Page 4 Advertisements Column 3

Thames Star, Volume VII, Issue 1963, 20 April 1875, Page 4

Meetings mortgage, he will be charged a commission of 2| per cent, on the amount proposed to be borrowed. 10. When the committee are satisfied that the security offered to the Society is sufficient, they sball pay to such member the sum or sums of money he shall bo entitled to receive, less the premium or bonus, and such other fees as are required by these rules. [ 11. In no ease shall any property be deemed sufficient Security for moneys to be advanced by this Society which shall be subject to any previous mortgage (expept to this Society), or which shall be held for any terhi of years, subject to the payment of any annual rack rent. 12. The committee may in their discretion advance any sum not exceeding two-thirds of the ascertained value of the property offered as security. 13. When any member entitled to receive an advance shall be desirous of building, he shall, upon the execution of a mortgage and a deposit of the title deeds, be entitled to receive such portion of the money agreed to be advanced in such sums and at such times as the committee upon the report of the architect or surveyors may appoint, and be entitled to receive the other portion of such money when the premises are finished, subject, nevertheless, to the same inspection and approval by the architect or surveyors as premises already; built. 14. Should any member after receiving any portion of the amount awarded to him in pursuance of the preceding section leave the buildings or other improvements in respect of which such advance shall shall have been made unfinished at the expiration of: a-time to be specified in that behalf, the committee (after first giving seven days' notice to such member) shall be at. liberty to employ any person or persons to finish and complete the same at the cost and charge of such member, and to direct the payment of such sum or: sums pf money as may be requisite for the purpose ; and upon any member neglecting to finish and complete any such buildings or improvements, or refusing or neglecting to pay the cost and charges incurred by the committee in completing the same, it shall be lawful for the trustees or committee to enter into possession of the premises, and to deal with the same as they may be advised or think most conducive to the interests of the Society. 15. If any member entitled to receive an advance shall desire to purchase any freehold, the committee, upon being satisfied as to the value of the land and the goodness of the title thereto, may advance three-fourths of the amount of the purchase money upon the execution .of a conveyance of such land to. the trustees of the Society. The shareholder, however, shall be entitled to immediate possession of the land so purchased, and to retain possession of same so long as the monthly redemption payments are regularly made by him to the Society; and also shall be entitled to a conveyance of the same when- i ever his redemption payments amount to the sum borrowed, and interest thereon according to the scale; or rate used by the Society. 16. In case of an advance to a trustee the conveyance or mortgage shall be in the names of his co-trustees. 17. If any member, having executed a mortgage to the Society, shall, at any time thereafter, neglect or refuse, for three consecutive monthly meetings, to pay, observe, and perform all or any of the subscriptions and regulations on his part respectively to be paid, observed and performed, the trustees or committee may enter into possession of the premises mentioned in the mortgage, and appoint some person or persons to collect and get in the rents and profits thereon; but should the same rents and profits be insufficient to satisfy the payments as aforesaid, then the trustees or committee shall have power without the consemt and concurrence of such member, absolutely to sell and dispose of all or any part of the said premises by public auction or by private contract, and shall be at liberty to rescind any contract for sale thereof, and to re-sell the same by either of the means aforesaid, and shall receive the purchase money arising therefrom; and at any public sale, any person appointed by the committee in writing, shall be allowed to buy in the premises on behalf of the Society; and the trustees or committee may re-sell the same without,being answerable for any loss occasioned by the "re-sale."; and but of the money arising out of such rents and profits, and such sale or re-sale aa aforesaid, the trustees or committe shall, in the first place, discharge all- costs, charges, and expenses which shall have been incurred on account of such collections of rents and profits, sale or sales/or in any way relating to the trusts therein contained; and, in the next place, shall retain or reimburse the Society all such, principal, redemption payment, fines, forfeitures, and other payments as shall then be due and owing or payable by such member, under and by virtue of these rules, or such mortgage deed; and the money so retained shall immediately be placed with the Society's bankers to the credit and for the use and benefit of the Society; and the trustees or committee shall pay the surplus, if any, arising from such rents and profits, or sale or sales, to the member, or such other person or persons as ne or she shall, in writing, direct or appoint to receive the same. RULE XX. i' INSURANCE. All property held, by this Society as security for moneys advanced shall be insured, in the name and on behalf of-thc-Society, against loss from fire when so directed by the committee, in some approved office, and the premiums deposited with the Society at the. usual monthly pay-night, previous to the same becoming due ; and in case the holder of any property so chargeable under this rule shall fail to deposit the amount as, aforesaid, the payment to the insurance office when due may be made by the Society, and a fine of sixpence in the pound charged for so doing, and if the premium and fine be not paid on the pay-night succeeding the date when the said premium became due then in respect of each five shillings premium, and proportionately for any less sum so paid the same fines shall be incurred as accrue on ordinary shares unpaid. RULE XXL ■ FINES. .. . r^'3- > L The fines for non-payment of redemption ffioneys at the time and place appointed, or from time to time to be appointed, shall be at the rate of one shilling in the pound per mouth; but the committee shall in their discretion, have power to reduce, remit, or waive such fines, and shall also have power to suspend the payment of the redemption moneys for such time, and upon such terms and conditions as they shall think proper, upon application being made to them showing the member in respect of whom the application is made, is unable to pay the same, provided always that in every case when such suspension of payment of redemption money is allowed, the borrowing member shall pay such monthly sum, by way of interest only, upon the aggregate amount still owing by him on his mortgage, as the committee shall determine, and the period over which the payments of his redemption moneys are stipulated to run, shall be extended for such further time accordingly. 2* Should a member having borrowed from; the Society find that the monthly redemption payment' is larger than he can pay, the committee may, on his application, extend the time, and alter the amount of the monthly redemption money, provided that no such alteration shall extend the time for the total extinction of the. Society's claim beyond five years from the date of the mortgage. The borrowing member in this case, as also in the case suggested in previous rule, shall at his own expense execute to the Society such further deed as the solicitor may deem necessary. : 3. Each borrowing member will be entitled to attend all special or general meetings of the Society, but he shall not be entitled to take part in the discussion or to vote, unless he is at the same time an investing member. RULE XXII. SALE OR TRANSFER OF MORTGAGED PROPERTY. 1. If any member of this Society, who shall have borrowed any money, and secured the payment of the advance and interest in respect thereof upon his premises, shall sell such premises, it shall be lawful for the purchaser to take the same, chargeable with the debt due to this Society, and thenceforth to become answerable to this Society for the redemption payments and other charges, as the same shall become payable; and the trustees may, at the cost of such member, release him from all future liability in respect of the moneys thereafter payable upon such amount, borrowed and secured upon the said premises. 2. If any borrowing member shall be desirous of paying off the whole or any part of his mortgage, he shall be at liberty to do so at any time upon giving to the secretary a written notice, and on payment of such sum as the committee shall determine in satisfaction of the future payments to be made by such member (all previous arrears being paid); or, should he wish to transfer the mortgage to some other premises of adequate value, to be approved of by the committee, and to secure the payment of the redemption moneys and other charges upon such other premises, then it shall be lawful for the trustees, under the authority of the committee, at the request and expense of such member, to indorse upon his original mortgage deed and security, a receipt for part or all the moneys intended to be secured thereby; provided that, in all transfers of mortgages, a fee of one pound per cent, upon the amount transferred shall be paid by such member ,to the guarantee and contingency fund. RULE XXIII. REDEMPTION OF PROPERTY. 1. No conveyance shall be required for the release of any property mortgaged to this Society; the discharge shall be effected free of charge, except for registration by endorsement on the deed, as provided in the Building and Land Societies Act 1866, section xxvii. RULE XXIV. GUARANTEE AND CONTINGENCY FUND. 1. For the purpose of providing for the expenses of management, and for contingencies not otherwise provided for in these rules, there shall be a guarantee and contingency fund, to which, accumulated profits, entrance fees, and all other fees, fines, or commissions (survey fees excepted) receivable under these ruleß shall be carried, to form a separate account, and, should these sums be insufficient for the above purposes, the committee may deduct such sums as will supply the , deficiency from the general funds of the Society.