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6
X
■.'■■■i
1
PROSPECTUS
OF THE ' '-
C^JEBEC BUJLDING SOCIETY.
» ^
r:
^gh(ires :— £100 each.
Monthly Subscriptions, 10s. per Share ; Entrance Fee, Ss. 6d.
per Share, Transfer Fee, 28. 6d. per Share. "
• . — '
JOS. MORRIN, Esq.. President.
JOS. HAMEL, Esq., Vice-President.
W. MARSDEN,
^O.yOtiITAIl,LE,
DimBAR R03S, i^ EsQUi
'\ c/P. PELLETIER,
'f, sheppard, " ,
|V. KIMLIN, Treasurer and Secretart.
Lboa^ Advisers.— ANDREW STUART, Esq;,
and J. M. HUDOxV, Esq.,
I^otaries.— JOSIAH HUNT, Esq., and ;
<^ J. B. PRUNEAU, Esq!
I4r. SIMON PETERS.
Inspectors,'
Bankers, The Quebec Bank.
Office Fort Street, Upper- Tom n.
«;
Keference is directed to the 3d Rule,— by which it u-ill be seen
that the Society allon:^ interest .to accnmulate to the credit of
Shareboldeis who desire to pay in advance.
}^Sl4>de
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■ tK'hlT »bH
IJIHE extraordinary saccess that has attended Build-
ing Societies elsewhere has led to the formation of the
which has for its principal object, the enabling individuals
to invest iheir savings in the Purchase or Erection^ of
Building.
"A Tenant, Jn ten years, payHijs Landlord a sum equi-
valent to the value of the house het>GQupies, and yet at
the expiration of thai period he has no ifiterest in the
property — but, by becoming a Member of thisSoQiety,
he will be enabled to purchase or buiid.a bouse, by means
of a loan granted to him for that purpose, repayable by
monthly instalments, little if any more than the re;it
which he otherwise would be paying, with tliis advantage
— ^that he becomes the proprietor in ten or twelve years at
most, but generally in much less time ; as will appear by
the fallowing table compiled by Mr. Thomas Champion,
^Director of the " Farmers' and Mechanics' Building
Society," Shewing the number of monthly payments of
t€|i shillings each, that, must be made to liquidate the
shares of £100, the .money being invested monthly to
give compound interest, at the rate of half per cent per
month.
The Shares being all
paid off at an aver ,
age boiiuS of
40 per cent.
The Society will have paid
off all its Shareholders in
82 payments, or 6 years 10 mos.
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"ar.. .,,,,.,,,, ^,,,^139
Building Societies have been established, and in wc^
cessful operation, in England, for upwards of a quarter of
a century, and for nearly four years past in Canada, and
their i)enefits {.nd advantages have been fully developed"
and ascertained during that.period. The Montreal Bqild-
Jng Society, which is the oldest in this country, decla-
red a premium of ^jO 4s. 4d. on £18 per share pakl up.
at Its last annual statementin October 1848; but great a»
, this dividend is Compared to other invesiments, it is much
smaller than that of some similar S«|^ies of later form-
ation ; for instance, so successful havllleen the opera-
ions of one of the Upper Canada Building SocieUe..
that persons desifmis of joining now, are obliged, not onry
to pay up arrears, interest, and premium, but also a CO*.
SIDEHABLr INCREAgEU ADMISSION FM.
The Shares are fixed at £100 ea^h, and ai« paidNip by
regular monthly instalments of ten shillings fpr each
share subscribed ; thus a holder of one share can borrow
or purchase £lOO-.five Shares,£500, and so on in pro-
portion to the number of shares he holds. The moner
Which the Society will have to loan, will be ofiered to
monthly competition, wheiv every member «riU have an
opportunity of purchasing to the extent of his shares.
The borrower or purchaser, before receiving the
amount, mu*t deposit with the Secretary the particulars
of his securities, which will then be' visited by the
Inspector, and the titles investigated, and should both ^
torove satisfactory, the money is advanced, charged at the '
rate of six percent, per annum, Sjioald the borrower -
desire to erect a dwelling-house, the money is advanced
as the buildinc; progresses. \
- Any member, desirous of either building or purchasing
a housed (whether for his own use or to rent,) or of pay-
ing for one* already purchased, is thus enabled to obtam
funds from the Society to an extent not exceeding the
/. amount of his share or shares subscribed fur. As secu-
rity for such advance, he gives the Society a moitgage
upon real estate : upon Which Tnortgage he continues to
pay the interest, merely, until the funds of the Society,
from bonuses and. other sources, have so' increased,
that the full amount of the shares subscribed for have
been realized— wlien the Society becomes self-extin-
guished and terminates. Then, without liaving (appa-
rently) repaid the principal, otherwise than by the
ihonlhly subscriptions before-mentioned, the mortgage is
given up to him, free from all incumbrance. Without
these advantages,how many difficulties are in tlie way of
procuring loans from private persons, even for a very
short term! • " ' j.
Capitalists can do belter with their money than lendmg
it at legal interest in the security of real estate ; and many
will have to be applied to, and" many rebuffs and refusals
given and received, before the loan-seeker can succeed.
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Stockholdert in a'Buihliog Society aie in n^ifTerent poci^
tion. — They kn6\v .that at certain regular pe^riods ther«
ar^ tales of so ifiany lots of nrjoncy among' themselves^ at
which all hav^ opporlunities.or competingf and that the
lots wiU be awarded to the highest bidder. Every Stock-
holder feels, therepjre, that he can readily tiorrow the,
amount of hisTstocIc^ by giving a certain bonus for it, and
that he is consequently, in a~great 'measure^ independent'
of foreign as^stance.
"The borrower indirectly, and the non-borrower <lirectly,
benefits by the bonuses given, which being deducted ^n»
the first place, the Soci^y works upon and 0ih as well
■ as its other funds. •
■ Should the bonuses average 40 per tei^, the Society
must become self-extinguished in a little' Je$s than seven
' yeacs — say seven, however, and in that case jthe monthly
payments on each share will amount tb £42. Theilif-
ierence between that amount and the j^lOO, which th^ '
inveater receives at the expiration of the Soeiety, consti-
tutes hifi profits— allowing liim (to save the troiible and
^;70edi6usness cf a long compound interest calculation]^
interest at 6 per cent per annum on £42 from the day on
which he began to make his monthly 10s. payments
towards that amount; tl^ie sum (including entrance fees,
&c.,) which he really pays, for his share is, £62 10s. 3d.
and his profit is, over ani^ above legal interest, no less than
, £37 IDs.
-^ 'In Oanada, bonuses hav0 thus far averaged about 35^
per cent, although, in many instances, this rate is greatly
exceeded.
Among other beneficial r^ults to be anticipaled {fom
1\
.1'
— 6
1^
the establishment of Building Societies nny bfrenutnenrted
the following :-^ . *^ ;
^ 1. — ^Enabling [arsons of small but regular incomes t&
apply a portion of their savings towards the acquisition of
property and independeJbe, with greater ultimate profit^
than can possibly accri# from a Savings* Bank ; with
this s^l^i^onal advantage, that they are at all times in a
situation to profit by any. cheap purchase of landed pro-
pert]( that may present itself, by borrowing from the So-^
ciety, on the easiest possible terms.
2. Professional men, builders, mechanics, and clerks
in commercial, bankir)g, and other establishments, are
among the classes Inost likely to be benefited, more or
less, by the institution.
3. Proprietors ofbtiilding lots will be enabled to dis-
pose of property which would otherwise remain on their
I \aLxA% for years, "without producing any rent or interest
V whatever.
^^ The benefits arising from these institutions must be ia<
the exact ratio with the magnitude and extent of their
.operations.
The profits being derivable from the bonuses paid dh
money borrowed, and interest upon mortgages, thetfa
will of course be in proportion to the number of shkre-
holders. ' .
The utmost safety and protection from risk, are oiil^r^d
to capitalists (as none but Landed or Building Secutil)r
will be received; personal security, however utiiex-
will not in any case be taken) and the cobw
c eptionaMe,
duct of the affairs of the Society is under the cuntrout tiA
management Of a board of seveVi^frectiAiB, wfto are chiosen
annually, by ballot, from aftioh^ the shareholders.
/,
AskSMJi
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TEb funds of tW Society arising from monthly subscript
tionsi, fees, iic, are deposited daily in one of the
chartered banks of (his city, and no money can be drawn,
out except upon the joint check of the President, or Vice-
President, and Treasurer. J__^ 'L, . ;, .
A regular monthly meeting of shareholders will take
place, when th^ modey on hand will be loaned ; but as so
much of the success of these Societies depends upon (heir
internal management, this Society has depar(ed from the
ordinary rule, by imposing upon the Directors a reg6krr
-weekly attend Ae, ifi rotation, at the office, for the pur-
pose:^ supervising its current atfairs.
"^e Dirediors, jtherefore, with the most perfect CMiiS-
^ence, submit their Prospectus to the public, believing that
they flmre commenced the establishment of a society'
which will prove of great benefit to their iellow-citizens :
requesting the most searching inquiry into the, history 8hd
operation of similar institutions wherever^ they have an
existence, and referring persons desirous of more parti-
cular information to the Rules of the Society, or to any,
pr all of its officers. •
'M^iSl^ii^t,-
i-
CAP. LVll.
i'
Preamble.
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When twenty
penoDS shall
agree to ron-
•Utute* Build-
ing Society*
they shall be a
Corporation
for tha*. pur'
pose, after hav
itkf complied
Wi t h e er t «ff=
formalities.
To encourage the, establishment of Build-
ing Societies in Lower-Canada.
25th Jpril, 1849.
\V/J[/hEREAS an Act was passed in the
ninth year of Her Majesty's Reignt for the
purpose of encouraging the est^blisiiment of
Building Societies in Upper -Canada, and it
is expedient to encourage the formation of
similar Societies in Lower-Canada, whenever
the Inhabitants of any particular locality may
be desirous of availing themselves of the pro-
visions of this Act : Be it therefore enacted
by the Queen's Most Excellent Majesty, by
and with the advice and consent of the Legis-
lative Council and of the Legislative Assem-
bly of the Province of Canada, constituted
and Assembled by virtue of and under tiie au-
thority of an Act passed in the Parliament of
the United Kingdom of Great Britain and.
Ireland^ intituled : ^» Act to re-unite the
Provinces of Upper and Lower- Canada^ ^
and for the Government of Canada, 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 them- »
selves a Building Society, and shall have
signed and executed, under their respective
hands and seals, a declaration of their wish
and intention so to constitute themselves such
Building Socieiy^anTsliall have deposited the-
same with the Clerk or Prothonotary of the
Court of Queen's Bench of the District
wherein such Building Society is to be formed.
* ►•
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and to havQ its principaf Office or place of
Business, (who for receiving such deposit
shall be entitled to'rece ve a fee^ of two shit-
lings and six pence) such persons and such
other, persons as may afterwards become mem-
bers of such Society, and their several and
respective heirs, exeeuVors, curators, adminis-
trators, succ^Sors, and assigns^ shall be or-
dained, constituted and declared to be, and
shall be a CorporMion, body corporate and
politico, by such name and stylQ as a Building
Society, as by siuch declaration so deposited as
aforesaid shall I have been declared to be the
name by which the petsons so executing the
same, desire sjuch Society to be known, for
t&e purpose of raising by, monthly or other
periodical subscriptions of the several mem-
bers of the said Society,'and in shares not ex-
ceeding the vaAue of one hundred pounds for
each share, (such subscriptions not to exceed .
twenty shillings per month for each share,) a
stock or fund tor the purpose of enabling each
member thereof to receive out of the funds
of the said Society the amount of value of Ms
share or shares therein, to erect "^r purchase
one or more dwelling house or houses", or other
freehold or leasehold estate, and to be secured
byway of mortgage or otherwise to the said
Society until the amount or value of his share
or shares shall have been fully paid to the said
Society, with the interest thereon, and with all
fines or liabilities incurred in respect thereof ; ^^^y'^IH^y
and that it shall and may be lawful to and for S:'. *
the several members of such Society, from
time to^4iinc, to «8sennb|» together, and to
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Rules,
g^i^r
make, ordain and constitute such, proper and
wholesome Rules and Regulations for the
goveraroent and guidance of the same, as the
fim
wk^
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of til
May impose
major part of the ihelnbers thereof so assem-
bled together ' shall deeqi meet, so a» such
Rules shmf not be repugnant to the express
provisions of this Act, or to the general law»
of this Province or of Lower-Canada; and
«.,j .».po.e *** impose and inflict such reasonable fines, pe-
fines on mem- nalties and foiffeitures upon the several mem-
bc«, fcc. bers of the saijd Society who shall offend against
any such rules, as the majority of the members
may think fit, to be respectively paid to such
uses for the benefit of the said Society, as the
said Society by such Rules shall direct ; and
also from tir^e to time to ainend and alter such
rules as oc^casion may require, or annul or
repeal the ^me, and to make new rules in
, lieu thereof, under such restrictions as are lit
this Act cf)n{ained; Provided, that no mem-
ber shall rfeceive or be entitled to receive from
DiJJdSdsV&c.**!® funds/ of such Society any interest or dir
'f>. vidend by way q^ annual or other periodical
(| profit upon any share or shares in the said
I Society tintil the amount or value of his share
or shares shall have been realized ; except on
the withdrawal of such member according to
the rultis of the said Society then in force.
- / ^
Society mkf H. And be it enacted. That it shall and may
receive money be lawful to and for every such Society to
ttiu mihout^ have /and receive from any member or mem-
*«««*'*'• bersi such sum or sums of money by way of
ulu^Liwf. Sonus on any share or shares, for the priyi«.
lege of receiving the same in advance prior to
same being realised, besides interest for the
ire or shares iso received or^ny part thereof,
i^thout being 'subject or liable on account
I
the
^ lereot to any of the forfeitures jor penaFSeT
/imposed by any Act or Acts of Parliament of
by any Laws in force in l^ower-Canada rela-^
ting to Usury, .
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— 11 —
in. And be it enacted, That each such So-- .
ciety shall hnd may from time to time, elect ekcUrom*
and appoint any number of the members of *''"«*o »•'!?«
tlie said Society to be a Board of Directors, DiKctort^ '
(who shall choose, a President^ and Vice-
President,) the number and qualification ""
thereof to be declared in the Rules of such
goei^||iyL4^a nd shall and— may li filegaift tn " .
such Directors all or any of the powers certain pow-
given by this Act to be executed; and «" n>»y be «•-
such Directors being so elected and ap- jf^Jlii^*'''
pointed shall continue to act i<)r and duiing
such time as shall be appointed by the Rules of
such Society ; the powers of such Directors .
being first declared in and by the said Rules ;
«and in all cases where Directors shall- be a p- "
pointed for any particular purpose, the powers
delegated to them shall be reduced to writing,
and entered in a book by the Secretary or
Clerk of the said Society ; and a majority of
. the number of such Directors, present at any Quoran.
meeting thereof, shall at all times be necessary,
to concur in any act of such Directors, and
they shall in all things delegated to them, act :
for and in the name of such Society ; and alf "
acts and orders of such Directors, under the*
powers delegated to them, shall have the like
force and effect as the acts and orders of such
Society at any General Meeting thereof could
or might have had i^ pursuance of this Act ;
Provided always, that the transactions of such
Directors shall be entered in a hook bebng- Provito :
ing to such Society, and shall from time tojjjjjj^jj, <
time and at all times be subject and liable tob«k^t,8t«.
-the^ — ' — " • • ■■ ^^^-- ^
reriew, allowance and disallbwanceT^
such Society, in such manner and fornias such
Society shall by their General Rules have di-
rected and appointed, or shall in like/ manner
direct and ap^nt
'Si^i:^ :^y- And be it enacted, That every such So.
for whieh So- ciety SO established as afuresaid shall in or by
biuied &c!" ""^ ®'' "°*^^ ?^ their said Rules declare all
* * and every the interests^and purposes for which
such Society is intended to be established ;
and shall also in and by such Rules direct aU
:and^very the rt*ses^mid^pufposes tu whichlhe
money which shall from time to time be subs-
cribed, paid or given to or for the use or be-
nefit of the said Society, or which shall arise
therefiom or in any wise shall belong to
the said Society, shall be appropriated and
applied; and in what shares or propor-
tions, and under what circumstances, any mem*
berof such Society,- or other person, shall cr
may become entitled to the same or any part
thereof ; Provided that the application thereof
Proviso as to shall not in any wise be repugnant to the
001*00168 W . ^ . '' /• '^ 1 o .
which moneys uscs, interests or pu^oses ot such Society, or
may be ap'
plied^ &c.
V
any of them to ^ declared as aforesaid ;
and all such Rul6s during the continu-
ance of the same sh^Il becompjied with and
■ ^ enforced; and thelnoneyssu subscribed, paid
or given, or so arising to or for the use or be-
nefit of the said Society or belonging thereto,
shall not be diverted or misapplied either by
the Treasurer or Directors, or any other officer
or member of such Society entrusted there-
. with, under such penalty or forfeiture as such
^ Society shall by any Rule enforce and inflict
for such offence.
Rniel^be V. And be it enacted, That the Rules for
booitkeptfor the management of every such Society shall
l'J!'i* P"? ?*^* ^ entered and recorded in a book to be kept
^
members.
ibr that purpose, which book shall be open^t
all seasonable times for the inspection of the
members of such Society, but nevertheless do-
thing contained herein shall extend to prerent
^JT^'"^ "??«■% -■^■'(B'S**"'
"Efr.^.
— 13^
such So*
in or by
clare all
or which
iblished ;
directaU,
^Eich the
be subs-
le or be-
all arise
elong to
ited and
propor-
ny mem*
shall cr
any part
1 thereof
i to the
ciety, or
iresaid ;
continu-
irith and
i^edy paid
se or be-
thereto,
ither by
it officer
1 there-
as such '
id inflict
ules for
ty shall
be kept
khy aher^tion In or amendment of any such
Rules in the whole or in part,x)r making any
new Rules for the management of such Socie-
ty, in such manner as by the Rules of the said
Society shall IVom time to time bejjr ovidcd.
open^t
>n of the
slessDO-
prcrent
VL And be it enacted, That all Rules from Rules to be
time to time made and in force for the mana- ^t"**'?" °° »j
' ■ , ^ . , 1-^1 31«?mberi ana
gement of such Society anil entered and xfi- omcers of
Corded as aforesaid, shall be binding on the ^°'''**y"
several membets and olficcrs of the said So-
ciety, and the several contributors theielo, and '^
their representatives, all of Whom shall be
deemed and taken to have full notice thereof ^
by such entry and record as aforesaid; and, ,
the entry of such rules in the book or books
of the said Society as aforesaid, or a true copy -
ofthe same, examined wiiii the orit^inal and
proved to be a true ropy, shall be received ar*
evidence of such Rules respectively, in all
cases. '. . \ "■'-
VU. Andbe it enacted, That no R\ih en> „.., ,^ ,J
tered as aforesaid shall be altered, rescinded aitercd7>ie.,
or repealed, unless at a deneral Meetins: of the J\^ ^?"*'"*V, ,
Members of such Society, convened by public "
notice written or printed, signed !)>■ the Se-
cretary or President of the said Society in
pursuance of a requisition for that purpose by
not less than fifteen of the Members of such
Society, which requisition shall state the ob-
jects for which (he meeting is called, and shall
be adressed to the President and Directors ;
whereupon each member shall be notified Of
the proposed alterations through the Post Qf-
V
fice, within fifteen daysYsuch meeting to con-
sist of not less than one-third of the share-
holders, three-fourths of which meeting n!ust
concur in such alterations or repeals
/
Roles (n ip«-
cifj i)la«:e of
-^ 14 -.
.Ik'
\
*.■:•; t-
Officers to
give secuM
VJII. And be it enaclijf Thi4h^ Rules
of every such Society shall specify tlie place
or places at which il is iirfended that the said
Sqciety sluill hold its meet ings^,aiid shall con-
tain provisions with respect to the powers and «
iiutieafof the members at brge, and "*" "••'i*-^*^
officers as may be appointed for the
ment of the ailakcs of the said Socie^y|
IX. And be it enacted, TJa^jj^Director»
of every such Society shalj aulmKy from
time to time qt any of tMr ust/a I meetings,
elect and appoint such. person or persons^to
be Officers of the said Society as they shall
think |)roper, and grant such salaries and emo-
luments as they may deem fit, and pay such
necessary expenses attending the tnanagement':
of the said Society as may bo incurred; iand
usiiall and may from time to time elect|when h
"sIimII be deemed necessary to carry into exe-
'iutiori the purposes of the said Society, for
such space of time and for such purposjes as
shall be fixed and established by the Rules of
tlie said Society, and may from time to time
iiisc\iarge such person or personsj^ and elect
> and appoint others in the loom of 'those who
shall vacate or die br be so discharged ; and
all and every ^uch ot}icer or other person
whatsoever wlM||^|yibe ^ppointejl to any
office in any ^^^Bu&g or cjM^knin^ %ie
receipt, n)ani^pHB^|||P.expe ninTure of iany
sum of inoheyMTrected for the purposes of
the said Society, before he shall be admitted
to take upon him the^execuiion of any such
office or trust, shall bfecome' bound in a bond
raSJ^t
rectors may determine, with two sufficient
sureties, for the just and faithful execution pf
~ P ' a g —
% Rules
le place
I ho said
lall con-
ire rs dndjL
of
^"^^^"7®!!^'
hrectow
y from
leedngs,
rsons^to
sy shall
nd eiTiO-
ay such ,
iigement-:
ini; and
Avii€n h
ito exe-
iety, for
poiies as
Rules of ,
to time
id elect
)se who
?d ; and
person
to any
inrf T^he
of iany
)oses of
idmiUed
ay such
a bond
ufficient
Lition pf
f
v'
f-
~»^^
-3£
- \:>
^■0C.-%'-
i ^■v,-s*x^^i'ai""»i^^;
-«
■ 1 * ■ '
•
-
i
"■
^
1
' • ' ■ ■ ■ 1 ,. ■
•
.«
%
if- 1
<
> " - t
•'
»
m
1
• 1
1
,-] ..- \- -.: - .. . - ., ■ *■
-
^
1
]
i ■ ■ '.
) ■ ■ -i • ■ '■ ' ■
. m r'-\ / ■• '■ ... .
*(■■-,■' ., , ■ . . ■ - ■ ,
1-^:. ■;■■■.•■■" '-' . . ■ .".-.
t
•
1
I
<
i ■ ■■' ■ ■ ,' ■
- ' 1
■ .o^'^'
. -^ 'm'
1
f
j
fi
■-,.,[ . . f
/
— )
■ i
i
•
. I
i, ■ l;;r' -...i _„„._: _^.:„^„.„,.„._^^^
C
',,..'■;■■■ ■ , •
1 ■'' ■' \ '
1
■ .1.;: ,...
«**w;'^
15 ^
1 1
f
•-
■■v>
■'',«:■■■
' '
*
f
such office oftrustgand for rendering a just
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 ft shall andsocietrnmy
f may be lawful for every such Society to take take and hold
and hold any real eslate, or securities thereon, &c!,^moit%,
bond fide mortgaged, assigned or hypothec s««i to j5odetj:»„
cated to the said Society, either to secure tiie ment ofTharef"
payment of trie shares subscribed for by its
members, or to secure the pay mfent of any loar.s ., -^
or advances made by, or debts due to such So-
ciety, and may also proceed on such mortgages,
assignments or other securities, for the recovery
of the moneys thereby secured, either at law or
in equity or otherwise, and that such Society f%)
shall have the power of investing in the names ' "
||., of the President and Treasurer for the time in^«»t»n««»t of
B being, §tn^ surplus funds in the stocks of any""°°*^**
of the Chartered Banks or other public securi-
ties of the Province, and that all dividends,
' interest and proceeds arising therefrom shall
be brought todaccount and applied to and for ;
the use of the said Society according to the
Rules thereof. • ,^::_^
XI. And be it enacted, That if any peison W"*j? «f pro-'
appointed to any office by such Society, and IVoff^cn^or
being entrusted with and havine: in his hands *I'«.??.e'«ty
„_ ^^ • . . . /> ■ • • 1 /r> ihali die or be.
or possession, by virtue of Ins said office, any come utoi-
moniesor effects belonging to such Society, or ^"><' <
any deeds or securities relating lo the same, '" I
shall die or become bankrupt or insolvent, his ^ ~
heifs, executors, curators, administrators or
assigns, or other person having a legal right,
fihall, within fift ee n days after demand made , =====
by the order of the Directors of such Society
or the major part of them, assembled at any
meeting theieof, deliver over all things be-~~"~~~r
mm
— 16 —
.\
Provi80>
longing to the said Society, to such persons as
the said Directors shall appoint, and sliall pay
out of the estates, assets or effects of such pelr-
Rons, all sums of money remaining diie whith
such person received hy virtue of his said office,
before any of his other debts are paid or satis-,
fied, and all siich assets, estates and cffecits
shall be hound to the payment and discharge
thereof accordingly ; Provided always, tliat
the same he not paid or satisfied to the preju-
dice of mortgages or privileges on real estate,
or of liens or privileges on personal esta|te^,only,
nt
of
Property of
the Society
vested in the
duly executed previous to the apppiri
such officers. i^^./:
XII. And be it enacted, That all real and
heritable property, moneys, goods, chattels
and eliecls wiiatever, and all titles, securities
President and lor monjy or Other ohligatory instruments and
Jhe^im" ^°^ evidences or muniments, and jrti other effects
being. whatever, and all rights and claims belonging
to or had by such Society, shall be vested in
the President and Treasurer of th(j said Society
for the time being, for the use find benefit of
the said Society and the respeci.ive members
thereof, their respective heirs, executors, cu-
rators, administrators or assigns, according to
their respective claims und interests, and after
the death or removal of any President or
Treasurer, shall vest in the succeeding Pre-
sident arid Treasuier for the same estate dnd
interest as the formei President jmd Treasurer
„ " _ had therein, and subject to the same trusts,
without any assignment or conveyance what-
ever ; and also shall for all purposes- of action
or suit, as well criminal as civil, in law as in
equity, in any wise touching or concerning
the same, be deemed and taken to bd>, and
^—^—— shall in every such proceeding (when ne-
arsons as
shall pay
luch pelr-
le whith
lidoffioe,
or sa(|s-
d effedts
lischarjge
ySf tijat
le preju-
i\ estate.
lut
of
real ahd
chattels
ecurities
lents and
(F effects
slonffiiiff
ested in
I Society
enefit of
Members
tors, cu-
)rding to
md after
dent or
ing Pre-
tate and
'reasurer
e trusts,
:e what-
of action
aw as in
ncerning
b^, and
rhen ne^
V
•\r><
••fjfSfeif^'
*f-t!^w^'* (W^IBB^^
cessary ) be stated to be, the property of the a««J »haii b«
pers,njs appointed to the offices of President J"SyVof
and Treasurer of the said Society for the timo certain pur-
being, in the proper names of such President P"""* •
and Treasurer, without further desc^fiption,
and such persons shall, and they arc hereby ■
authorised to bring or defend or cause to be ^
-brought or defended anv action, suitorprose-
cutim^criminal as well as civil, in^^Iaw or in
equity, touching or concerning the property^
right or claim^fk^id, of or belongino- to or
had by the said SocietjV4ind in all casM con-
cerning the property, riohr^^^:claim aforesaid
of the said Society,* may sue and-besued,
plead and be impleaded in their proper naSes^
as President and Treasurer of the said Society,
without other description, and no such suit, »„..,.„♦.»-
action or prosecution shall be discontinued or tSI'JS"
abated by the death of such persons or their re- """^ *"■'"'
moval from the offices of President or Trea- """""' **''
surer, but shall continue in the proper name of -
the persons commericing the- ?ame, any law, ' '
usage or custom to the contrary notwithstand-
ing; and the succeetfing President and Trea- ' , -
surer shall have the same rights and liabilities,
and shall pay or receive like costs as if the
action or suit or prosecution had leen com- Ai to their
irenced in their names, for the benefit of or to •"""«"•• .
be satisfied out of the funds of the said Society.
Xlir. And be it enacted. That in air such ^
actions, suits and prosecutions as aforesaid,
the Secretary of such Society shall be a com- - i-
petent witness, notwithstanding he may also "-^
be Treasurer of the said Society, and that his ^"''•"••y. «
name may have been used in such action suit SeC* -
s^uch TrcasTfref:
XIV. And be it enacted, That the Presi- Non-iiabiHty
f iv^'.*'*'"^'*^^'^®"* 3"^* Directors of every .ferV &/""'
such Society shall injheir private capacity be '
-V
— 18-^
Treainrer to
v^ ,.
exonerated trotn all responsibility in relation
to the° liabilities of such Society.
XV. And be itVnacted, That the Rulbs of
every such Society shall provide that the Trea-
nrepare year- *"rer Of Other principal Officer thereof shall
Sth?finds:f ?"^® ^' ^^^^* in every year prepare or cause to .
tlie Society. ^® prepared a general statement of the funds ]
and effects of and belonging to the said So-
ciety; specifying in. whose custody dr pos- •
session the said funds or effects shajr then be
ftrticokri. '■emaining, together with an account of all and
• every the various sums of monfey received; and- '^
expr^nded by or on account of the said Society '
since the publication of the preceding periodic
4* cal statement; and every such periodical
statement shall be attested by twd or' more
^ members of the said Society appointed ^udi- '
, / tors for that purpose, whoshdll not be direct-
ors, aajj shall be countersigned, by the Secre-
tary or Clerk of the said Society, and every
member shall be entitled to receive from the
AtteataHon, ^^^'^ ^""^^^^^ ^ ^^P^ °^ ^uch periodical state-
ko. ment without charge.
• *
' XVI. And be it enacted, That nothing •
herein contained shall affect or be construed to
affect or interfere with any of the rights oi;
privileges confenedv^upon the "Montreal ..
Building-society," under thie Act passed in "
the eighth year of Her Majesty's Reign, and
intituled. An Act for the incorporaHon of
certain individuals under the name and .
style o/*' The Montreal Building Society;^
nor in any wise to affect the said Act.
•
XVTL And be it enac4edy^TbaHfae w ords
Sariag of the
mhts of .|he
Afontreal
Building
Society, and
ot the Act S
V. c 94.
liiter,nrct> tie»
claasc.
" Lower-Canada" in this Act shall be under-
stood to mean that part of the Province which
formerly constituted the Province of Lower-
A*?'
relation
J
Canada ; the words " Upper-Canada" that
part of the said Province which formerly con-
stituted the Province of Upper-Canada ; and
•■ the word "Society" shall be understood to.
_:_ include and to mean Building Societies and In-
stitutions established under the provisions and
authority of this Apt ^ the word "Kiiies'» to
include Rules, Orders^ By-Laws and |legula-
tions ; every word importing the singular
number shall extend and be applied to several
persons or tiling^ as well as ope person or
thing, and bodies corporate as well as indi-
viduals ; and e^fery word importing the plural
number shall extend and be applied to one per-
son or thing as well as several persons -or
thm^ ; and every word importing the mascu-
line fender only, shall extend and be applied to
a female as well as a male ; the words " Real
, ^stat6" shall extend and apply to immovea-
ble estate and property generally; and the
word " Secur=ities'' shall extend and apply to
privileges, mortgages, (equitable as well as ,
legal,) %j9o^A^yMc^ and' incumbrances upon
real and immoveable estate, as well as to other
rights and privileges upon personal estate and
property : That this Act shall extend to aliens, T« whom tbit
denizens and females, both to make therh fend"'******"
subject thereto and, to entitle them to all the " '
benetits given thereby ; and that this Act shall
be construed in the most beneficial manner for
promoting the ends thereby intended. •
. ^,X'"; -And be it enacted, That this Act PubUcAct.
shall be deemed a Public Act, and shall ex-
t end to all Courts of Law or Equity in thi.q
m-.
n
Province, arid lie-judicially taken notice of as
such by all Judges, Justices and other persons
whatsoever without the Same being specially
shown or pleaded. ^ ° *^ ''
...*^,^
*"■ r
^
Preamble.
Howsnbserip'
tioiu to be ap
propriated.
ROLES AND REGULATIONS.
1st. — That the intents and purposes for wliich
this Society is intended to be established, are,
to assist the members thereof in the acquisition
of freeholdor leasehold p^perty :— and in tho
removal of incumbrances or liabilities upon pro-
perty already hold by them; and to enable them
to receive the amount of their shares in advance,
upcm furnishing good mortgage security, i
; 2nd.— That all monies which shall from time
to' time, be subscribed, paid, or given to or for
the use or benefit of the Society, or which shall
in any wise belong tot the Society, shall be ap-
propriated and applied, in the first place, in loans
or advances to the several members, and towards
the necessary expenses of the Society :. but no
member shall be entiiled to receive, by way .pf
loan or atdvance, morB than the amount of%3
share or sharfes subscribed for, except as herein-
after provided for : if not taken,, up among the
members, any^unds may bo otherwise invested
for the ben^t of the Society, at ihe discretion
of the directors, o^ wliich members may, never-<
theless, ivvail themselves.
Jnt e rcattoJ
That Sharehblders who mayisirdrsil ^
of making an immediate deposit of money, (at tho
rate of not less than £5 per share for each share
sulfscribed for) fof the purpose^df meeting in ad-
vance their monthly duos, be allowed interest
L.'t. _
allowed upon
deposits mlide
in advance.
Vl*^^**
'^ 1=v
j^TFp-**rj
''y^t'^p^'^i' y^i-'y-pv^^^'i.
1 ifl
s.
)r wFiich
ed, arCj
|uisition
d in the
)on pro-j
ble them |
idvance, [
• i
)m time
o or for
eh shall
II be ap-
in loans'
towards
but no
it of l(t3
herein-
long the
invested
scretion
neveiv
dMfouf"
'. (at the
ch share
g in ad-
interest
N
upon the amount so deposited at the rate of six
per centum per annum for the first three months^
the amount that will have l^ecomc due to the
Society by the Shareholder iii payment of his
monthly dues, interest, &c., upon such number
of shares as he may have stibscribed for, to be
deducted from the coHcctivo/amount of such de-
posit and of the interest thereon, and that interest
at the rate of six per centum per annum be then
allowed upon the balance M his credit for the
next ensuing throe months, and so on untib the
whole amount of his dfeposit shall have been
taken up in the payment of his monthly dues to
the Society. r. /
4th.— TJjafr^io stick of flie Society shall «''>"w to be
consist of sliaros of £100 currency each, payable „'*/i!;So'?"h
by hionthly instalments of 10s. each sliaro, on the how to V^
first AlondaJ^ of each inonth, commencing on the P"'''' »"«^**
first Monday in the nVontii of February, 1850. '^''»Vp«"«''«-
fri rpi I A . „ , JJirectors;
oxw. — iiiat the affairs of the Society shall be theipqiomm;
I'dcp the control aid management of a Board ^'■.**''*^"* j""**
jpt seven Directors jit of whom 'four shall be a dent w to
quorum) and who shall choose from among them- be chosen,
selves a President arid Vice-President. /
Cthw-— In the abionce of both President nnd I" tb* ohf^nee
Vice-President t\\S Dij-ocl»rs present at any ?(« ""T"'
j meeting of the Board sliall have po^ er to appoint SShV
a chairman pro. tem., and with such chairman tem.m^y be
shall bo competent to transact the business of the "PP^T'**'
Society on Board days. > 7
7th.— That the election of Directors shall be El<^iion of
by ballot, and at such election members shall be y'lj^^^^" *»
entitled to votes upon the following scale, viz :- .c\ff of'^otU.
For 4 shares or less... ..1 vote.
5 to l ^-stwre s 2 votos if
**» 10 to 20 '\
21 to 30 ,..4
But no shareholdei- shall be entitled to more
than 4 votes. .
■^fffl^-'
— 22 —
Dura'lonof
office rtf DI-;
tectort,-^!--
8^h —That the Directors elected at the form-
ation of' the Society, or hereafter to be elected,
shaU continue in office tilltho election of their -
successors, unless in/ fase of disqualification or
resiffnation :— and tl/e Directors shall, severally,
"^ take one week's ti»^n of duty, in rotation, in
supervising the gcjieral affairs of the Society.
Dircptor. n,r.y 9th.— That the Directors may make such ar-
make arrange- panffomcnts with any of the chartered t)anKs^
*"""V1!! M doluff business in the City of Quebec, for the
. ilJ'iXe-' dep^it of monies and securities belonging to the
tec- Society, and for conducting other financial con-
^X "[ . corns^as tliey shall from time to time deem ne-
■" /-r".'^ ■ cessary. , ■ '■^";.-
loth —That a general annual meeting of tho
„ ._ . memberV shall be held in the Parliament Build-
p S,^;.ings. City of Quoboc. -Ji^^f i^^;™
tors, wi
be held
General an
Oiial meeting
for the elec-;
s,Avhe«to the month of January in each year, commencing
held;Trca-. ,g-^ (and in tli4 event of that day being a
trcVJiS;"; holiday, on the Monday next ensuing.) forthe
statement of
the funds.
iiuiiuuy. "i» i/««v *— ^ J —' /• xi
purpose of electing Directors to serve for tlve en-
suinn-year, and f<5r all general purposes relating
-..-^— ^ to the management of the Society .'-and at each
. & of the said general annual meetings shall be sub-
mitted a full and clear statement of the affairs ot
the Society for the previous twelvemonths ; wd
every such periodical statement shall be attested
' by two or more members of the Society, ap-
; pointed auditors for that purpose, who^shall not
be Directors. **
- . ■ -■ ■ ■ *
Extra gerieral ^ , .i __That extra general meetings of the So-
Sr;i?;o?/afcietym*aybe qalled by the Bx>ard of Direct^s
aupjlyingya- ' the members being notiljed of such meeting
cancieBin th«? ^^ ,^ tb'^ P"s<^ Office, or otherwise, at the
bovr to be
called. °
discre^tion otthe BoardT:=:tH"at -vacancies in fRT^
board of directors by death, insolvency, bank-
ruptcy, or otherwise, shall be supplied at tho
next ensuing meeting of Directors, by notifying
the person who had the next highest number ol
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VDtes at the annual election (of w)|ich a list shall . ^
be preserved) that he has been elected to supply " . *»
such A'acancy.
,12th. — That all questions at the annual or Member/to
other general meetings of the Society (except the«lecideallquei-
election of Directors as before mentioned) shall {loSVcS-'
bo decided by a majority of members present i man to bave a
the chairman having a casting vote in addition casting vote,
to his vote as a member.
13th. — That a Treasurer shall be appointed A Secretary-"',
who shaU also perform the duties of Secretary, be'"'ap*p"o"ntld,
and -who before entering upon his ojgice shall who 8hal| far-
furnish security to the satisfaction of the Board ""*» security. ^
of Directors, for the due performance of his
duties.
Secretafy-
I'reaiiurer to
reeeire and
pay all mo-
neys ; cash-
book to bft
kept ; qioneyt
to be deposi-
ted daily. -
Moneys how
to be drawn
from the
Bank. -
14th.— That the Treasurer and Secretary
sh^U be empowered to receive and pay all monies
for and^n behalf of the Society, and his receipt
shall in aU cases be a sufficient discharge. He
shall also keep a cash book, where all moneys re-
ceived and payments made are to be regularly
and correctly entered^ and he shall deposit daily
with the Bank all such money as he shall receive.
15. — That no money shall be drawn from the
Bank without the signature of the President (or
in case of his absence, or illness, of the Vice
President,) and of the Treasurer.
IBth. — That books shall be opened for keep-> Minutes and
ing the accounts, minutes, and other proceed- «*=*?''"* .
ings and transactions of the Society. kVp".
17th.— That the proceedings of the Society Proceedings
shall be entered in a minute book, in detail, in j' S"«'«ty !»
such manner as the Board of Directors may, amuntl "
from time to time, direct : such entries to be ^^^'
signed by the President, Vice President, or
Chairman, as well as by the Secretary and
Treasurer. . .
^~n
V,
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Ref»«[>y Book tistli — That the name and place of atode 0/
** * *'^*' each shareholder shall be entered in a registry-
book to be kept for that purpose.
One or more-
Inspectors tn
be appointed.
19th. — That there shall be one for more In-
spectors, whose duty it shall be to examine and
determine the valuo of all property Offered to the
Society, a3 security for loans or advances, and
, to report their opinions in writing : such reports
_ to be entered in the books of the Society.
Members to 20th.— That every person becoming a member
Fe'/^exception.^^^tlio Society, (except as transferee, legatee, ot
legal representative,) shall pay an entrance fee
*^ of2sf 6d. per share.
Rules to be 21st. — That all persons upon taking shares in
Memberf *^® Society, shall sign the. rules in a book to be
kept for that purposQ. />*
Monthly pay- 22rid. — That every member shall il^long as he
share! ^Fines ^^^^^ continue to bo a member, and until the ob-
fordefault. jects of the Society be attained, pay ten sHillings
per share per month, on or before the day ap-
pointed for that purpose ; and in default thereof
shall pay a fine of ^^
• ^ 3d./ per share for the 1st. month.
.^^- 6df " " 2nd.
Is. " " 3rd.
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I
doubling the fine for each succeeding month, till
the expiration of the first six months, and after
that time if the same remains unpaid, such mem-
ber, shall be considered as withdrawn, and sub-
ject to the penalties imposed in the following
idause.
Mode of with- 23rd. — '.
i'nyJtl^ZT- withdrawini
Society ; cer- , ' , f
tain portion of one calender
at any member being desirous of
from the Society, may, on giving
month's notice in writing to the
subscriptions Secretary, 7 be allowed to do . so ; and may re^
to^be returned, ^gjyg back/ (without interest) the net amount of
his monthly subscriptions paid up, deducting
• any fines/ interest, or forfeitures that maybe
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due, and also a forfeiture of twenty shi
share.
iillings per
24tli«r-That^ach member changing his resi- Change oi
donee »1iall, within one calender month there- residenee to
after, give notice in writing to the Secretary of {"^^ l"*^**!^ *"
such change, and of his new place of abode and fine. "^
address, or in default the.reof be fined 2s. ^6d.
25th. — That meetings shall be held on such Meeting t« I
days as the Board of Directors may from time J?.***' Y"f *^^
to time appoint for that purpose, for the disposal funds!
of such funds as tlie Society may have to lend or /
advance, of which due notice shall be given, /
26th. — That each purchaser, or borrower, at Porchwerio
every such meeting, shall on or before the next "^Jy ^PJ*}**^|
4a^y deposit with the Treasurer the sum of £2fejted.
10s. for each share so purchased or borrowed : t
which deposit shall be forfeited unless he pro-
duce, within fourteen days from the day of meet-
ing, Security satisfactory to the Board of
Directors. V
27th.-- That in ordinary cases, no property Limit* in
-isituate bdyond the limits of the county of Que- ^•''jJ^.J'JP*'^
bee, be accepted \is security for loans or ad- security •!
vances to Members of the Society; but the''*-
Board o^pirectors may, at their discretion, and ' 4'
upon special application, accept security on pro- f},
^ perty situated any where witliin the limits of the i
District of Quebec.
28th.— That after itispection of the property Mortgafre or
proposed, the purchaser shall, if the security be *"^"''*''*|[l"*^
approved, execute a mortgage or transfer to the made to the
satisfaction of the Directors, and at his own ex- Society ; in-
pense, securing the monies advanced, with i*'- default* &o'
terest, and also the due payment of the ordinary ciety niay tek*
monthly subscriptions and any fines or lor- P"*'»v««on of
feitures that may be incurred, and shall also P'°P"*^» ***
beJEir the cost of enregbtration : which mortgage
i^htUl contaioi a covenant by the mortgager to
.A
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— 26 —
kf
Whwi pur-
iphaser, or par*
Kbnildihgf
all rec«ire
lie amount
torchaaed.
insure the buildings comprised therein from loss
or damage by fire, for the full amount of the
advance upon such buildings, and to assign 4ve*
the policy or policies to the Society ; aiid also a
power to the Society, in case the mdrtgager ihall
' neglect to pay his subscriptions, fines or Ifbr-
feitures, for the space of six^months successively,
to take possession of the premises mortgag^, to
collect the rents and profits thereof and t^ sell
such premises by public auction or private Isal^
on the most advantageous terms, wathou* any
further consent or concurrence on the part df the
^mortgager, and t<J apply the proceeds (after de-
ducting all expenses,) to the payment of what-
ever may be due to the Society.
29th.— That after stich mortgage or transfer
shalL have been executed, together with such
policies of -insurance, and other securities as the
Directors may require, the mortgager shall at
once receive the amount of the share or shares
borrowed, purchased, or advanced, deducting
the Bonus agreed to be paid thereon : or if one
or more buildings be in progress of erection,
such amount shall be advanced upon one or more
certificates, from the Inspectors, and from time
to time, as the Directors shall determine, accord-
ing to the progress oi the work.
t>ir«ctorfl
nay renew
Policies and
••y ground
■tt ; amount
|o be charged
mortgager ;
penalty.
SOth. — That the pirectors shall have power*
to renew, from time to time, already effected
insurances from loss by fire of all buildings, and
to pay. the ground rents of all premises mortgaged
to the Society i which payments may be made
out of the funds of the Society, as ?uch iusuran-,
ces and rents become due, and shall be charged'
to the mortgager, and repaid by him when the
following monthly subscriptions fall due; in de-
fault whereof a forfeiture shall accrue to the So-
ciety, of 20 per cent, upon the amount so paid.
1 , • f
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— 27 —
1
31st — That any peraon entering the Society Members
after its conimenbement or ionuation, (excepti'»'?'"K *<*•'
as transferee, leg^tde, or legal representative,) SSrSf'i
shall pay the full amount of subscriptions Mrhich Society to ^
^ shall have been paid by the original Shareholders wreats, See.
from the date, of such commencement : ' those
joining within six months shall pay interest upon
such subscriptions, and those joining after that
perioSka proportionate bonus besides, according
to a sc^ to be settled by the Directors.
d2nd. — That any Shareholder may transfer bis Sfcareholde.
fchare or shares by causing an entry of such JJJL^J^jS'
transfer to be made in the books of the Society, ^
•'in such. manner as the Directors ihay appoint,
and upon payment of the sum of 2s. 6d. for
each share sd transferred and of all arrears then
due;' and thereupon the transferee, (after sign-
ing the rules) shall be entitled to all the privile*
ges of the original shareholder.
33rd. — That in case of the death of any mem- \A. MembcJ
ber, the legatee or legal representiitive of such ^jT'"*' ?JJ^*J
deceased member, shall, before becoming en- SuSJee or
titled to the privileges of an original shareholder, l«^ repres*
procure his place of abode, and the particulars of JJ^7 i*si*"
his title, to be registered in the books of the holder.
Society, and shall at the same time exliibit the
will or probate thereof, or grant of letters of ad-
ministration (as the case may be,) for the in-
spection and satisfaction of the Directors, and
• pay for such registry the sum of 2s. 6d. per
share.
34th. — That the Directors elected at the foir- Direc\ort.Bo|
mation of the Society, as well as those hereafter***''®^'???,*,'
to be elected, shjUl be indemnified out of the^rffsociet
funds of th^" Society, or otherwise, from all ex-
• penses in reference to the formation, conduct,
and management of the Society.
- , •
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For the due observatice ■land pe^ermance of
all and every the foregoing By-L»w8, Rules and"
Regulations, and of all and every the future
By-Laws^ Rules and Regulations' of « The
Quebec BuHding Society y"" We, the Members
of the said Society, who have; hereunto suB-
Bcribed,' and set our hands and seals, do hereby
seyerally, each for himself, his executors and ad-
Idinistrators, and not jointly' or the one for thb"
other, covenant and declare to and with the Pre-
sident and Treasurer of the said Society, and
their succes^or^ in office, that we, and 'our seve-
ral and respective executors^nd administrators,
shall and will well and" truly observe, perform,
fulfil, and keep all and singular, the said forego-
ing and future By-Laws, Rulei| and Regulations
of the said Society, which on our several and
respective parts are, or ought to be, observed,
prepared^ fulfilled, ifnd kept.
{Passed \8t Oct,, 1849.)
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