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Lyttelton Times, Volume XXXVII, Issue 3572, 28 June 1872, Page 3

Public Notices. TO THE DIRECTORS AND MANAGES OF THU PERMANENT INVESTMENT AND LOAN ASSOCIATION OF CANTERBURY. Gentlemen, —m, tiie undersigned shareholders in the above Association, do hereby request that you Will convene a GENEEAL MEETING of the Shareholders of the Association for the purpose of amending the Eules of the Association, by making those hereunto annexed. Dated this 14-th day of June, 1872. GEORGE GOULD CHARLES PEEBBLE ALFRED SIMPSON J. E. HILL JAMES S. JAMESON. T. W. BALFOUR DAVID CEAIG. Page 10, Rule 10. Strike out sub-section 4. Pass rule instead thereof as follows : That all scrip which shall be issued by the said Association in respect of investment sliares taken up between the Ist day of January and the 30th day of June in each year, shall bear date the Ist day of January in such year ; and all scrip which shall be issued in respect of such shares taken up between the Ist day of July and the 31st day of December in each year shall bear 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 the same been taken up on the Ist day of January or the Ist day of July, as the case may be, preceding such application, with interest 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.

Buie XIII., pages 13,14,15,16. Strike out sub-section 3 (referring to Land Transfer Act, 1870) and residue of rule. Pass rule instead thereof as follows : XV. —lnvestment of 'Money and giving Security. Strike out all parts of Rule XV., on pages 17 and 18, and pass Rule XV. as follows : The funds of the Association shall be primarily invested on mortgage of freehold and leasehold land. The Board of Directors are 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 nest 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 Buies ; and every borrowing member neglecting to pay his subscription or redemption money shall be fined for each share as follows6d for the first month, ls*6d for the second month, 3s 6d for the third*month, 6s 6d for the fourth month, 10s 6d for the fifth mouth, 15s Gd 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, or refuse 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 the said Association, to appoint the Manager, or any other person or persons, to collect the rents and profits of the premises in such mortgage 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 7i per cent, if payable monthly, or 10 per cent, if payable weekly. And the 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 the 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 consent 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 the purchase money of any such property a certain monthly payment (to be fixed and determined by the Board of Directors), until the full amount due to the Association on such property be paid ; or to make any arrangement with 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 due and in arrear at the time of such arrangement or thereafter to become due to the Association; or to sell and dispose of the 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 subjest or not to special con- ■ ditioni as to title or evidence of title, or the time or mode of payment of the purchase money, or otherwise as the Board of Directors shall think fit, and to receive the money arising therefrom and at any sale by public auction the Board of Directors, or any one of them, or some other person to be appointed by them in writing, may bid for and buy in the said mortgaged premises on behalf ol the Association, and re-sell the same by public auction or private contract, without being answerable for any loss to be occasioned by such re-sale and 'out of the moneys to arise from such collection of rents and profits on re-sale as aforesaid, the Board of Directors shall, in the first place, discharge all costs, charges, and expenses which shall or may be