation of all fines upon subscription and redemption moneys, fines, insurance premiums, and other payments then duo and iu orrear at the time of such arrangement or thereafter to become due to the Association; or to soli and dispose of tho same, in one or more lots, by public auction or private contract, or partly in one way and partly in the other, at one or more time or times, and subject or not to special conditions as to title or evidence of title, or tho time or mode of payment of the purchase money, or otherwise as tho Board of Directors shall think fit, and to receive the money arising therefrom and at any sale, by public auction tho Board of Directors, or any one of them, or some other person to bo appointed by them in writing, may bid for and buy in the said mortgaged premises on behalf of the Association, and ro-sell the same by public auction or private contract, without being answerable for any loss to bo occasioned by such rc-sale and but of the moneys to arise from such collection, of rents and profits on re-sale as aforesaid;-the Board of Directors shall, in tho first place, discharge all costs, . charges, and expenses which shall or may be