Page 4 Advertisements Column 2

Thames Star, Volume VII, Issue 1999, 1 June 1875, Page 4

4 Meetings by him ; and each member neglecting to do so between the tours of half-past seven and nine o'clock in the evening of the aforesaid day shall be siibject^t^the fines set forth in the schedule annexed marked D ; and should the holder of any investing share neglect to pay such fines and arrears for a period of s-ix months, the said share shall be absolutely forfeited, and the committee may direct the sale thereof in such manner as they may see fit, and from the proceeds deduct ten per cent, in addition to all arrears of subscriptions and fines, the balance, if any, to he paid to the original holder, whose name shall be erased from the list of members. . 3. If any fines shall be due from a shareholder, all moneys paid by him shall be applied first in liquidation of the fines, and then in discharge of the arrears of subscriptions. 4. The pass-book will contain a certificate signed by one of the committee or secretary, declaring the number of shares for which the member has entered his name, and should such pass-book be lost the owner shall be. entitled to a duplicate thereof upon making a statutory declaration of the actual loss of the original, and of his not having transferred his title thereto, and upon his paying a shilling to the guarantee and contingency fund. RULE XV. • '- INTEREST AND PROFITS. 1. Interest at the rate of 7\ per cent, per annum shall be added monthly to the accounts of all investing members having the sum of twenty shillings and upwards standing to their credit, such rate to be compounded afc the end of six months. Provided that no interest shall be allowed for any fraction of a pound or parts of a month. Provided also that should the advance table be at any time reduced, the interest to be allowed by this rule shall be reduced in like proportion. , 2. Every year, a thorough and complete investigation of the affairs of the Society shall be made, and the profits ascertained, and a general account showing the gross receipts, expenditure, assets and liabilities' of the Society shall be prepared, and after all. losses and anticipated losses have been provided for, and interest credited as in the previous section, and after the apportionment of such sum to the future guarantee and eoniingency fund as the committee shall deem proper has been made, the surplus profits shall be divided amongst the investing members who are then on the books of the Society, pro rala, according to the amount then to their credit, and the time such amount has been in the bands' of the Society. Provided that no member shall participate in this profit who has not had money to his credit in the books of the Society for the whole of the six months previous to the 7th day of August in each year of the operations of the Society. RULE XVI. MEMBERS WITHDRAWING. ' ■■ 1. Any investing member who has not hypothecated the amount standing to his credit towards redemption payments may, by giving one month's notice in writing to the secretary, at one of the monthly meetings withdraw the whole thereof, provided always that he has been an investing member for three months, such time to be computed from the first payment; and such repayment, together with all such interest as is shown to be due to him less only a commission of 2| per cent, on such re-payment, towards the guarantee and contingency fund, shall be made from the first available revenue of the Society ; and the member so withdrawing his investments shall cease to be a member. 2. All the interest and profits shall cease from the date of notice oi withdrawal being given, but in case the committee are not prepared, or do not pay any withdrawal within ten days of the expiration of the month's notice, then, the withdrawing member shall receive interest up to the time he is paid as if such notice had not been given. , 3. If more than one member shall give notice of withdrrwal at the same time they shall be paid in rotation, according to priority of nctice. ; RULE XVII. INVESTING MEMBERS DYING. 1. The personal representatives of a deceased member may be recognised'by the committee as the holders of his interest. 2. In the event of a member of the Society dying, in indigent circumstances, without appointing a successor, or leaving any known relative to succeed him, his share shall be cancelled, his name struct from the list, and the expenses ef his funeral shall be defrayed by the committee out of the amount standing to his credit in the books of the Society, so far as the same shall extend, and the balance (if any)—if not claimed within six months from date of such decease—shall sink intoi and form part of the funds of the Society. . RULE XVIII. ' ■ V •'. DEPOSIT ACCOUNT. 1. In furtherance of the objects of this Society.it shall be lawful for the committee to receive monies on deposit in such sums, for such periods, and at such rate of interest as they may direct, and for any sum or sums of money so deposited, together with the interest which may become due and payable thereon, the funds arising from the payments by the members of this Society, and all the property for the time being vested in the trustees of the Society shall be a security for the repayment of the said deposits and interest thereon. 2. The committee shall prepare regulations for the efficient management of the deposit account, and shall from time to time determine the rate of interest to be allowed on deposits. ' 3. It shall be lawful for the committee to sanction the issue of debentures by the trustees for the purposes of this Society, at a* rate of interest not exceeding ten pounds per cent, per annum, such amount of debentures not to exceed at any time the estimated receipts of the Society for the ensuing six months ; .such debentures to be signed by sot less than two of the trustees* and countersigned by the secretary, without personal liability, and to be paid out of the funds of the Society. " v , RULE XIX. ■ ■_ . MODE OF MAKING ADVANCES. 1. The Society will grant loans on mortgage of freehold and leasehold property upon the following terms :— *' : 2. Persons to become eligible to receive advances must take up such a number of borrowing shares as will amount to the sum they require to be advanced. Investing members can alter their shares to borrowing shares, and appropriate-any sum standing to their credit either in reduction of the sum required, or in payment of redemption in advance. 3. The funds of the Society available for loan purposes shall be advanced to members in accordance with section 4 of this rule. 4. Intending borrowers must lodge with the secretary or stewards, at the usual monthly meeting, a filled up form of applicatian duly signed and endorsed " Application for Loan." The application shall state the amount of loan required; the number of years (not exceeding five) over which the repayments are to extend; and the amount of premium the applicant will allow 1 to the Society. The stewards shall open the applications, and the applicant who offers the highest premium shall be deemed the successful one, provided the security offered is satisfactory to the committee. In the event of there being two or more appJicants who offer the same premium, the one, if any, whose repayments are to extend over the shortest term shall be successful, or in the event of there being two or more applicants who offer the same amount of premium and whose repayments are to extend over the same term of years the successful one shall be determined by ballotin such a way as may be arranged by the Committee. If on investigation the security offered by the successful applicant be unsatisfactory, the applicant whose offer is next to the successful one shall be entitled to the loan, subject to the same conditions. 5. Any. member shall be eligible to apply for an advance who has three months' subscriptions paid on his investing shares. 6. Each applicant shall, for the elected period, pay at the monthly meeting of the Society the redemption as set forth in the following table, which includes both principal and interest:—• Amount of No; of Monthly Total to be Years. Mortgage. Payments. Payments. paid. £ s. d. £ s. d. £ s. d. 2 ... 25 0 0 ... 24 ... 1 4 2 ... 29 0 0 3 ... 25 0 0 ... 36 ... 0 17 3 ... 31 1 0 4 ... 25 0 0 .... 48 ... 013 9 ... 33 0 0 5 ... 25 0 0 ... ,60 ... 011 8 ... 35 0 0 larger sums advanced at the same rate. 7. The aforesaid table may, from time to time, be altered by three-foiirths of the members of the committee .present at the meeting called to discuss the question as they shall then deem ifc expedient; provided always that such alterafion (if ever made) shall be confirmed by a majority of members present at a special meeting called for the express' purpose immediately after a decision of the committee has been arrived at; and without such confirmation by special meeting, called in accordance with these rules, no such alteration can take place. 8. Each applicant shall, if required, deposit with the secretary the amount of the surveying, legal and other expenses to be incurred, on his behalf; he shall also lodge with the Society's solicitor, for investigation, all the deeds and other documents in his possession relating to the property offered as security. Upon the committee becoming satisfied that the property is a sufficient security for the required advance, they shall instruct the solicitor to investigate the same and report the result, and in case of a good and marketable title being proved, the committee shall signify to the applicant their assent, and authorise the required advance to be made upon the execution of a proper security to the trustees pursuant to these rules. 9. The redemption payments shall commence at the first monthly meeting after the committee's assent to the loan shall have been sent to the borrower. Should, however, the borrower fail to complete the