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*«C«OCOW MKHUTION TBT CNAKT
(ANSI and ISO TEST CHART No. 2^
1^
If l£|[
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■iTM'
ffiE QUEBEC
PERMANENT
FOUNDED^*iN 1856.
•■ff^l*.
I--;*
/
inoorporated by Act of lh«. ProTincial Legislature.
51, 14 & 14 Vlc.'cli«p. 2»' 18 Vic. chap. lid.
For the purpbUVfaiMittidgthe Members thereof
iii tne acqui^tion of freehold or leasehold
^pert^ ip^ (he removal of Inciimbtaaces
or Liabifitfes upon property already held
by them ;AnA to enable them to receire the
amount«,of )lieir shares in adviince vpoa
furnishii^^ood mortgage security.
PrINTISD BY C^ ^^ tX^y^^
BUREAU & MAR C T^ By
No. -29, Buade Street, Upper Town,
■,■,:.; QUEBEC.:. ■■:• :-^:-,::v ,^,-'-.,:::,:;
• •• •
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'EOSPECTUS
■ .' ■. ■■■■■■ OP TH» .'.,':
\ ^ Quebeo Permanent ,
BUILDING SOCIETY.
^a^m^m0^0t0m
,-f
li^M^WPWfc
Incorporated by Act of PaJrliamaQt^'
^^VV^MV^AfiV^
12 Vlot. Chap, 57;;;;^
• ■■'■■'■.
. .__ •••••
^■«i»i n ■■w— ««. m ill ■ « ■ ■ ■!> ■ ■.iig.j,!. .1 tfM »yyy»0
Shares,. ••.••••.. £100. *••* ;
Half-Shares,..,...... 60. ... *
Entrance fee, 2k.*^d* per Share 01
••••h^fc Share.- "^
Monthly Subscription,. ... <10s: per Share.
** « •SSt'per half-Share.
Transfer fee,. . • • • • • • • • • • f2fi,'6d. per Share or
' > I \. /half-Share.
Joseph Morrin, Esquire, M. D., President
Olivier Robitaille, f. « Vice-President.
* Directors.
Eugene Chinic, Esquire.
Alex. LeMoine, "
J. W. Leaycraft, "
Gasp. Garneau,. -i:: <» J
Mr. Frs. V6zipa, Secretary'Tteasurer,
X
>r
k.
Chfl. Alkyn, Est^uire,
- j U. J. TcMier,
I ' E. B. Lindsay
J. B, Pnineau,
M. M. David Diissnult,
Tho?. Fahey,
Bank.— Uank of Upper Canada.
'■■■■,' ■ . •
Office, 6t, ^eifge Street, Grand Battery, Tipper
> Attomiet,
>Notariei,
> Inspectors,
'\i\M'*"
' In drawiiwi'fc attention of the public to the Quebec
Perihanent puiWing Society, the directors consider it
to be their dftlJilWefly to give the leason that have
induced theni^ organize a new Society, and to adopt
the system ofjl^rtnanence instead of that which has
been followed fritherto in Lower Canada, and they/ are
convinced by 'th^. experience of other Societies of the
aame nature MtaWshed in Europe and in IJpper Ca-
nada, that thj&'new system will better answer the
wants ^nd exiflbiia^s o/the District of Quebec and its
ymnity. /
Withiw the laiit eighteen tnontiis <ir two yearJ the
value ofthe shafts .of the Quebec Building Society
have been increasing rapidly, and t^ie impossibility of
procuring the same was felt every day more and more.
^ In March, 1855, the Society acgfuired, by a change
in the Act of Incorporation, and by a regulation passed
ftt a General Meeting of the Shar^Jholders, the right of
buying in its shares. Since then it has been almogt
Jmpossible for persons desirous of joining the Sbciety,"
or to Shareholders who wished to augment the number
of their shares, to get stock, on account, of the Society
buying in all shares offered for sale.
Consequently the want of a new Society was felt.
Nevertheless the Directors did not think that it was
urgent to form, a new one this year, until a petition
signed by a great nunjb^ of Shareholders of the
y^f
f ' tilt .
tak«
. U
n-»'
1 .. > ■ i
e Quetbec
insider it
lat have
to adopt
hich has
t her are
>«is of the
pper Ca-
iwer the
and its
fears the
So6iety
ibility of
id more.
L change
n passed
right of
1 almost
Sbciety,
number
Society
ras felt.
it was
petition
of the
A:
Quebec Building Society and others was addressed to
the Directors of that Society, asking that means \t
taken to organize a new Society. \
ITnder these circumstances it was expedient to coin-
ply with the wishes of the petitioners, and the Direc*
tors, in taking the resolution of forming a new Society,
considered' it their duty as before mentioned, to adopt
a new system. «
According to that principle the Rectors, huve the
right of opening new classes of meimroryi each of which
shall continue during the whole time dfeterminod upon
"Ut its commencement. As the Board tft J^irectors can
prolong the Society's operations to an JAsSffinite i^eriod,
it may be properly called permanent infcdf^tradistinction
to Societies previously established, w^jeh: finish diffe-
rently, after having attained the ^n^S^ required by
their regulations. .••*.•
Another imjiortant change is, in pwVlding that the
instalments be made for & certain niimber of years
instead of an unlimited time as at \f^^pf^\ } ^he borrower
will thus be able to calculate exactly* th^ extent of his
engagements, whilst, should lie ^esire at any future
. time to redeem his mortgage, the .ttrpctbrs would be
able to estdblish the' exact sum he wpuldlhs^ve to pay.
Under the system hitherto adopted; 4he last mentioned
calculation was always based on Ihtf probable duration
of the Society, on account of the uncjBrtaiiily of its ter^
mination. -•/ • '\ V i
The term of 'ten years has been chosen for the dura-
tion of each class, the opening of each being made
every month. By this means every personlwishing \o/
join thd Society, or any member thereof desirous of
augmenting tiii'e number of his shares, can do so at will,
without havyig to pay any arrears whatever. In that
time one hundred pounds per share may he depended
upon and n^ore, should the demand for m^ney wtove
active and ^continued. ^^S< ,
Interest at the rate of six per ceht will be i^lowed
on payments made in ad vance*^^ /
. ?
♦r
I i
4:
W, 1
It can be easily understood that if the classes are
open for a limited time, the operations of the society
must be based on calculations, without which the ins-
titution would not be safe and could not establish its
profits in a positive manner ; likewise, in order to put
all the borrowers on the same footing, and not allow
one part of them to benefit tO/the dietriment of othersi,
it is necesiary that the Direotors should have the powers
of fixing the bonus on the loan of the monies in the
difierent clafl^' Nevertoeless, for the advantage of
those who wpiild wish to borrow by way of ordinary
loans, the Society can^dvance them the amount of a
whole share (ttM*hali one, to be re-paid in a given
time and accordii^ to the following scale/ calculated
in proportion ta Uie regulated bonus.
The Sobiety^will therefore make advances of one
htindred poundqrpehshare, or fifty jpounds per half share,
for periods frpm^Ohe to ten years to be paid back by
monthly pay|ixie^|8*aa follow? :
• •.
■ • /, •?•" «
-.•■'■■■:-.■:•-...:-' '■ '
One Share
One 1 share
■ '' ^i-' -■•■;.*.•••,■'■, '"^■•
ofXlOO
of £50
1 Year Monthly;*' £
^
16
8
4
8
4
2 *' ■■ ■ '«'
4>
13
4
2
6
8
3 *< «« r
3
5
6
1
12
9
4 ■ « ■■ ■ ".■■..; «*■■-■-"
2
11
8
1
5
10
,5 -- ** -:: tl ■ ■ .
2
3
4
1
1
8
■6 "' ■ " ■•. ■ t
17
U)
18
U
7 «» ■' '«■■'.
13
10
16
11
8 ■. - •« "■. M--..
10
10
15
a
9 '« ■■ rt- ■■•^ ;■..:;■■ ::
8
6
14
3
10 *« t
*
6
8
13
4
■■'.." " ■ • " ♦ . . .
It shall also be lawful for every shareholder to bor-
r ow firbm the Society by way of bonus, regulated a 25
p er cent In this case the borrower will have to pay
f;'
- i.
4
6
6
7
8
9
10
rA*,"^-^t-^* J?-a,»i^J^J(!.ti.-fc:*'t*$^i*
^sharQ
£50
8
4
6
8
12
9
5
10
1
8
8
U
16
11
5
6
4
3
.3
4
'i
•I
../
an additional sum of ten shillings monthly per share,
or five shilling monthly for each half share, during
the whole period of the class to which he belongs, or
according to the following scale fbr any other period : —
t-
1 Year, Monthly
^ 4. .- « ■-,
t(
6 -./**
t€
6 "
U
7. "
tt
8 «
iC
9 «
ft
10 «
tt
One Share.
One i Share
6
12
6
3
6
3
3
10
1
15
2
9
2
1
14
7
18
9
19
4
12
6
16
3
8
4
14
2
5
4
12
8
3
2
11
7
•
I
"o
t V
10
8
M,
10
In either case the borrower will be* entitled^ at the
end of each class, to the surplus profit in ~the shiipe of
6onus, equally divided between him and the lender,
according to the time ahd aihount, ^ soon as it shall
appear that the profits are more ^an Sufficient to
realise the amount of the shares. -
' The money shall be advanced in the order of the
applications made. No member can be called upon to
pay for a longer period than that fixed by the Society,
or that chosen by himself.
A bbrrowercan, if he chooses, change his security
or sell his property subject to the mortgage, or can
again redeem or commute his mortgage, although he
had borrowed for a fixed tinje. As a general rule,
- borrowers will prefer the new Jsystem, wliich demands
a smaller deduction on the coslt of the shares, furnishes
him with greater facilities in paying back a loan, that
he can always efiect at very reasonable rates, and pro-
a2 /
/"■
.!;
portionate to the market imtiie of the money in this
locality, and on the same footing of equality with the
other, borrowers of the Society.
This preference by the borrowers t>e)ng admitted,
the investers are called upon to place their mOhey
where it commands the greatest competition, and the
right of withdrawing from an old society Vjth a share
of the realized profits, allows them to make this change .
at will.
Th« Directors would suggest to the stockholders of
the Quebec Building Sofciety the advantage of disposing
(Kftheir shares in that Society, and of placing the
Whole amount realized into the new society.
An investing member shall be required to pay ten
shillings per month per share, and a proportionate sum •
for a half share ; his siibscription beginning at the time
of his entrance and continumg fbr ten years, When he
will have the right of receiving the amount pai^ ii^ by
him, with the accumulated profits. He. may also at
any time withdraw from the Society by giving one
month's notice ; and after the first twelv§ months ho
will be entitled to receive, in addition to the amount
paid on his instalments, the interest of 6 per cent, or
more, if the Directors deem it proper.
'The idea of a Society formed on this principle de- ,
serves the special attention of^ the public ; for, on the
one hand, it affords to the industrious classes an oppor-
tunity of putting by, periodicallyi from their incomes,
small or large sums, which are invested for them by
the society, and at the end of a certain time, are repaid
to them in the shape of a large accumulation, without
their having themselves the trouble of seeking for sui-
table investments ; while on the other hand, the'money
subsmbed being advanced to gome of the Other Mem-
bers, enables them to buy houses or similar property,^
and to repay the loan by small periodical instalments
in ia certain number of years.
Charitable institutions. Benevolent Societies, Parish
Trustees, Church Wardens, that have debts, to meet,
>^i
..■|
«
r
N '{.^
Y in this
with the
idmitted,
r mbhey
and the
I a share
is change
olders of
disposing
cing the
pay ten
hate sum
the time
When he
lai^ in^ by
l also at
ving one
lonths he
i amount
!7 cent, or
ciple de- >''!
r, on the Ir
an oppor- J I
' incomes, J |
them by A
are repaid v
1, without- ' .
g forsui- I
he'money
Ser Mem-
property,-
istalments
es, Parish
I, to meet,
or any other body lequiting a reserve fund, will find a
decided advantage to any other investment, by jpining
a well-cofiducted Permiinent Building Society.
In like manner, mechanicg, domestic servants, tra-
desmen's assistants, the professional man, and gen-
tlemen of moderately independent fortune may all
largely benefit by these institutions ; they will thus
save money by its gradual accumulation, at com-
pound interest, and with the utmost safety.
It is frequently said that it would be unwise on the
part of business men, to join a Building Society when^
they can get a larger amount of interest in tlieir busi^
ness for every pound invested therein ; but there must
be a lirnit, and in nine cases out of ten it will be found
that an accumulation of cash from time to time, by the
opportunity given in these Societies, would evantually
be more productive. In trade it will be found anvan-
tageous to be able to economize a. little, rgither than
spend it foolishly in small amounts
It cannot be said that the payment of small perio-
dical amounts of this kind can be likely to interfere
with trade capital, rior even that these small amounts
can be in trade of any advantage ; but on the contrary
it would be a means of raising capital from time to
time, for trade purposes, as the invester has the greatest
advantage of withdrawing his money at any time
whenever it is likely to prove most useful elsewhere,
and he ciyn then take new shares and begin to save
;' again. '■.-..:^\^, ':•'•■'
It must be then concededi that these institutions
deserve the support and encourageinent which they
have hitherto received, and that they are calculated to
be a salutary means of encouraging those who are na-
turally inclined to save, as well as those who wish to
borraw money, by inducing the former to persevere in
their ecbnomical and provident habits, and by enabling
the latter to realize those objects in a convenient and
«
■&ie
i if :
t :£».
fTS
'1/ :
1;
8
easy maniiBr, the attainment of whieh Would o1_
be difficult I for them, if ^ot altogether impossible]
The first instalment ^ill be payable on or berore the
21st of April instant, fhe Secretary is now prepared
to receive applications for loani.
]
■■i
THE QUEBEC
JEEMANENT
■■■■■■; ■■^•■■■/ ■■
•«■ • ■
FOUNDED IN 1866.
'■•I
.^i
A
^»**«««<
Incorporated by Act of the Provincial Legidatare.
n Vic. chap. 57. 14 & 15 Vic el
iiktep. 23.
18 Vic chap. 110.
For the purpose of assiitingflie Members thereof
in the acquisition of freehold or leasehold
property, in tiie' removal of Incumbrancea
or LiahUities upon property already held
by them; and to enable uiem to receive tiie
amount of theirf shares in advance upon
furnishing good mortgage securii^.
''^^PWwWW^W^WMWW«MMMMnA«MMMMlM»
/■■■ v^■:^:r■;^. " ■■■- ■' V •;■■■ •/■ ■:"■-■■.■:■..■ ■■.■■■■
Printed B^
B U RE A U & M A R J T E ,
Np^29jBuade Street, Upgper Town, ^^^
QUEBEC
'iL
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CAP. LVll,
AN ACT
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To orcovnAOE the KflTAni.isuMENT or ulii.dino •
iiUCICTJXS IN LOWER CANAP^.
^.:- .': V V; .. ' l^bthAprU, IS^y'*' <■■'"':■./
'HERE AS an Act was passed in the ninth preamble,
year of Her Majesty's Reign, for the'
purpose of encouraging the establishment of .
Building Societies in Upper-Canada, and it is
expedient to encourage the formation of limilar
^ocietie8 in Lower-Canada, whenever the In*
habitants of anf particular locality may be de.
sirous of avttiling themselves of the provisions of
this Act : Be it therefore enacted by ihe Queen's
Most Excellent MajeHty, by pnd wtth.the advice
and consent of the Legislative Council and of the
Legifllative Assembly of the Provin(|^, of Canada,
ronstiiuted and assembled by virtue^of and under \,
the authority of an Act passed in the Parliament
of the United Kingdom of Great Britain and
Ireland, intituled : jin jict to re-unite the
Prwincea of Upper and Lonrer- Canada, and y
Jar ifte Government of Canadat and it is
hereby enacted by the authority of the same,
That when and so soon as any twenty persons
or upwards in any part of Lower.Canada shall
have agreed to constitute themselves a Building
iStociety, and shall have signed and executed, un.
der their respective hands and seals, a declara-
tion of their wish and intentian so to constitute
tl^iselves such Building Society, and shall have
dMvited the sam&|With the Clerk or Prothono-
•ta^ofthe Court wNQueen's Bench of the Div
"TncT jn1reretn~such~Bui]ding""Sociely^ is" to~be uts.
When U\ rut I'
persons ^h.il!
agree to con-
stitute a BuiM-
ing Society ;
they shall be a
Corporation
tor that ptu-
pose, after
having corn-
plied with cer^
taia funcaii
» CSAMULIJ JM | m.U| H
n;-
1'
make
may
Rules,
foinieii, and to have itn principal Office or placo
of Business, (who for receiving such deposit
shall bo entitled to receive a fee of two Aliillingii
and lix. pence) such persons and such other per-
sons as may afterwards become members of
such Society, and their several and respective
hnir^ cx(*cutor8, curators, administrators, suc-
cessors, and a»Rigns, shall l)e ordained, consti-
tuted and declared to Ijc, and shall be a Corpo-
ration, body corporate and politic, by such name
and style as a Building Society, as by «uch de-
claration so deposited as aforesaid shall have been
declared to be the name by which the persons <io
**xecuting the same, desire such Society to be
known, for the purpose of raising by monthly oi'
other periodical subscriptions of the several mem-
bers of tbe said Society, and in shares not ex-
ceeding the value of one hundred pounds for each
share, (such, subscriptions not to exceed twenty
ehillinga per month for each share,) a stock or
fund for the purpose of ena1>ling each member
thereof to receive out of the lundi of the said So-
ciety the .amount of value of his share or shares
therein, to erect or purchase one or more dwel-
ling house or houses, or other freehold or lease-
hold estate,«and to l)e secured by way of mort-
gage or otherwise to the said Sociejy until the
amount or value of his share or shares shall have
been fuUy^paid to the said Society, with the in-
terest theripn, and with all Tmcs or liabilities in.
curred in rfespect thereof; and that it shall and
mar be lawful «o and lor the several members
of such Society, from time to time, to assemble
^gether, and to make, ordain and constitute such
pi^per and wholesonue Rules and Regulations
foi^e government and guidance of the same, as
the ft^ajor part of the members thereof so assem.
bled ^getber shall deem meet, so as such
Rules shall riot be repugnant to the express pro-
visions ol\tUis Act, •r to the general laws of this
t
k
■ C
r
1^^5^
j^n'ar
, i^^i-^le^^^i
e or plaof*
h deposit
> uliillings
other per-
»inbert of
reipective
tors, luc-
d, consti-
a Corpo-
iich name
^ such de-
Ivave been
i)erson8 so
icty to he
lonthly oi '
*ral rntm-
I not ex.
B for each
fd twenty
. stock or
1 member
said So.
or shares
ore d we I -
or lease-
' of mort"
until the
hall have
h the in-
tilities in.
shall and
members
assemble
tute such
gulations
same, as
io assem.
as such
ress pro-
rs of this
Fioviiieo or of Lower. Cunniia ; and to i in po^'e^t'^ >;"•»! *^»«
and indivt such rcauoiittbio Ijiies, peniilli«» fj'""' JJ*. ""'"''
and for lei I ores upon tho Heveral mcml>ers oJjho ^' ' ''.
Kaid Society who shall offend ngainst nny niich
rules, as the majority of the nxMiihers uiny think
fit, to he respectively paid to such u«es for ilip .'
tienefit of the said S<iciety,a« the J»nid Soriety by '
such Kulos shall direct ; and also from time to ,
time to amend and alter stu'h rules as occasion
may require, or annul or repeal the saute, and to
make new rules in lieu thereof, under such re.
stric.tions as arc in this Act contained ; Provided, Provirii an to
that n«) nienilior shall receive or bo. entitled U» l''vuteinli,\c.
receive from the funds of such Society any in»
terciit or dividend by way of annual or other «
periodical profit upon any t-hare or shares in the
said Society until the amount or value of his
share or shares shall have been rjcalized ; except
on the withdrawal of such member according lo
the rules of the said Society then in force.
II. And be it enacted, That it shall and may society may
lie lawful to and for every such Society to have receive ino,iiry
and receive from any member or members, %uch by wayof'/w-
sum or sums of money by way of Honun on any ""f ^' p°v![
share or shares, for the privilege of receiving the \^^!^^f x\te
name in advance prior to thd same being realised, Usury Laws,
besides interest for the share or shares so re-
ceived Or any part (hereof, without being subject
or liable on account thereof to any of the for- . '\
feitures or penalties imposed by any -Act or Acta ■
ofParliaitient or by any Laws in forcein Lower- A'
Canada relating to Usury. '
in. And beitenacted, Thateack such Society Society to
shall and may from time to time, elect and appoint ^.'^ct imm
any number of the members of the said Society to Jj 'Joard'of '""^
be a Board of Directors, (who shall choose a Pre- Directors,
sident and Vice-President,) the number apd quali-
fication thereof to be declared in the Rules of such
Society; and shall and may delegate to such Certain pow-
Directora all or anv of the powers given bv thi a *^ . " "i?y b^ .a'"
.'I
4my-
^owe
Act to be wecuted j and such Directors being so jy^j^
signed to the
ecturs.
- lililillWiliiiiilM'iJSiJiifii
v^f^^.
™''
. \
^oortin'.
•Iflegated to Uieni,
ri»«ly«ed to writing,
'ProviBo :
KocorJ of
traiiMvciions to
bo k«|)t, &c.
itlct to (!c*>
clare purposes
for which So-
ciety is esfii-
hluhed, &c.
end entered iii %bo».k By the Sefr»«ary or I lerk
of llie said Society; and a ni.tjority of tile
iiunifier or*iiich Directors, present at any
meeting thereof, kIioII at all time* lie neccasary
to concur in any act «f84icli Directors, and tliey
ehall in all tilings ddegated to them, act ftir and
ill the name df suih Society ; and afl actn and
«rJci»of«uch Direct»»r«, , under th§ powers dele-
gatetl t> them, ehull have the like force and ef.
•led as the acts and orders of such Society at
any General Meeting thereof could or might
have had in pursuance of this Act; Provided
always, that the transactions of such Director*
shall be entered in a book belonging to such So^
cietf, and shall from time io time and at all
times be subject and liable to the review, allow*
ance and disallowance, of such Society, in such
manner and form ^h such Society shall by their
^^ISiLAl'S? *"*^® directed and appointed, or
■P[^p.'it«naffl!l; That every such So-
cietyso established as aforesaid shall in or by
one or more of their said Rules declare ali and
every the interests and purposed for Which such
Society is intended to be established ; and shall
also ip and by such Rules direct all and evaff •
the uses and purposes to which the money
which shall from time to time be subscribed,
paid or given to or for the use or benefit of the
said Society, or which shall arise therefrom or irt
any wise shall belong to the said Society, shall
-««-^ .«. -_j-_ . . ., shares
v/
— ' ^T — or
proportions,
and under what circumstances,
lyoH
nitn
g
' '■ ■
*^ »
nsl
act Cui'
jjntt'd by
f iiiich
lie laiil
• liliall bu
e ptiM'eri
) wriiiiig,
or Clerk
|r of the
at any
leccflsary
ind they
t for and
actM and
'era dele-
9 and ef-
locicty at
>r might
Provided
Director*
luch Su->
nd at all
Vf allow*
, in fuch
by their
»intedi or
> ' ■ *' .
luch So-
n or by
i all and
ich BiicK
ind shall
nd evary-
! monejr
iiscribcd,
fit of the
om or in
sty^ shall
It iharea
interesta or |)urporri ... , ,„
them to lie declared an alorefaid ; and aliiurh f) '"'
Kniea during the continnanre ..f the fame vhall *""***' **^
be complied with and enforced ; and the nioncya
-to Bubacrilicd, paid or piven, ^ bo arii»in(f to or .
for the \mi or iK-nefit of ibe m'lA Soriety or be. t^
longing iherelo, sJmll no? be tlivertcd or misap-
plied either by the TroaNiircr orFlircctiiri, or any
• .titer oflTHcr f>r iiiembor of bucIi Siwiely entruuied
. Ihercvvith, iiiuly'r i*ucli ptihulty or lorfeitute aa
riich Society ^hail by any Rule ewforce and in-
flict for BiH-li olVeiice.
■ - r
V: And be it enacted, That the Rule* for the HuUs t.. ...
manapcmeitt of every fucb Society shall be en: ■"'•'^'^''•'^ »" »•
tercd and recorded in a book to be iept for that !','*",'' *'*'*' '"'
purpose, which book jd.all be open H all season- a,*d ./junT'
able times for the ^nupection of the Membera ofnu'rubeit..
»uch Society, but nevertheless iH»tliin§ contaiii^d
herein tthall extend to prevent any altemtion in or
amendment of any such Rulcif; in tht| whole (^r -
^j in part, or making any new Rules foftheman-
'; rgcnient of 5uch Society, in such inaiifier aa by
the Rules of the said Society nhall I'luia time to
Vnie be |)rovtded. ^
iV'I. And be it enacted, That all Rules Oom RaCs to l,e ?^
tirtie to tin»e made and in force for the manage- buithutr. on
rrient of snrb Society and entered and jfconled^'^^*""^"''^ i*n<i
;.s aforetaid, shall be binding on the several c^'''.^'*'^'* "^
irierabern an<l officers of the Raid Society, aiad the '"*^*^"^*^*
teveral contributora thereto, and their repreaehta-
«;fef, all of whom shaH be deemed and taken to
"have full notice t^teroof by euch en'ry and record
As cforeaaid; and the entry of s urli rulea in the
t^ok or bocka of tiie s ni^ SJcit tv tiS ofiyresaidi T>r
)stances,
ft tnie cof.y of t!ie Banne, examined with the ori-
gjncl and proved u be a true copy, ehall here.
'io
oeivetl as evidence of such Rules reipectively; iii'
all cases. . • ; '
ttnles to bel Vtl. And be it enacted, That no Rule en-
altered, &c., tered as aforesaid shall be altered, rescinded or
M^Srinix, repealed, unless at a General Meeting of the
-**^"'^'°"'^- Members of suqh Society, convened by-pubjic
nqtioo written or printed, signed by the Secretary
or President of the said Society in pursuance of a
requisition for that purpose by not less than
fifteen of the Memt^rs of such Society, which
requisition shall state the objects for which the
'' meeting is called, and shall be adressed to the
'■*■- President an^' Directors; whereupon each mem.
her shall be notified of th6 proposed alterations
through the Post Office, within fifteen days ; such
meeting to consist of not less than onc.third of
: the ^shareholders, three-fourths of which i^iBeting
must concur in Bueh alterations or repeal.
•RnlfiMo&pc- Yllt. And be it enacted. That the Rules of
mLSm!" ^"^'y *"*^'* Society shall specify the place or
places at which it is intended that the said So-
ciety shall hold its meetings, and shall contain
[irovisions with respect to the powers and duties
.^ of the members at large, and of such officers as
niay be appointed for the management of the af.
iairs of the ^aid Society.
JX. And be it enacted, That the Directors of
every such Society shall and may from time to
time at any of their usual meetings, elect and ap.
, point such person or persons to be Officers of the
^83 id Society as ihey shall tliink proper, and grant ^^
>^8uch salaries and emoluments as they may deem *
- fit, and pay ' Such necessary expenses attending
the .iianagement of the said Society as may be
incurred ; and shall and may from time to time,
. . elect, when it shall be deemed necessary to .
carry into execution the purposes of the said So.
oiety V for such space t)f time and for Flich pur.
posies as shall be fi.Ked and established by the
Directors to
appoint Offi
sers of So-
■I
Huk
'time
and
Vftca
.ever
who
touc
or e
for
shall
tion
boui
amo
two
exe(
lawf
^;^ ^ -^
;"i? be, 1
hold
fide
said
shar
secu
mad
also
othe
then
othe
pow
and
fund
Ban
and
arisi
app!
core
• . 5
'T'^SP'^'
ectiveiy; ip'
) Rule en-
iscinded or
ing of the
by "public,
e Secretary
sua nee of a
less than
iety, which
' which the
ised to the
}ach mem.
alterations
lays; such
>nc.third of
:h i^eeting
e Rules of
B place or
le said So.
all contain
and duties
officers as
t of the af-
►irectors of
>m time to
ct and ap.
cere of the
, and grant ,
may deem
attending
S; may be
« to time,
;essary to
le said So.
puch pur.
id by the '
:n
'Rules of the said Sociely, ana ma^y frorii time to • f
'time discharge *uch person or persons, and elect
and appoint others in the room of those who shall
.vacate or die or be so discharged; and all and Offlcsrs to
.every such officer Yor other person whatsoever*'*'® wcunty.
who shall be iippointed to anl)r office In any wise
touching or concerning the receipt, management
or expenditure of any sum of money collected
for the purposes of the said Society, before he
shall be admitted to take upon him the execu-
tion of apy such office or trust, shall become
bound in a bond in such form and for such
amount as the Directors may determine, with
two sufficient sureties, for the just and faithful
execution of such office of trust, and for render-
ing a j ust and true account according to the
Rules of the said Society, and in all matters
lawful, to pay obedience to the same.
.^ X. And be it enacted, That it shall and may
"j? be lawful for every such Society to take and
hold any real estatej or securities thereon, bona
fide mortgaged, assigned or hypothecated to the
said Society, either to secure the payment of the
shares subscribed for by its niembers, or to
secure the payment of any loans or advances
made by, or debts due to such Society, and may
also proceed on such mortgages, assignments or
other securitiies, (or the recovery of the moneys
thereby secured, either at law or in equity or
otherwise,^iind that such Society shall have the
power pffn vesting in the names of the President
and Treasurer for the time being, any surplus
funds in the stocks of any of the Chartered ' /
Banks or other public securities of the Province,
and that, all dividends, interest and proceeds
arising therefrom shall be brought to account and
. applied to arid for the use of/ the said Society ac-
cording to the Rules thereof^
XI. And be it enacted^ That if any person ^I'^'e of P^'*-
appointed to any office, by such Society, and ^'■'^'^'"S '''''^^'
m
Society may
take and hold
real estate,
&o., mortga-
ged to Society,
to secure pay-*
ment of shares.
Investment of
moneys.
?i
•.)
^'^^^^^^
I'-
an Officer of
the Society
shall Uie or be
curijie in&ul-
vent. »
Prbviso.
■p
Propprty of
the Society
vested in tho/
President and
Treasurer for
the time
being.
12
being entrustJ-a with and having in his han.ls or
.possession, by virtue of his said office, any
monies or^flects belonging to such Society, or
any deeds or securities relating to the Bame,
shall die or become bankrupt or insolvent, his
heirs, executors, curators, administrators or as-
signs, or other person having a legal right, shall,
within fifteen days after demand made by the
order of the Directors of such Society or the
rnajor part of them, agsembled at any meeting
thereof, deliver over ajljjing^ belonging to the
said Society, to sucJj'-i^pns as the said Direc-
tors shall appoint^^i^fjall pay out of the es-
tates, assets or efi?f^feiH)f such persons, all sun^s
of money remaining due vvhich such person
received by virtue of his said office, before any of
his other debts are paid or satisfied, and all such
assets, estates and effects shall be bound to the
payment and discharge thereof accordingly;
Provided alvVays, that the same be not paid or
satisfied to the prejudice of mortgages or privi-
leges on real estate, or of liens or privileges on
personal estate only, duly eseculed previous to
the appoihtineni of such officers.
XII. And be it enacted. That all real and
heritable properly, moneys, goods, chattels and
effects whatever, and all titles, securities for
money or other obligatory instruments ^nd evi-
dences or muriiments, and all other effects what-
ever, and all rights and claims belonging^o or
had by such Society, shall be vested In the
President and Treasurer of the said So;i^ty foe
the time being^for the use and benefit ofthe said
Society and the respective members thereof, their
respective heirs, executors, curators/administra-
tors of assigns, according to their respective
claims ^nd interestSj and after thfe death or re-
moval of any President or TreasiuSer, shall vest in
the succeeding President and Tl-easurer for the
same estate and interest as th/former President
and Treajaur^r had therein, ^id suhject to
i M
han.ls or
Fice, any
ociety, or ,
he same,
Ivent, his
rs or as-
ght, shati,
ie by the
y or the
y meeting '
ng to the
id Direc-
of the es-
, all sun^s
h person
re any of '
J all such
nd to the
ordingly;
Dt paid or
or pVivi-
M leges on
eviouB to
real and
Jttels and/
ritiea (qf
and evi-
cts what- ;
;ing/to or
i/ii the
xciety foe
ftheeaid
eof, their
ministra-
ispective
ith or re-
11 vest in
ir for th&
President
t to %e
T^P'^'";
aarpc trusts, without iny »s»ignment or iconvey-' .
ance whatever ; and also ahatl fui^ all purposeB of
actjon or suit, as well criminal as civil, in law a9
in equity, in any wise touching or concerning the
titimdf be deemed and taken to be, and shall in
every* such proceeding (when necessary) b0
stated to be, the property of the persons api. And shall be
pointed to the offices of President and Treasurer deemed their
of the said Society for the time being, in th6 P^JP^J^^^ ;°;
proper names of such Preisident and Tre,a8urer, pog^g,
vrithout further descripti.oiV, and such persons
shall,'and they are hereby authorised to bring or
defend or cause to be brought or defended any
action, suit or prosecution, criminal asvvell aa
civil, in law or in equity, touching or concerning
the property, right or claim aforesaid, of or be-
longing to or had by the said Society, and in all
cases concerning the property, right or claim
aforesaid of the said Societa, inay sue and be President and
sued, plead and be* impleadCTTin their proper 'I'feasurer^
names as President and Treasurer of the said So3i^,"y ,.""5
. » , ' ... , 1 actions, «c.
ciety, without other description, and no such
suit, action or prosecution shall be discontined
or abated by the death of such persons or their
removal from the offices of President or Trea-
surer, but shall continue in thcf proper name of
the persons commencing the same, any law,
usage or custom to the conirary notwithstanding;
, and the succeeding President and Treasurer shall
have the same rights and liabilities, and shall pay
or receive like costs aa 1/ thfe action or sOH or ^^ ^" *heir
prosecution had bedn commenced in their nanies, successors..
for the benefit of or to be satisfied out of the funds
of the said Society. ; :t ••
Xlll. And be it enactecl, That in all such
actions, suits land prosecutions as aforesaid, the
Secretary of such Society shall be a competent Secretary, a
witness, notwithstanding he may also be Trea- corrtpetent
surer of the said Society, .and that his name tnay w^^''*^**
have been used iif such actionj suit or prosecu-
tion as such Treasurer.
*
i
• M
t|?!)»?J**!B.
/w
' w
/bl'the Presi
V dent, &c.
Treasurer lo
prepare yearly
a statement
the funds oT
the Society.
/aot
XIV. And be ii enacted, That ifie President,
Vice-President and Directers of every auch So-
ciety shall in their private capacity be exonerated
from all respohsibility in relation to the iMibilities
of such Society. /■■■■,• /■■>'•* • \-:''j\.."'
XV. And bg it enacted, That the Rules of
repare yearly ^^'''•y »«ch/ Society shall provide that the Trea-
a statement of surer or Other rinncipal Officer thereof shall once
thefundsoT at-teMt in^«^ery year prepare or cause to be
prepai^d a general statement of the funds and
eflects of and belctnging to the said Society
. specifying in whose Custody or possession the
said funds or effects shall then be remaining to.
getherwilh an account of all and every the 'va*
Particwlara, ''ouy 8«m8 of money received and expended by
or on account of the said Society since the publi-
cation of the preceding periodical statement j and
every such periodical statement shltll be attested
, two "or more membeis of the said Society
ppointed Auditors for that puipose, who shall
ot be Directors, and shall be countersigned' by
the Secretary or Clerk of the said Society.lnd
every men^ber shall be entitled to receive /frorn
the said Society a copy of such periodicalZ/tate-
vientwtthout chai^ge.
XVI. And be it enacted, that nothing^ereiir
contained shall affect or be construed to affect or
interfere with any of the rights or privilegfeg coh-
>ciety.andof ''^7^ "f*^"^**!^ *« Montreal Building Sogiety,"
the Act 8 V. Wilder the Act passed in the eighth ye4r^f Her
"' Majesty's Reign, and intituled, .^n ^^/o;. /^
incorporation of certain indimduah kinder the
name and style of » ITte MonireJ BuUding
hocuity," nor in any wise to affect the said Act.
XVII. And be it enacted, That the words
"Lower- Canada" in this Act shall be undel^tood
to mean that part of the Province which formerly
constituted the Province of Lower^Canada ; the
words "Upper-Caiiada'* that part of the said
Tioymcc vvhich formerly opnstitiitcd the Province
<^f ^'pper-CanarJa ; ;«nd th*' won! *' Society" shall
^tesfatjon,/
Saving of the
rights of the
Montreal
Building So-
c. m.
Jnterpiofafion
clause.
resident,
ich bo-
>nerated
inbilities
tules of
le Trea-
all once
ife to be
nds and
Society j;
lion the
ning, to.
the va-
nded by
epubli-
nt; and
attested
Society
10 shall
gned/by
Jty.^nd
re I from
Bl/^tate-.
fherein
lifect or
lbs COR-
i^iety,"
'of Her
for f he
derthe
uilding
lid Act.
words
le}^tood
brmerly
la; the
he said
'r6vincf»
i^'':?hall
be understood to include and to mean Building
Societies and Institutions established under the
provisions and authority of this Act ; the word
"Rules" to include Rules, Orders, By-Laws
and Regulations; every word inaporting the sin-
gular number shall extend and be appHed to
several persons or things as well as' one person
or thing, and bodies corpomte as well a^indi-
yidualsj andevery word importing the plural
number shall extend and be a|)plied to one
person or thing as well as- several persons or
things; and every word importing the mascu-
une gender only, shall extend and be applied
to a, female as well as a male ; the words" Real
Estate" shall extend and apply to imnioveable
estate and property generally; and the word
"Sucurities'V shall extend and apply to privi-
leges, naortgages, (equitable as* well as legal,)
hypotheques w[idi incu|nbrances upon real and
immoveable estate, as well as to other rights
and privileges upon personal estate and prbper-
rtj; That this Act shall extend to aliens, de-
nizens and females, both to make them subject
thereto and to entitle them to all the benefits
given thereby ; and that this Act shall be con- .
strued in the most beneficial manner for promo-' '
ting the ends thereby intended.
XVin. And be i^ enacted, That this Act
^hallbedeemed a Public Act, and shall extend
• to aU Courts of LaW or Equity io this Province,
and be judicially taken notice of as such by all
^tidges. Justices and other persons whatsoever
without th^ same being specially shown or
] pleaded. /
B
Public A
Preamble.'
13 Vice. 67.
X
1/ ■
..|6 ^
14 & 15 Tiotoria, Cap, 28.
V'-; An ACT ';,-■;■../'
7!o amend an Act to encourage the esiabliihment
of Building Societies in Lower Canada,
' - r ■ [2nd August, 1851^
Whereas in the tenth Section of the Act
passed in the Session held in the twelfth year
of Her Majesty's Reign, and intituled, jin act
to encourage the establishment of Building
Societies in Lower Canada, it is amongst other
things provided, ** That it shall and may be
•* la wfal for every such Society to take and
•*f hold'iMiy real estate or securities thereon,
'^ 6<m4^rfe mortgaged, assigned or hypothe-
«* cated'to the said Sopiety, either to secure
w the payment df the shares subscribed for by
** its^ members, or to secure the payment of
«< any loans or advances made by .or debts due
V to such Sooie^^and may «^so proceed-on
<* such mo0gc(ges, assignments px other secu-
" rities^ the recovery of the monies thereby
M Secured, either at law or in equity, or other-
« wise }" And whereas, owing to the forms of
procedure in the Courts in that part of the
Province, known as Lower Canada, and Mm
the want of proper means to carry out the
provisions of the said clause, difficulties mjw
' occur ;;and it is also expedient that no doubt
should exist with respect to the poww i^nd
legality of carrying into force the stipulations
of the shareholders among themselves, or as to
the power of every such Society to loan money ,
on property actually belonging to fOiy member
thereof, before and at the time at which any
monies may be advanced, as well, as for the
"^
17
8.
lishtnent
\ada,
H]
the Act
fth year
An act
building
St other
may be
ke and
thereon,
ypothe-
secure
i for by
aent of
>bt8 due
ceedon
r secu-
thereby
r other*
brms of
of the
ad Arom
[)at the
9S m^y
y doubt
« and
ilations
or as to
money ,
nember
sh any
for the
actual purchase of such prbperty and erection
of building thereon : Be it therefore enacted by
the Queen's Most Excellent Majesty, by and
with the advice and consent of the Legislative
CkMincil and of the Legislative Assembly of the
Province of .Canada, constituted and assembled
by virtue of and under the authority of ah Act
passed in the Parliament of the United King-
dom of Great Britain and Ireland, and intituled,
An act to re-unite the Province* of Upper and
Lower Canada, and for the Government of Ca-
nada, 9.nd itiB hereby enacted by the autho*
rity of the same, That from and after the par-
sing of this Act, whenever any such Society
shall have received from any shareholder a
mortgage or hypothec, or an assignment or
transfer of any real estate beldnging to him or
her, to secure the payment of any advances,
and containing an authority to the said Society
to sell such real estate in case of non-payment
of any stipulated number of instalments or
sums of money (as every such Society is hereby
and by the said Act was authorized to do,) and
containing also authority and power to the
sai4:Sijciety to apply the proceeds of such sale
to the payment of the advances, interest and aU
other charges due to the said Societies, and
after perfect payment theseof and of all costs
and expenses incident thereto, to pay over the
balance to the owner of such estate^ such stipu-
lations aud agreement shall be valid and eflfec-
tualandbindinif to all intents and purposes
whatsoever, and it shall be lawful for every
such Society to cause the sayne to be enforced
and executed by an action or proceeding in
the usual, course in any Court of Law within
tiiat part of this Province called Lower Cana-
da, having competent jurisdiction, aitd suck
action i^ay be brought in the corporate name
Certain
agreements
for the sale of
property hy
potnecated to
any Building
Society, decla-
red valid.
Action to
enforce tiie
same.
:Jf
What it
shall be suffi
▼ed to main'
tain such
action»
/
of any such Society, or in the names of the
Fresideot and Treasurer of any such Society,
describing them to l^ such President and
Treasurer.
II. And be it enacted, that in any action or
proceeding to be instituted by any such Society
Ti MT .wh*' ^"^ *^® P"'J^«« °f realizing or bringing to salo
action. *"y property or estate hypothecated, mortga-
ged or assigned to the said Society, by any
person or. persons as aforesaid, it shall not be
necessary to set forth the special matter in the
What only <|eclaration, but it shall be sufficient to allege
need be pro- tj^at the defendant hypothecated, mortgaged or
assigned (as the case may be) the oreal estate,
describing the same, to the said Society, and
that the amount, or sufficient part of the
amount stipulated by such jtirty to be paid, to
has becoitae and remains due and owing, whe-
reby by virtue of this Act and of the Act
hereby amended, an action hath accrued to
the said Society, to have the said' estate and
property sold ; and in order to maintain such
action, it shall be sufficient, in addition to tho
customary evidence of the hypothec, mortgage
or assignment of such property or estate, to
ment and sale prove by any one witness, whether in the em-
otthe proper- pioy^ent of, or a shareholder in siich Society
/' or not, or by any other means, that the defen-
dant is 111 arrear and indebted to the said
Society in or exceeding a suna on the accruing
>, • of which, by the terms., 0f such hypothec,
mortgagej assignment or agreement, the said
Society may have the right to have the said
.property or estate soldi and thereupon the
Court shall give judgment for the said amount,
and by such judgment order the property to
bf/fi?fliH3y the Sheriff of the District wherein
;V it may be, after three insertions in the course
of four montfasin the Canada Gazette j and it
Advertise-
>^
.\
19
>
Certain [vo*
shall not be necessary for the Sheriff to go
through any formalities in seizing the said
lands or otherwise ; but all the laws of that
part of the Province called Lower Canada, with
respect to the protection of immoveable pro- .
perty under seizure, and with respect to the
filing of oppositions to, and after the sale of
lands or immoveable property, to the payment,
return and distribtition of the money, to the
re-sale of such immoveable property at the
folle enchere of any purchaser, and to the ob- .
taining possession of any such immoveable pro-
perty after sale, shall be applicable to the pro-
ceedings authorized by this Act; and the ^«..„.„i^„
provisions of all laws and ordinances of Lower vWom exten
Canada, or of this Province, regulating the sale ^^*^ ^^
of real estate, and the judicial proceedings i;X'?ii?r
relative thereto, are, in so fur as applicable and Act
not otherwise provided for by this Act, hereby
extended to all proceedings to be had under
this Act; and if it be not otherwise herein '
directed, all such proceedings, in so far as may *
be, shall be conducted in like manner as pro-
ceedings under ordinary Writs of Execution ;
and the deed to be given by the Sheriff shall -^
have the lik^ effect as a deed given under an W
ordinary Writ of Execution ; Provided always, Proviso;
that the Sheriff of the District shall, in addition ^*^*'"^» P""""
to his disbursements, be entitled to deduct only ^^®*
One per centum commission from the gross pro-
ceedsofsale. , .: -
III. And be it enacted, That every such So-
ciety shall have power to forfeit and declare
forfeited to the said Society, the shares of any
member who may neglect or be in arrear to
pay such number of instalments as may be or Forfeitwe
are fixed by any stipulations/or by law ; and^v^J^* ?f,
that every such Society may pursue the samemeiuirellit
course, exercise the same power, and use the paid.
The said
doubts remo-
■ame remedies to enforce fhe payment pf any
dcbtorderpand due to such Society, as any
' person or persons, body corporate or politic,
may now by law take or use for such purtwse.
dePslJif-'T J^' ^"** whereas, doubts have arisen as to
and 10 of the '^ /construction of*the first and tenth Sectiont
amended Act o/^ne Act hereby iAtnended,; with respects tq
recited.
the right of any ^h Society to loan and ad-
vance money ori-tp^KJjperty and estate, actually
belonging to and ftSquircd by the borrowers, at
the time of such borrowing and advance, and
it is expedient to remdve such doubt? ; Be it
therefore enacted and declared, and it is there-
fore, declared to have been and to Lie the inten-
tion of^jjje said Act, That every such Society
-. should Ijptve the power to advance, and every
such Socreit^r is hereby authorized to advance
in the usual manner, monies or any real estate
whatsoever of any me|hber of the said Society,
as well for the actual purchase of the same and
for the erection of buildings thereon, as gene-
rally upon the security of any real estate be-
^ longing to any such member at the time of his
borrowing such moneys, and to take and re-
ceive a mortgage, hypothec or assignmentof
all Such real estate whatsoever in security for
such advances on the same conditions and with
the same privileges in all respects as any other
real estate by the said Act, and by this Act
authorized aud required to be mortgaged , hypo-
thecated or assigned ; and ftirther, that all secu-
rities heretofore, taken for monies advanced in
the manner above mentioned, shall be valid
and binding on the parties to all intents and
purposes whatsoever, and in the same manner
as if taken under this Act ) and that all dr any
Any person person or persons whatsoever, whether capi-
or corporation talists or otherwise, shall be at liberty to
meiber of ^®°°^® "^^^^^'s of any such society; and
U'
/
" tnat copartners and cor|)Orate bodies may hold anv faeh lo-
■hares therein, in same manner as single indi- ciety.
. .Tiduals. • -
\ V. And be it enacted, That this Act shall be Public Act.
a^ public Act, and sueh be judicially taken
DijHicc of by all Judges and Justices, and other
persons whomsocveri \vithout being specially
pleaded. *
18 Victoria, Cap. lie.
AN ACT V
To amend the Act for the encouragement of
Building Societies in Lower Canada,.
Wi
{Assented to 19th May, 1856]
Preamble.
HERE AS the great mimber of Share-
holders in Building Societies often renders it ,
difficult to obtain a meeting of one^third of
such Shareholders ; And whereas inconvenience
arises from the manner in which such Societies
are required to sue and be sued ; and it is there-
fore expedient to amend the Act passed in the 12 Vic. c. 57.
twelfth year of Her Majesty's Eeign, intituled,
An Act to encourage the establishment of l^uil~
ding Societies in Lower Canada: Be it therefore
enacted by the Queen's Most E^xcellent Majesty,
by and with the advice and consent of the
Legislative Council and of the Legislative
Assembly of the Province of Canada, constituted
and assembled by virtue of and urider the au-
thority of an Act passed in the Parliament of
the United Kingdom of Great Britain and Ire-
c
■'^
' ^
Part 7 of sect
repealed.
How any
Ruleofaliuil
(linH Society
may bv rt']>cn-
ied or amen-
ded.
Societies may
sue by the
name taken in
their decla-
ration under
•ecL 1 of 12
t- '■'■■■. ' ■ ■ '' • . •■■. "•'■.' . ■ ■ '.
land, and intituled. An Act to n-uniU the Pro.
tuncet of Upper ami Lower Canada, and for the
Gov^rnmenl of Canada, and it isheref.v enacted
by the authority of the same, as follows :
1. Ho much of the seventh section of the said
Act asnrovides that no rule shall be altered.
tfrinl"' ''^t^' ""'*'•« ^' « general meli
ting of the members of such S^KJiety, such/
meenng to consist «f not loss than one thinl o7
"ealedr -^"'l**^*^^ ""^ is hereby re-
h3'JT'^''^f'^''V'* ^^''} '^ 'nofe than one
half of the number of membcfs of a Wuildinjr
Nociety shall sign a requisition callinga ge?
neral meeting of the Shareholders, anlrecom-
mending a modifica^tion, recission or repeal of
he rules of the said Society, and specifyiC ho
terms thereof, the sqid meeting, without lmi!
hnn"l "' '«;^V"'"u*'^' of Shareholders .rf^n
shall be and is hereby authorized to make and
~al "^"^""^^ amendment, region
tra^rf^'^''*^*;"^*''8:an3r'th}ng fo the c^.
Tnl V^J^^ Act or in any other Act amen-
section of the said Act, such Society, shall
hereafter sue and be sued by the name and
li^^A^^'^r'^^ '^' declara^on mei ■
t oned m the first section pf the said Act m
that under which such So4ty sha??]^J«^
/
■ r
*/"•'
\^..'
./
/
PEl
:5:
1.
nam
ciet^
%
are,
sitio
iihtl
f npoi
enal
shai
gag<
not
rati'
mor
3
timt
use
any
pria
era
the
pur<
desi
hen
the
clas
ma^
;\x.
■ ■:../.., .■■■'
■ -■ ■.■■.^. ■....X-. ■: r.
28 .
•/ :■ - ^
■■'«•■■:■
THE QUEBEC
7.;.' •
■;/*♦
1
PEEMANENt BUILDING SOCIETY,
'%:
^>^. >>
-^-1
.%,. ' •
^i^0t0*0^0^tk^t0»0t0t
■ r
RULtS, k REGULATIONS,
J, ',
prcsan)i«.
1.— Tfi* Soeiety is constituted HuJer the
name of the Quebec Fermanent Buildinff So-
ciety^ "--^^ ^ ■•:;--■■■ ■■ 'V ^ ■ :
2.— The intents and purpoees of the Society ^"*«'"* *;**
are, to assist the members thereof in the acqiu-jJJ^'PsMiVtl.
sition of freehold qr leasehold property :— arid
in the removal of incumbrances or liabilities
npon property already held by them ; and to
enable them to receive the amount of thei^
■hares in advance, upon furnishing good mort-
gage security; and to provide for those who do
not require such advances a safe and renume-
lative method of '•investing small sum#. of
money.
3. — All monies which shall from time »<» .^
time be subscribed, paid, 6t given to or for the cript>»«Jf t«»>e
use or benefit of the Society, or which shall in •PP'°P"«»^'*-
any wise belong to the Society, shall be appro- .. ; /'
priated and applied, in the first place,, in loans * , ^
or advances to the several mempers, towards /
the necessary expenses of the Society, in the /«
purchase of the Shares of those members wha /
desire to withdraw, from the 5»ociety, as
hereinaftej^ provided, and in the payment, at *
the expiration of the term of each successive
class, of the full valueof such shares therein as
may reinain unadvanced, but no member shall
- l)e entitled to receive^^by wiy^of loan
How sabf
/
.$
_or^c*d«
34
'■■.^'
ProTiid»
intetMt'to
, be allowed
upon deposits
madeiniMl>
Tance.
■ ■■; ■:■■!'/.
Kainbejrof
Shares
amoontof
each Shares.
-■•■/-, ■■ .- ..■ ;
/■ -. ^ ■.-. • .
/ Classes of
Members;
when opened
and for what
period.
^<"
.Directors;
their ^uomm;
President and
^nce, inore than the amount of his share or
shalres subscribed for. If not taken up among the
menibers, any funds may be otherwise invested
for the benefit of the Society, at the discreUon.
or the directors, of which members may, never-
theless, avail themselves.'
4 —Shareholders who may be desirous of
making an immediate deposit of money, Yat
the rate of not less than £6 per share for each
unborowed share and of ^12 for each borrowed
share, the half shares in proportion) for the pur-
pose of meeting in advance their monthly dues
shall be allowed interest upon; the amount so
dejTosited atthe mte of six per cent calculated
monthly. ,
5.— The number of shares shall be Unlimited
and of the value of jBlOO each, the half share*
ofjfi50 each payable by monthly instalment of
1^-, per share, and 6s. per half-share, on the
third Monday of each month, commencing oa
the third Monday in the month of April, 1856-
and for the full term of ten yeais, or, when the
thurd Monday fellrfon a holiday, then On the
day iblloviring.
6.^In order to a£R)rd a frequent opportumtr
for subscription without the payment of heavy
arrears, and a premium corresponding to the
past profits of the Society, the Directors shaU
be authorized to open, from time to time, a di».
ti«<it class or list of membersj each of whi<^
classes shall-continue for the term of 10 yean
or l^Oinstalments^ nnless the member mar
previously withdraw under the rules here^
aiter provided, and the interval between each
class, shall be, for the present time, of eoe
month, from the day of paymentv ' "^\
''^•-^The afiaiirs of the Society shall be under
the control and iBanagement of a Board of
seyen Directors (of whom four shall be a quo-
/
s
U]
If
25
ffim) and who shall choose fmm among them- Vice-Preil.
iselves a President and Vice-President. Each dent hoW to
Director shall hold not less than five shares, be chuten. :
and no Director shall hold the office of Trea-
surer, Surveyor or Solicitor, Notary or Auditor '
" •■/ ' of the Society. ■" :'■..-. .'■\'^\-]i^-
' 8.— In the ahsenoe of both President and J^^^^ ^^,
Vice-President the Directors present at any Ji"^(°ffigg„*
in<^ting of the hoard shall have power to a (^airman,
appoint a Chairman protem and with such protem, maj
chairman shall be competent to transact the °« appointed,
business of the Society on board days.
9.— The election of Directors shall be by Election by
ballot, and at such election members prsonally JJJ;°| ■***^' *»'
present ot duly represented by another member
as attorney, shall be entitled to vote upon the
following scale, viz :t; . / J ^
1 Share or less;. . . . .... • • • 1 vote.
2 or 3 shares. ........ . .2 votes.
D .... . . ..... »i)
• . a ■ . • . . . a .0
• '....•••. . . <
...........8
/
For
do.
do. 4 or
do, 6 or 7
do. 8 or 9
do. IP or U
do: 12 or 13
do. 14, 15 or
u
a
16
((
«t
((
do. 17, 18 or 19
' -^ " do. 20 shares and iipwards. . . . 10
But no member shall be entitled to more
L than ten votes.
10.«^The Directors elected .at the formation Dnration of
of the Society, or hereaHer to be elected, shall o^^ "^ Di-
continue in office till the election of their sue- "'«°»-
, cessors, unless in case of disqualification or re- ^
iignation '.—and the Directors shall, sevemlly, -^
take one week's turn of duty, in rotation, in ^ -
Jsupervisiug the general affairs of the Society.
f il.-^The Directors may make such arran- Djreeton
/gements with any of the chartered banks doing maj make
•
ar^an^eIneIltl
with any
cbartered
Bauk in Que*
bee. ;
Death, resi
KDatioh and
inconipf;j(en>
cy of a 0ire£-
lor.
. <}eneral an-
nuel Meeting
for the Elec-
tion'of Direc
tors. The Tre-
asurer to pre-
pareian annual
report and
statemeut of
allairy.
Extra ge-
neral mee-
tings.
v: ;•■■■.-, ■-::■-: f-^.-. ' '26 ■ / ■' ■ ■■,■'-'">■.■".■"■'■ ^•:.^-;..-.'
bnsiness in the City of Quebec, for the deposit
of monies and securities belonging to the So-
ciety, and for conducUng other fipancial con-
cerns, as they sliaJl from time to time deem
l^^cessary. "
• - *2.— Itany Birestor shall die, or resign or.
become incapable to act as Director, or be
come bankrupt, or insolvent, or compound
with his creditors, or cease to hold the required
number of shares, or be removed from his office
by a resohition of a special general meeting of
the members, he shall thereupon cease to be
a^Directorofthe Society: and in each of the
above cases> the President may convene a spe-
cial meeting of the Directors, at which said
special meeting they shall appoint another
inettiber of the Society to be a Director in place
of the one who shall have ceased to be a Direc-
tor as^aforesaid. Should any Director, for three
months successively, be absent from the mee-
tings of the board, the Directors shall replace
him if they think it proper,
V ^3-^ A general annuel mee^ng of the mem-
bers shall be held at the Society's office, or
such other place as the board may appoint, on
the l^t Monday of May, yearly, commencing
in 1857, (and when that day falls on aholiday "
then ou the day following; fpr the pttriwse of
electing Directors for the ensuing year, and
for all other general purposes relating to the
management of the Society: find at each of the
said general meetings shall be submitted a full
and clear statement of the afl^rs of that Soci-
ety Tor the previous tw^elve months, and each
of the said periodical reports shall be attested
by two auditprs appointed by the Directors
14.— Extra general meeting of the Society-
may be called by the board of Directors, upon
the members being notified of such meeting '
.•I
/,
'^r
J
.;;;:;^^<.■ :;;■,,;:..■". .-:vaif
■ •, • -.'•.■■ ■ ■''■■■-.' »
through the Post, Office, or otherwise, at the
discretion of the Board. * »,_,*« ^
16.— Ail questions at the annual or other Majority o»
•general meeting of the Society (except the J»^«^^^^^^
election of Directors as before mentioned) shall questions; ex-
be decided by a majority of members present cepiion €hair-
the chairman having a casting vote in addition man to have a
to his vote a^ a member. castmgTote.
* 16.-^A Treasurer shall be appointed who a Secretary-
shall also perform the duties of Secretary, and Treasurer to
who before entering upon his office shall f"!" ^J^Ju fe"
liish security for the due performance of his j^^j, security,
duties, ifthe Directors think it proper.
17.— The Secretary-Treasurer shall ^ em- Secreuwy-
powered to receive and pay all monies for and ^^^^.^^ ^^^^
on behalf of the Society, and his receipt shall pay all mo-
iji all cases be a sufficient discharge. He shall neys ; cjwh-
>also keep a cash book, where all monies re- J««^*«^^«< ,
ceived and payments mad»,are to be regularly JJPy ^gp^/
and correctly entered, and he shall deposit with g^gj,
the Bank all such money as he shall receive
when \t amounts to the siiin of £Z5. ^ - Monpvshow ^
I8.-N0 money shall be drawn from the to^eTmwn
Bank without the signature of the President frpmihe'
(or in case of his absence, or illiness, of the Bank.
Vice-President,) and of the Treasurer.
19.— Books shaim opened for keeping the-„d AccSIiirt
accounts, minutes, ancKother proceedings and ^^^^ ^^^^
transactions of the Society. / kept
20. -The proceedings of the Society shall be Procedings
entered in a minute book, in detail, in such of Society to
manner as the Board of Directors jnay, from "'J^J^;^
time to tiirie, direct: such entries to be signed ^^q^
by the Pr^sidenti Vice-President, or Chairman,
' as well as by the Secretary and Treasurer.
21.-^^he name and place of abode of each Registry Book
sliareliolder shall be entered in a registry-book to be kept
ion
ng ' ; ^
>t6 be
kept f(
Dr th«t purpose.
%■'-■■'■■
^
y
'.•":
. \. ■
1:',:
'— " •
■ . ■ !,'■* '
/
}:'"C-
m
■■ J'
^m"
/
.^'
28
Appoint-
ttient and
dutiM of the
attorniei of
the Society.
Appoint**
ment
and duties of
the Notaries
of the Society
One or more
Inspectors to
be appoint-
ted. .
Members to
pay an en- '
tAince fee/. '
exception.
22.^-One or more attornies shall be appointed
(who shall hold not less than 3 shares) who
shall transact such necessary business as tW
Directors may require. He shall investigate |h«
title to any property offered as security to th»
Society and all other documents relating them*
to, and shall in all cases render a^ report, ia
writing, whether such title be deemed by him
-good and sufficient for the purposes of the
Society. The* Directors ipay dispense the
borrower with such investigation aiid report if
they think it proper. The attorney shall v»*
ceive such fees as the Directors shall ttiink
reasonable.* '
23.^-One or more Notaries shall be appointed
(who shall hold hot less than 3 shares) who
shall prepare all >deeds Of mortgage and
other necessary documents in favour of the S<h
ciety. He shall be sufficiently acqua^ted with
frcinch and english Jang^iages s* as to prepare
and execute the deeds of mortgage ^ a^d:!"other
instruments of the Society, in t^h l%nguag^/
if required. He shall receive such feesaslho
Directors shall think reasonable and fair. -~^:!
24,— One or more inspectors shall be ap>
pointed (who shall hold not less than 2 shares)
who shall survey and examine the property
offered to the Society>' He shall in all .casei
render to theDirectors a report in writing, of
the'_ value and statd of such property :; provided
that in special cases the Directors may disr
penSe with such exanlination and ieport. The
Inspectors fees shall be fixed % the Director
anci .the Attornies, Notaries and Inspectors fees*
shall, in all cases, be jjaid by the borrower! ?
' 25,-^Every person be coming a member.of
the Society, (except as legatee, 'or legal repre-
sentative,) shajl pay an ;entrance fee of 2s. |ld;
per share or half-share. : *
X. ,
/
. of
ided
Thp
to%
ifees^
•
'x.
" 26.— All persons upon taking s^wes in the Ruksto be
Sc^ktysholUign the rules in'k book t« be ^^-^ /
kept for that purjpose. ,» V. v
^ i7 ^Every member in default for his mon-
thly subscriptions when due, shaU^pay in the
common funds of the Society a fihe of ,
3d per share, 2d per half share 5>r\the 1st m.
6d " *d " for the2na m.
Is « 8d " * for the 3rd m.
doubling the fine for each succeeding Jfuonlh,
till the expirationof the first six months, and
after that time,if the arrears Jpf^wn^upai^
.ttie Share or sh^Ws shall ^e forfeited: t^js^to
say, the member shall recent ba«k (j)»^thPWt .
interest) the net amount of his monthjy sub*- ..
criptions p^ up, deducting any fines, in^erMt. ^
ur forfeitiJres that may be-due, and^lapa^f^ • r
feiture Qf20s per-share or 10s per half share,
and he shall cedse to be a member . Over the
term of six months, the borrower shall pay Ji
fine of 6d in the pound per month, on, ^he
; amount of arrears, until the leg^ "^""^StA t^ :
28j— Any member desirous pf witharawuig Members
from the Society, may on giving one calehdar may with- „
- month's notice in writing to th^ Secretary, be ^y. Wl |
^Uo4d to do so ; and he may receiv^i^^
netamotint of his mdnthly instalments already P"
paid, deducting any fines or^fbrfeitures that v
maV be due;. provided that if twelve instal-^^^^^^^^^^^^^^^^,^^^
ments have been received, the Directors are •
hereby empowered to pay to any such -with- ,,
drawing inember the interest <^6^pc'^9«»t ^^
the amdunt paid in, and more »f the Directors
think it proper. The Directors shall .have the
poW^r todetermine the ri^t of priority beU .
vsreen members desiring to withdrawn. «
29.— Each tnember changing his residency change of
shall, within one iCalendar month thereafter, .wddence to
give notice in writing to the Sep^etary of such be notified to
'V I
*\
'wt
■b. t
/
30
I
l-A.
*! •
14 •
theSecretarj.:
fin*.
Da ji to he
fixed 'for the
disposal of
fundi.
Purchaser
to make A
deposit
liimits in
which proper-
ty given as
security shall,
lie.-
I
Mortgage or
transfer of
property to be
-made to the
Society.
When the >
borrower shall
receive the
amount bor-
rowed.
change, and4f4ii« new place Qf abode and^
addres^i or in defauH thereof be fined 28. bd. .
30,— TKe Board of Directors may from timf
to time, fix one or more days for the disposal
of such funds as the Society may have to lend
or advance, of wh\ch d«e notice shall be given.
The mode of dispoispl shall be detennmed by .
the Board. ^^ V * ' r t.^
3 1 .—Each purchaser, or borrower, unless^ ne
woduces, within iiiteen days, security satisfac-
tory to the Board, or has their permission to
extent the time, shall be liable to a fine of 10a
for each share, or 5s for each half share borro-
wed or adA-anced, and he shall .deposit when
registering his name as applipant, a siim of 15
slullingsfbrl&wcopts . i *^
32.— In ordinary cases, no property situate
beyond the limits of the District of Quebec,
shall be accepted as security for loans ^or^ ad-
vances to Members of 'the Society ; but m
Board of Directors may, at their discretion, and
upon special application, accept -^ security cm
property situatgcTany. where within the limilp
of Lower Canada'. -. ^'
33.— After inspection of the property propo-
sed, the purchdser shall, if the security be
approved, execute a mortgage or transfer t^
the satisfaction of the Directors, and at his
own expense, to secure the monies advanced,
with interest, and also the due payment of the
ordinary monthly^ subscriptions, and any fines
or forfeitures that may be incurred, and shall
also bear the cost of enregistretjfon. . .
34.— After such mortgage, or transfer^ shall
haVe been executed, together with such poli-
cies of insurance and other securities ^s the,
Directors may require the mortgager^ shall at
once deceive the amount of share or .shares lyr-
rowed, pu rchased, or advanced, eitftr ili lull
1
.?
)
)
1
'%!f
A-'-
31
^>
V
••^or with deduction of the bonus agreed to_ be
paid thereon as per propdsal. Then, he shall
continue to jpay each' month until the end ot
Jfefe class he belongs to, an additional sum of
%6s per share pnd 5s per half share sp borro-
wed, if the advance is made by way of Bonus,
and for a period of ten years ; or according to a
scat^ proportionate to the Bonus, if the advance
is made for the full amount : and if ^ne or inore
buildings be in progress of erection, such
amount shall be advanced upon one or more
certiicates, from the Inspectors, and from time
to time, as the Directors shall determme, ac-
cording to the progress of the work, Cr ^ ■:
35.— The Directors shall have powet to j^y
■■[^..
f
.?
Directors
the ground rents of all premises mort^ged tP ™;y„ J^^^^
the Society, which payments may be made amount to b*
out of the funds of the Society as such rents be charged to
pome due, and shall be charged to the mort- Mortgager;
gager, and repaid by him when the following pen^l
mommy suuaMiipMVH* »•*•» - — » , « • 4 ^
whereof a forfeiture shall accrue to the Society^
of 20 per cent, upon the amount so paid. , y ■,:-
36— If any member shaU desire to have his Discharge
•prop^rtydischa^edfrom^^ mortgag^^to^l^
Society, before the expiration of Jhefultenn ^^,
for Which it has been taken, he shall be allowed
todbkoou payment of all repayments, and
anv fines, fees and other sums due in respect ^
thweofciip to the time of the redemption of ^ r
such mortgage, and of the j^es^t^ jalue of . v
the futiire repayments, calculated to the end ot r
the tefm, and at such rate of ^ interest and on^ ■
such terms at'the Directors may determine^
37— It sh^l be lawful for any niember Substitution
having executed a mortgage in fevor of ^he jfa^^er
Society, to substitute, at his own expense, and P ^^
subject to the approval of th^ Directors, any
,^.^je4M^««A 4>>
38
•^''
■■^y'
.'•t^-
Caie when
* » borrower
- may neU his
propertjr.
Members
joining after
commence-
ment of each
class^to pay
airean, &c.
Money
which snail
be receiyed
from Insu-
rance com-
panies how
employed.
other property, as security to" the Society^ liu^
lien of the property originally rnortgaged. ,' >
38. — ^If any member who shall have VlTxe-
cuted a mortgage to the Society, shall desire to
sell the mortgaged property, subject to the
mortgage, he shall be at liberty so to do; with
the consent of the Directors, upon first duly
transferring the shares secured by such mort-,,
gage, to the intended purchaser as provided by
theseirules; aiid upon such transfer being com-
pleted, and all arrears due to the Society, from
the mortgager, being paid, and the conveyances
to the purchaser executed, such purchaser
shall thenceforth enjoy all the rights'and privi-
ledges of the mortgager, and shall become liabld
to pay all re-payments payable in respect of
such shares ; and the Directors may grant to
the original mortgager, and at his cost and
charges, a release from all future liability in
respect thereof, towards the Society. •
39. — Any person entering the Society after
the cominencement or formation, of a class
(except asi'transferee, legatee, or legal rej^resen-
tative,) shall pay the full amount of subscrip-
tions, which shall have been paid by the ori-
ginal Shareholders from the date of such
commenceii^ntMV''''^v '■' '^-'v- '•■"^''^^' ^ ' ■'^'''■'■^■■
40^--The B>irectors shall, at their discretion,
either lay out the money which shall be recei-g
yed from^v Insurance office as aforesaid, oiV
any part thei^oi^ in repairing the damage done
to the premises, or retain and apply the same,
or such ptfrt thereof^ a^r^liey shall think fit, in
or towards payihent ana^sat^action of the,
amount which shall be due frosHhe mortgager
to the Society, and pay the surplus^if any, to
the mort^ger, or to such other person as he
shall (by- writing) direct to receive the same.
\
•?!■'
^-
33
■<
41 Slfmore than one half of the number of Meaing to
member/of the Society shall BJ» ^ Se-'T-^^i^^^
sitioncalHnKa general '^^^^^"K ^^^^^.^^ ru&. -,
holders, and recommanding a modificatioi^ >
wcision, or repeal of one or more rules of the ^, ;
sSS^be said general meeting, wittat ;•
Suonas tp th{'««mber of^ar^iders
present, shall bie authorized to make and pa^
Juch modificatibn, amendinent, rescisicm or v , ,
'^^ll-Any S&mr ^ J^ ^
share or shares by y"s»ng an entry of such ^^^^^^f^/^^d,
transfer to be made ift the books of the feociety. ^,,^^€1.
in such manner as the Directt^rs may appoint
and upon payment of the sum of 2s. bU. lor
each sW si transferred and of allarrearsthcn
due; and thereupon the transferee^ (after s^^^^ .
ning the rules) shall be entitled to Ml the Pri-
vileees of the original shareholder. - member
43.-In case of the death of any member, the ^ j^ ^^X
lecatee or legal representative. of such deceasea ^f proceeding
member, shall, before becoming entitled to the for a legatee
pri&ofan original shareholder, prociueorj^^^^^^
C plaie qf abode, and the T^rt^cnlars of his -^ame^to^be
title, to be registered in the books ot the^ feo-i^older. .
eS?^:and shin at the same ^r/'^^^^ i -
wilier probate thereof; or grant oTletters^^ ^
administration (as th^^case W beKfor th^ ,
Inspection ahd'sati^feetioir of th^ ^"^"^ i
anfray for suc^ registry the sum of 2s. 6d. » .
^44^he1)irectors elected at the formatioii -DirjK^
of t ^e^ - well as th.se her^^^^t*!:;^
electa shall be indemnified out of the funds of ^^^.^^^^
tL^iety, or otherwise, from all expenses m tht. Society..
I^rence to the formation, conijuct. and . ^
management of the Society. _ . „♦ h«^*.ta
""^.iir it shall app^r ta tlw Bffi^*,^ gJ^aTi.-
any time, that the profito of tha Sporty y/MW
:-s •
■n
u
Insurances
of the property
beJonging to
the borrowers.
''■,
"*;-
f\ii
dr
Ihi
th
an
80
jrertaiicas... Sfs «Wn ti '* ""?^ -Pecified, such surplus
Im^^htn^r^^'T't^'^ ^y '*»« Directors
equitably, and equally between the investing
and borrowing members, by way of, bonus iS
^o.«-o. in ™t±^y.,^^" ^^*k^^'» "^-'"bers
the^cUv ?n i\^ ^'^^'^"tageand well being of
me ^oclety to set apart one-third or Ip« nf
{mchg^tsibrfutt^
^v| the power to do so, and the same^ha l'
%n| a part of the general ifunds oi the Societv
J^hC^P^^^"^^^^
rer^vmffTI''^^^"""Sto the Society the
£1^ 7 " ^} ^^^ l'""^ °^ ^'^^ execution of
h^i^fr'^^^^ (""^«« ^^«^^e^ otherwise
by a special resolution of the Directors Vin«ir«
against accidents byfire at one ^ ^Se insT
mn|^ompanies in qjuebec, to the ^lUtnount
erected on the land and pl'emises mortgaffed to
the Society for security of the. payment of th«
sanje^ he shaU thereafter unKl£^
shall be fully paid and satisfied, keep the Sfe
£frtr?^^^ as^resaid, aid h^^S
Provito ^1 ' ^°?f ^^'ne endorse over the policy or
n-ovito. poueje^ of insurance to the Sotjiety. And i?the^
^id borrower omit to effect or r^e^o ^T
/ I uf }h "^°"^' aforesaid then the Dn^
/ °^tf ^" *»^^«^heTight^ffectingandr7neW
' ' Jtl ^^^f '"^. ?' of insurilag the rights andante
rest ofthe said Society in 'the laSds and nre-
• ^^ mortgaged as aforesaid ou t of the geng^^
y^:^
y.
\
• '""■■■■■•■"■■■■ M ' ■ ■■•--■":?;■■■ -■'■■':'•.■■."■■
■ ' ■ ■ ■ ■ » .-..'».■ ■ ■ ,■•■..■,■■ >
flind of the Society, and the borrower shall on > ■
demand pay and reimburse unto the Society -
the amount of such premiums with interest
thereon at the rate of six per cent per annum,
and a fine of twenty per cent upon the amount
•^4^i^If the Directors shall be enable ^^^^^ J^^
pose of the money mhand and ?*/*»tv. V„ ofln ceiSin
rates, they may if they consider it for the m- ^^
terests of the Society call a snecial meeting ol
the members, and announce the fact >o mem,
and the proportion of the profits which they »
consider it just, and proper to pay to jnembers
withdrawing ; and if the money on hand shall;^ . .
not then be taken up voluntarily, ^ther m ^ .
loans at the usual rates, or by^ ^^^^t7v,°S :^
the terms proposed by the Directors, they shall
in the prcTOupe of the members attending SUCH-
meeting proceed by ballot in such form, a«^
shall be prescribed by the Directors, to dispose
of so many sh&res, sepamtely, and one share a|
a time, af the money in hand will warmnt
amongst such of the members, as shall not
previously .have received their shares in ad* ^ .
vance, or the entire number of shares, tor
which they shall have respectively s«*^scribed.
and the person or persons whom the ballot
shall determine to take the share or shares so ^
ballot for, shall within ten days be obhgedto
withdraw or borrow ftom the Society, to the
extent of the share or shares, so balloted on
him on the ttrms previously determined on tyy
,^he Directors. v. a^. Duration of
48.— Whereas circumstaniies may be'eatter ^^^^^ ^j^^j^
' render it expedient to change the duration, oi gj^t^nt.
ten years provided, by these rules for every
class of ihember: . , V "^ •
/Tlie Directors shall be authorized, when
• opAping an y new clas s' or classes, to select such
\.
■^b™"j-v"'t»i|^!W»» .
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86
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L;
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..ft duration as thev *»«» ♦u- n V v^ "*
. ^-^'''niw tLZu^J J^':^,m», *nd to
fif'd to attain ZZ<,TT)l^ t'""'"* '-
'J'ng to ,uflh duration .nS .t '" *"'« ""eo'-
• "Wn <Jm. the end o/the ™ ™ nf .t^ . '' *" ««™«ate .t •
they shall be emZreL ,' ''"'?«' «'«"■ •"'<« ii
"ombAs/to the e^rt.! 'f*""'«''l. to retiring
Prietory or unmir? .k. "' ""* """>*•' of prt^
equitably increasing n^..P!i""' "?<« «t m
•quitafcly increarirnS'.P*r"' ">«> »» «»
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