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Hiotograpiic

Sciences
Corporation

23 WEST MAIN STREET

WEBSTER, NY. 14580

(716) 872-4503

CIHM/ICMH

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1 1 (Pfjlpl I -- '-^

HMM»i'WWWf«W *" *'i'''«' a « iSw *lt w

' W » M w ^ WijptmpaMW j r MM I' P l pi lii i W f i

HMMMUl POMimf

BUILDINC SOCIETY,

Tmmffirai^ iM^jkmwmi ki A(f ^ ParHammt,

BIB1070E8-

ITOQH ALI " ', fiici., - PBMoirr.
WM. WOBKMAN, BiQ., ViOB-PBumnn.

JOHH SWAKSiON. Bbo. I A. MoOIBBON, Bat).

(IBORaB B. MUIB, ScosnAAT-TBiAacBUt.

T^ W. BXTCHIE, SouoROB.

aiBB, HUSTTlEB k DOUOBT, Notabxss.

J. W. H0PKI2irS> iMPBOtoB.

Thp Stpck Book is op«n for fortlttr Sksres. A]^pUoBfi<nu tvt Lobos
. to be mad« to the S«er«Uury-Tt«M«sttr, Bt ^«

WmZ : 71 1^. Ji^IM SISlSf , IP 3T4I1S,

MONTREAL.

I^^WMi tSO aiich; Bui^afcto Bi.00 per

2. c. BB9Kxr> rxiKTBB, veiinp4i».

f*;,.

S'UliSSi

1 . This Society shall be called the pRoviNcr \l Per-
MANENT BuiLDiNQ SOCIETY, having itB chief place of busi-
ness in the City of Montreal, duly incorporated in pursuance
of the provisions m that behalf, of the Act of the Legislature
ot the Province of Canada, passed in the twelfth year of Her
Majesty 8 Reign, and entitled "an Act to encourage the
establishment of Building Societies in Lower Canada " and
the intents and purposes for which it is established ire to
assist the Members thereof and others in the axjquisitionof
real estate ; in the erection of Buildings ; and otherwise
improving tho same ; and in the removal of incumbrances
or liabilities upon property already held by them; and to
enable the Members to receive the amount of their shares
m advance, after furnishing good mortgage Pecurity ; and
to tacihtt ie the accumulation and the borrowing and re-
demption of capital, and to provide a means of safe invest-
ment for small sums; and for all the purposes mentioned in
the said Act.

2. The Capital Stock ofthe Society shall consist of the
unadvanced shares ofthe Members thereof, either fully paid
up and invested as fixed or permanent capital, or in course
of accumulation. Each member shall pay thereon a month-
ly subscription ofonc dollar per share for 50 months to
commence and be paid on and from the first day of any month
m or after which he shall be admitted, in respect of each
share, making the total payments on each unadvanced share
fifty dollars. After each share shall have been paid up the
amount so paid, veith the net accumulated profit thereon
shall be due and payable to the holder thereof, and may then
either be withdrawn from the Society or invested therein a«
fixed or permanent capital.

3. All persons upon taking Stock in the Society shall
sign the rules, in a book to be kept for that purpose. The
JJirectors shall have the power, from time to time, to limit
the number of new shares taken, or to charge a premium
thereon such premium to form a part of the general funds
ot the Society. °

4. Monthly subscript ions, and all repay lucntH, Qocs,
and other payments, shall bo paid lu the Society's Office, on
the first, day of every month, or when the lirst day falls on
Sunday, or a le^al holiday, then on the day following, or t
any of the Society's u^eutH, three days previously, until
utherwise ordered by the Directors.

6. A shareholder paying in a sum of money for tho
purpose of meeting any number of monthly instalments as
they become due shall bo credited with interest on tlio
balance of such sum standing to his ertulit for the time being,
at such rate as the Directors may thirk fit, or (at his option)
shall be allowed an equivalent discount.

C. All monies shall from time to time be subscribed,
paid or given to or for tho use or benefit of the Society, or
which shall in anywise belong to the Society, Khali, after
providing for the payment of the expenses and liabilities of
the Society, be applied in piiying off such shares as shall
have become due and payable to the holders thereof; in the
payment of dividends upon such part of the share capital
as shall be held as Permanent Stock ; in the purchase of
such shares as the Members may desire to withdraw ; and iu
loans or advances to the several Members. Should the
funds of the Society, available for investment, not be taken
up by the Members at the usual rates charged by the Direc-
tors, such funds may be otherwise invested for the benefit of
the Society, at the discretion of tlic Directors, of which Mem-
bers may, nevertheless, avail themselves.

7. The financial position of the Society shall be ascer-
tained on the last day of ])ecember in each year, and the
profits and losses shall then be apportioned equitably amongst
the investing Members in proportion to the value of their
shares, and the time for which they shall have been Mem-
bers iu respact thereof. But if the Directors shall consider
it for tho advantage and well being of the Society to set apart
a portion of such profits for contingencies, they sliall have
the power to do so, subject to the approval of the Members
at the Annual Meeting of the Society, and the same shall
then form a part of the general funds of the Society. Such
proportion of the net profits thus ascertained and apportioned
as shall appertain to shares which shall have been fully paid
up and invested as fixed or permanent capital or shares in
the Society, shall be payable to the holders of such shares,
and SMch proportion of the net profits thus ascertained and
apportioned as shall appertain to shares which shall not have

I'.

boon ful'y paid up, hIiuH bo ciipltuli/fd and placed to the
credit of mucIi shares, to be D.iyiible t<)«;ether with tlio princl-
pal .sum, on their beeoniinj^ duo. And if the Directors (ihali
think fit to declare a dividend at a Mc.ui-annual period, they
shall have the power to do tto, and on shares hecominj^ duo
during the currency of any year or half-year, the Hanie pro-
portion of profit shall be payable m would have been paid at
the rate of the last yearly or half-yearly dividend, unh'ssin
the opinion of the Directors there are circunistancet) which
render advisable an IncreaBcd or decreased amount.

8. The affairs of the Society shall be under the control
and nianapjement of a Board of six Directors (of whom
three shall form a (juoruni for the tronsaction of business),
wlio shall hold not less than twenty unadvanced Shares
each ; and who shall choose from amonj^ themselves a Presi-
dent and Vice-Prosidcnt. No Directors shall hold the office
of TrciiHurer, Surveyor or Solicitor of the Society. The
Directory shall be elected for a term of two years, ihreo to
retire annually, but shall be eligible for re-election ; the three
who shall retire at the first annual meeting of the Scciety,
to bo decided by lot as the Directors may determine.

9. The election of Directors, unless the electors shall
bo unanimous, shall be by ballot ; and at such election any
member, either personally present or represented by any
other member as his proxy, shall be entitled to votes upon
the following scale, viz : —

For 1 Share 1 Vote

2 or ij Shares 2 Votes.

4 or 5 " a <'

r. or 7 " 4 «

8 or 1) " 5 «

10 or 11 '- (J «

12 or 13 " 7 "

14,15 or 1() '' 8 "

17, 18 or 19 '' 9 "

20 Shares and upwards..,. 10 "

And 1 vote additional for every five shares over twenty.
No member shall act as proxy for more than 12 other
members.

10. The Directors elected at the formation of the Society
or hereafter to be elected, shall continue in office till the
election of their successors, unless in case of disqualifica-
tion or resignation.

1 1 . The Directors flhull have power in fill np any vacnn-
*y that may arisoin their own Ixxly in lhoc«»urHoofthoyoar j
to appoint to any officre «»t' tho H<K;it'ty ; and to make any
By-lawH and K«»jj;ulution» for tho ^uidanw of the H«ciety,
it* Offieem, Agents iind Hh«reholdt?r», provided that such
rej^uhitionH ar« not inconniHti'nl with tho general rules or
tho Acta un«Ier wliieh tho {Society in ineor|)orat«d.

12. Tho Directorn ;diall make Hueh arraugomentH with
any of tho chartered UankH doing buninoMM in tho City of
Montreal, fiwr tbodupoait of monies and Boeurities bolongii^
to tho Society, and for conflueting other financial matters,
M thoy shall from time to time, deem necctwary.

13. Tho Diroctorn arc authorizotUo loan tho money of
tho Society either on mortgage of n-al cstato in Lower Cana-
da or on tho Hccurity of Ihc unadvanced Mhares of the S(X5iety,

11. ft shall be lawful for tho Directors to borrow, from
time to time, for tho use of tho Society any sum or huuis of
nicnoy not exceeding ono-fourth part of the paid up :uu|
invested capital, and to allow interest thero«»u at sueh rato
as they nmy think fit, and tho assets of tho Society shall bo
chargeable with tho repayment of such monies and inter-st.

15. Tho Directors shall, from time to time inspect tho
books and accounts kept by the Secretary ; and shall have
power to appoint agents to transact any business for tho
Society, and to pay them out of tho fands of the Society
such remuneration for their services as they rtluiU think
reasonable : and subscriptions or repayments may be paid
by members to such agents at the time hereinbefore provid-
ed; and such apnts shall transmit the sumo, with an ac-
count to the Secretary before four o'clock on the monthly
subscription day, or pay such fine as the Directors may think
proper.

10. If any Director shall die or resign, or become in-
capable to act as a Director, or become bankrupt or insolvent
or compound with his creditors, or cease to hold the re-
quired number of unadvanced shares, or be removed from
his office by a resolution of a special general meeting of tho
members, or shall for three months successively be absent
from the meetings of the Board, without the consent of the
Directors, he shall thereupon cease to be Director of the
Society ; and the Directors shall appo^^i, another member
of the Society to be a Director in his place as hereinbefore
provided : and no Director shall vote on any question in
which he shall be personally interested.

Ilk

17. Afkor the ii nit fiiuuici.il year tho Directors «l»all Ik)
paid tho Muui of 32 each, tor vncU Hoard ur Cuiiiiiiittuo
utcotiiiK tbuy tuny roMp4u;tiv«ly havo att<>ndt)d on tho bu«t*
neiwor tho Hiwioty, uiid «hjill bo indemnified out «if lh«
fuudH of tho Sooiety, or olhorwi«e, (Vomull ex|H;nm'M in rolor*
cnoe tu tho furmatioo, conduct, and Mauugciuontot' tho Huci*
ety.

18. A TreaHurer nliall ho appointed, who Mitidl uIho
perform the duties otHocrotary, and who ihall bo eni|K)worod
to rocoiyo and pay all nionioH for and on bohulf ef tho
Hcoioty, and hiit receipt Hhail in all cam^H bo a Huffieient
dischar^o ; and he Hhall deposit with ''lO Hank all »uoh
monicii as ho Bhall have on hand, when thoy amount to
91(H). Ho shall attend all meetings of tho Directors or
members of tho Hoeiety ; enter minutes of all resolutions
or prooeedings in tho minute book, and .shall keep the ac-
counts in order, — in proper books to bo provided for that
purpose, — and pre|Miro the same, or a balance sheet thereof,
lor the inspection and signature of tho Auditors. He shall
summon tho Directors to all meetings, (by circular,) and
iasuc all circulars and notices to members which may, from
time to time, bo thought necfissary by tho Directors ; eon-
duct tho correspondence of the Society, and perform all
other duties that the nature cf tho office may recjuire, and
bcl'ore entering on his oflicc uhall furnish security jis by tho
Statute provided.

19. No monies sh"
tho signature of the Pr*
absence of both, of nnw
surer.

20. One or moreSu^

"vn from the Bank without

'•ce-President, (or in tho

ors) and of the Trea-

all bo appointed, who
shall survey and exananc the prop^. ..y offered by any mem-
ber of the Society, if the Directors shall consider it neces-
sary, and shall, in all cases, render at the Society's office, a
report in writing, to the Directors, of tho value and state
of such property, in such form as tho Directors shall pre-
scribe, and who shall be paid such fees as the Directors shall
think reasonable.

21. A Solicitor or firm ofSolicitors shall be appointed,
(who shall, either individually or together, hold not less
than twenty unadvanccd shares), who shall transact such
necessary business of the Society as the Directors may re-
quire, and he or they siiall receive a fair and reasonable
allowance for such service as Attorney or Counsel.

tt. Tbo Solicitor mIihII iiiTonti^ntu tho titlo to all pro-
particN oAf«d by M<mlM'rN,M security to tho Sooiuty, after
no ihull Itavo hwn t'uriiiHh«H| with iioc%wii'' y docuttioiita, in»
oluNiv(>ly of a Kc^iMtTiir'rt Curtitic Uo, aii<lMiiall, in iili cuiNifl,
reiulor to th« Diri-otorn u n-jKirt, in writinj', wluHliui' mwh
title bu (lu(<iiK'«i by hiin^iNHi uiidHuiKtit'nl i'or tho pur|HiM(!i
of tho Sm;it!ty ; luid mIuiU roviw) till nt'coN-siiry niortj^aj^os
ntul tiy|»<itlM>i(iu*.s iiiul otlior tloedn and inMtriinirnt.H in favor
of tho Hocii'ty Tho SolioitorK and Hurvoyor'M foo», and
Ko^iHtrv and Notarial an<l othor cliar^on, xliall in nil oa.soa
bo paid by tin; jmrty on whom) aocount tiny in ly bu iu-
cur red.

23. A Notary or firm of* NotarioH^hallbo ap|M)int<'d
(who shall, <'itlnr nidividnally or tojfoth; r, hold net lo8rt
than twenty nnadvamod shaica), who shall transact such
businoHs aM tho Diroctors may ro(|uiro, and rocoivo tlurolor
luuh fo< s HH tho DirootorH hhal! tliink ro ».mniabIo.

24. I ho l)iroc♦or^* shall hav(! power to ro^ulutc tho tei; ^n
up<m w...>;h advancos hIiuII ho mado, and tho tinio aitt'
manner of ro-paynnMits. Tho ro-puymontson advanced sharos
shall bo for a fixed period, in ro«poc't of onch share, and shall
not be liable to liio continj^tncy of losses or profits in tho
busincsH of tho Hocioty, and after a share has been advanced
to any .'Mend)or ho shall take no p rtin tho management "t*
tho utFairs of tho Sooiety in respect thereof.

25. Tho fines lor tho non-payment of tho montldy or
other repayments or subscriptions on advanced or unadvanc-
ed shares <,ii tlio day on which tho same arc made pi:yablo
by tho rules of tho Society, or o^'any other monies whatso-
ever duo and payable by any member, shall be at tho rate of
2^ per cent, per month, on tho amount duo, and the samo
shall accrue and be i)ayablo immediately after tho moiithly
subscription day, and shall bo charfjjoablo lo such member
until riuch arrears are paid. When the fines on unadvancod
shares shall equal tho amount of subscriptions paid thcieon;
such share or shares, and tho intereiit of any member iii
respect thereof shall bo forfeited to tho Society ; provided
that after any share shall be in difault the Directors shall
have power to recover from such shareholder the amount
due to the Society by an action of debt in any Court of
competent Jurisdiction.

2G. 'ine place oFmeelings of the Society shall be at tho
offices of the Society in the City of Montreal or nt such
place in the said City as the Directors may appoint.

Iff

27. Any wmber flonlrlng an ndvnnccof* Sl.iro o»
Bharcn, ithail gixc noti.-c, in rritini?, to tlui Sc .»tUry, of
th6 ■ituutiiiii, tenure, i' iwriptlon, ami full pnrt= . of tho
property pro|K)i«5rt to Ih) i»»ortga|,pd by nuch r "uibe.' to tho
Bootd^y, in Buch fbrni uh tho Dirtjctom Hholl preroribf; «in«l
•hail <Jc|»OBit witli tho Ho<'ri t«ry all nocosiiary titlo docda
and Jih umontH relmin;; ihoroto, and hImo such num an the
Secrotary may conaidor rc<|uiHito to nuH3t any noccMHary
cxpcnaoH. Hlioiild any Sh'iroholdor doclinc to tako up tho
amount awarded him, or fail to complete tho noccHaary
»t'(Miritie« to tho Ratiffaction of tho Dirwtora within one
month, Kuch UK'nihor chali pay a fino of ono Dolltr por
Sbaro, whether aoy dojwaif hiw boon uindo or not; and tho
Directors may othcrwiro diHpono of tho raonoy granted to
•uch mombor. If the wcurity offoretl bo opprovod, tho
party nhali, ut hii4 own oxponso, oxccuto a moitga^o or
transfer ♦/> the «ntisfaction of the Dircctoin to .secure tho
monioH to become due from him to tho Hociety according
to tho " loH and rogulations of the Society, and shall also
boar the cost of cnro^'ietrution.

28. All mort^nigo deeds and sccuH. - 'o tho Society
ahull bo prepared in such form, and cc uun 3uch clausea,
provisoes and auroemonts as tho Solicitors for tho Society
ahall think fit, v/ithtlie approval of the J)iroctorM; and that
in CMC tlie Mortgajj^or, shall at any time or times, no;^lcctor
refuse to pay hisro- 'lyments, fines, fees, or other payments,
for the space of six months successively, then the Directors
may, either with or without tho concurrence of tho Mort-
pa;:;or, appoint a person or persons, with such salary or com-
mission i.s they may think proper, to collect the rents and
profits of tiio mortgai;ed premises; with the same power of
enforcing payments as tho Mortgagor himself may possess.
And that in case tho Mortgagor shall be himself the actual
occupier of such mortgaged promises, then the mortgage
deed may contain stipulations that he shall becom? tenant to
the Society, at a fair rent to be named in such deed ; tho
Directors shall have power, if they see fit, to retain and
apply so much of the rents, as will be necessary to pay tho
sum required to redeem the property, pursuant to the pro-
visions confainod in theso rules; together with all other
payments, monies, and expenses duo to the Society, and to
pay the surplus thereof to tho Mortgagor.

29. All property, secured to the Society, consist* -i^ of
. buildings, sliall be insured by the Mortgagor, if required by

the Directors, in such sum and office as they shall think
advisable; and the policy or policies shall be assigned over
to the Society. In case any member, having executed a
mortgage to the Society, shall make default ia payment of
the expenses which may be incurred, in and about insuring
ground rent or other payments to v/hich the said property
may be subject, pursuant to the covenant in the mortgage
deed, he shall pay a fine of one dollar ; and if default
shall continue beyond one iponthly subscription day, ho
shall pay in addition such fine aa he would have incurred
for the non-payment of an equal amount of re-payments,
at the time appointed for the payment thereof: the Society
not to be responsible for any consequence arising from any
omission in the payment of the premuim, or other payment
due on any Policy of Insurance, and should the borrower
omit to insure, the Directors shall have the right of effect-
ing and renewing the same, or of reserving the rights and
interests of the Society in the land and premises, mortgaged
as aforesaid out of the general funds of the Society, and
the borrower shall on demand pay and reimburse unto the
Society such premiums with interest thereon at the rate of
6 per cent, per annum, and a fine of 20 per cent, upon the
amount so paid.

30. In case of damage by fire, the Directors shall re-
ceive, from the Insurance office, the amount payable in re-
spect to such damage; and the receipt of the Secretary and
Treasurer of the Society, shall be a sufficient discharge, to
the Insurance Office for the money therein expressed to bo
received ; and the Directors shall have full power to settle
and adjust with the Insurance Office any question relating
to such insurance, and to accept the amount to be paid by
the Insurance Office, in respect to the damage done to the
premises ; or to make such arrangements with the Insurance
Office as to the rebuilding or repairing of the said premises,
or relating thereto, as the Directors shall think reasonable.

31. The Directors shall at their discretion, either lay
out the money which shall bo received from any Insurance
Office as aforesaid, or any part thereof, in repairing the
damage done to the premises ; or retain and apply the same,
or such part thereof, as they shall think fit, in <»r towards
payment and satisfaction of the amount which shall be due
from the Mortgagor, to the Society, and pay the surplus, if
any to the Mortgagor, or to such other person as he shall
(by writing) direct to receive the same.

32. Every member executing a morlgaj^c to the So-
ciety shall, if required at the time of such execution, give to
the Secretary a written statement of puch particulars re-
lating to the property comprised in such mortgage as are
usually required by Insurance Companies ; and if at any
subsequent period any trade shall be commenced, or erection
made or other matter or thing shall take place which would
in any way affect the validity of the Policy of Insurance, the
like statement shall be given ; and the member neglecting to

five such statement shall pay a fine, at the discretion of the
directors of not more than fifty cents, but not less than five
cents per week for each share ; and the Directors shall, if
they think fit to do so, at least once in every ye. •, appoint
some competent person to obtain all the information he can
with respect to trades, &c., carried on in and about the
mortgaged premises and to report to the Directors accord-
ingly.

33. If any member who shall have executed a mort-
gage to the Society, shall desire to sell the mortgaged pro-
perty, subject to the mortgage, he shall be at liberty to do
so, with consent of the Directors, upon first duly trans-
ferring the shares secured by such mortgage, to the intended
purchaser in manner provided by these rules ; and upon such
transfer being completed, and all arrears due to the Society,
from the Mortgagor being paid, and the conveyance to the
purchaser executed, such purchaser shall thenceforth become
liable to pay all repayments payable in respect of such shares ;
and the Directors may grant to the original Mortgagor, and
at his cost and charge, a release from all future liability in
respect thereof.

34. It shall be lawful for any member, having executed
a mortgage in favour of the Society, to substitute, at his own
expense and subject to the approval and consent of the
Directors, any other property, as security to the Society, in
lieu of the property originally mortgaged.

36. If any member shall desire to have his property
discharged from a mortgage to the Society, before the expira-
tion of the full term for which it has been taken, he shall be
allowed to do so on payment of all re-payments, and any
fines, fees and other sums due in respect thereof, up to the
time of the redemption of such mortgage, and of the present
value of the future re-payments, calculated to the end of the
term, and discounted at such rate of interest and on such
terms as the Directors may determine.

36. Oq the redemption of any security by a member, or
ivhen all repayments have been made by him on advances
pursuant to these rules, a full discharge of such security
shall be executed, and the same shall be delivered to such
member with all other deeds and documents deposited by
him in connection with such security ; and such dischar<fc
shall be prepared, and the necessary signatures obtained,
and any matters relating thereto transacted, by the Solicitor
and the Notary of the Society, at the expense of such
member.

37. In case of the death or insanity of a member before
receiving an advance, and upon the application of the legal
representative of such deceased or insane member to with-
draw from the Society, such representative shall be entitled
to a preference before ordinary members, and to withdraw
at any time, and to receive back the amount of subscrip-
tions or shares which such deceased or insane member may
have paid to the Society, less all fines and fees due and un-
paid by the insane or deceased member at the time of his
seizure or death, with the interest thereon, as hereinafter
provided.

38. Any member being desirous of withdrawing from
the Society the whole or part of his unadvanced shares,
provided such shares shall have been held for one year or
more, and shall not have been invested as lixed or perman-
ent capital may at the discretion of the Directors and on
giving one calendar month's notice in writing to the Sec-
retary, be allowed to do so, and may receive back with in-
terest at 6 per cent, the net amount of his monthly sub-
scriptions paid up, deducting any monies that may be due
to the Society. But the Directors may allow a higher rate
of interest than 6 percent, to members withdrawing if they
think it advisable so to do.

39. Anj Shareholder 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 the payment of the sum of 50 cents for each transfer
and thereupon the transferee (after signing the rules) shall
be entitled to all the privileges of an original Shareholder.

40. In case of the death or insanity of any member the
legatee or legal representative of such member shall, before
becoming entitled to the privileges of an original Share-
holder, procure his place of abode and the particulars of his
title to be registered in the books of the Society, and shall

at the same time exhibit the will or probate thereof, or letters
of administration or other doeument, ^as the case may be)
for the inspection and satisfaction of the Directors, '

41. A general annual meeting of the membora shall be
held on the first Thursday in the month of February, in
each year, for the purpose of electing three Directors to
serve for the ensuing two years, and for all other general
purposes relating to the management of the Society, the first
annual meeting to be held on the first Thursday in February,
1865; and at each of the said general annual meetings
shall be submitted a full and clear statement of the aff*airs
of the Society for the previous twelve months, which shall
be attested by two auditors appointed by the Shareholders
for the ensuing year, at the general annual meeting.

42. Extra general meetings of the members of the
Society may be called by the Directors, upon the members
being notified of such meeting through the ] 'ost-Oflice, at
least one week previous to such meeting.

43. Special meetings shall be called by order of the
President, Vice-President, or Two Directors, upon a re-
quisition in writing, stating the object of the meeting, and
signed by fifteen members. Upon receipt of such requisition
the President, Vice-President, or Directors, shall instruct
the Secretary to summon a special meeting by printed cir-
culars, giving at least fifteen days' notice thereof, and in
which the object must be specified, and i'^^ shall not be com-
petent to entertain any other business at such special
meeting than that for which it has been called.

44. All questions at the annual or other meetings of
the Society, (except the election of Directors, as before
mentioned,) shall be decided by a majority of the members
holding unadvanced shares, either in person or by proxy
represented at the meeting ; the chairman of any meeting,'
either of the Directors or members, having a casting vote in
addition to his vote as a member.

^ 45. The proceedings of the Society shall be entered in
a minute book, in detail, in such manner as the Directors
may, from time to time direct ; such entries to be signed by
the President, Vice-President, or Chairn.an, as well as by
the Secretary and Treasurer.

46. The Rules of the Society snail be copied into a
book provided for that purpose, and shall be subscribed by
the Shareholders, and the name and place of abode of each
Shareholder shall be entered in a registry book to be kept

for that purpose. Any member changing his rcnidence shall
within one calendar month thereafter, give notice, in writ-
ing, to the Secretary, of such change, »nd of his new place
of abode and address.

47. The Directors shall have power to make such ar-
rangements as they may deem advisable with any Building
Society wishing to become incorporated with this Society,
and to allow to the members of such Building Society all
the privileges of original shareholders in this Society on such
terms as the Directors may consider safe and equitable, sub-
ject to the confirmation, amendment or disallowance of a spe-
cial meeting of the shareholders to be called for that purpose.

48. The Directora may at their discretion, receive de-
posits of money on loan in sums of one dollar and upwards,
and they may allow interest thereon at the rate of not more
than six per cent per annum, which deposits may be with-
drawn, upon giving one month's notice in writing to the
Secretary, provided the amount so received in loan is not
mere than is allowed by Law. The interest of all such
depositors shall be made up at the end of the financial year
and carried to his credit in the Books of the Society.

49. No dissolution of this Society shall take place unless
its affaii*s be deranged or its principles prove inadequate to
promote its objects, or its funds be insufficient to meet the
claims or from any other such cause, rendering the dissolu-
tion absolutely necessary, and then only by a vote of at least
two-thirds of the members present, either in person or by
proxy, at a special general meeting to be called for that pur-
pose, 15 days' notice of such meeting being previously given
to all shareholders, and advertised in one or more of the
daily papers published in Montreal.

50. In the practical application of these rules, or any
rules hereafter to be made in virtue thereof, the construc-
tion put upon them by the Board of Directors'shall be final
and conclusive, but any member may appeal from such de-
cision to a general meeting of the Shareholders. Every
word in the singular number ^all be applicable to the plural
and every word importing the masculine gender shall,
where necessary, be understood to mean a female as well
as a male, unless there be something in the subject matter
or context repugnant to such constitution.

51. No alteration of these Rules shall hereafter be
made except at a special general meeting of the Society,
and then only by a vote of two-thirds of the members pre-
sent in person or by proxy.

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