Page 4 Advertisements Column 2

Southland Times, Issue 1129, 13 September 1869, Page 4

annum, payable along with bis subscriptions, and he shall be subject and bound to pay fines for la^narsof interest at the same rate as, and m addition to, the fines hereinbefore provided with regard to arrears' of subscriptions. 1 x. — SECPBITr FOB MONEY ADVANCED. When a shareholder shall be entitled to receive an advance of money, he or she shall produce to the Committee at such time and place as may be iotimated to him or her, such security as he or she may consider necessary ; and upon the Committee being satisfied that the property offered is sufficient security, such property shall be conveyed to the Trusteeß of the Society by mortgage in the farm hereunto annexed, which shall be registered in the Register of Deeds for the Province at the expense of such shareholder, and afterwards deposited with the Trustees, together with all necessary Title Deeds relating to the croDerfcv : and a cheque on the Society s

Bankers for the amount agreed to signed by the Secretary, and countersigned by the President as Treasurer, shall be delivered to the party on the execution of the mortgage. The Mortgagor shall have power to occupy or possess the property so mortgaged; to in- put and out-put tenants, and to draw the rents nnd proceeds thereof, so long as these rules are complied with, but always without prejudice to the -right of the Trustees over the same. In the event of any shareholder who has obtained a right to an advance not providing security for the same as before stated, wifchin two months after he bas obtained the right to s ich advance, such right Bhall be deemed to be forfeited, and it shall be competent for the Committee to offer the money again to competition, and the member who had obtained a right to such advance shall, from and after the time of the money being so Bold again, ceasa to pay interest on fhe same, hub shall be bound to pay to the Society the difference between the premium for whioh the money was originally sold to him, and the sum for which it was 60 disposed of afterwards if at a less rate. Subject to t he provisions of the sixth section of the " Building and Land Societies Act 1866," the Committee may accept shares in the Society as

security for an advance to a member and the form of mortgage given in the schedule D hereto sha'l be sufficient for the purpose. Such advances may be made at any time on a written application to the Secretary of the Society provided that a premium be paid at a rate equal to the average amount of the highest premiums obtained at each of the two immediately proceeding sales of the Society's funds. In case any minor shall become entitled to an advance o£ money, the committee may accept security for such advance from the parent or a friend of such minor, and in case such parent or friend shall be one of the trustees of the Society the mortgage shall be taken in the name of the other trustees and the form of mortgage deed provided by the Rules, and the Amended Rules, o£ the Society, shall be modified accordingly. XI.— INStTBANCE. , The Secretary shall, under the direction of the Committee to be from time to time chosen according .to these rules, insure from loss by fire, in the name of the Trustees, all premises mortgaged or assured to the Society, and continue such assurance from time to time for such an amount as the Committee may deem necessary and proper, and the Secretary shall pay for such assurance out of the Society's funds ; but the money so expended shall be refunded to the Society by the mortgagor at the next monthly meeting ; and in cage of the non-payment of money so expended, he or she shall be liable to the same fines as would be payable upon subscriptions in arrear for a similar amount. The- mortgagor may direct the insurance' to be effected in any fire insurance office, subject to the approval of the Committee.

XII. — ABBEABS UPON PBOPEBTY. "Whenjany shareholder who has obtained an advance upon property allows his subscriptions, j interest, fines, or any disbursements made on his or her account to fall into arrear to an extent equal to three months' subscriptions and interest, it shall be in the power of the Trustees or Committee to remove him or her from the possession or occupancy of the property on which the advance has been made, to enter into possession thereof themselves, to let the same, and to draw the rents thereof ; and that by a letter under the hand of the Secretary, addressed to such shareholder, intimating the same, without any other warning or legal process whatever ; or which intimation, a certificate under the hand of the Secretary that such letter was either delivered to Buch shareholder, or left at his address, as i entered in the books of the Society, shall be the sufficient evidence. But it shall not be necessary for any tenant or purchaser to enquire whether such letter has been written. In the event of the Trustees or Committee entering into possession, they shall have power to appoint a. person to draw the rents at the expense of the shareholder. 1 When any shareholder who has obtained an advance upon property allows his subscriptions, interest, and fines, or any disbursements made on his account to fall into arrear, and shall fail or neglect to pay the same, to an extent equal to three months' subscription and interest, he shall forfeit all his interest in and rigtit. and claim to the B&id property, and the Trustees or Committee afraU to at liberty, without any process of law, forthwith to advertise the same for public sale, in sucn paper or pipere, and for such number of times, as they shall think fit, and thereafter to sell such property by public auction; the proceeds of such sale to go to liquidating all the Society's claims against such shareholder, and any balance remaining shall be handed to the shareholder having so forfeited the property. The Committee shall not be bound to accept of partial payments on account of such arrears or disbursements. xiii. — 3*1.15, sTJBSTrrtrrrON, ob redemption op MOBTGAGED PBOPEBTY. It shall be lawful for any shareholder, with the • consent of the Committee, to sell his right and ' interest in any property which has been conveyed , in security to the Society, for or in respect of any sum advanced to or for behoof of such shareholder ; and the purchaser shall thenceforth become answerable to the Society for the payment of all duea thereon. A fee of two shillings per share shall be chatged by the Society upon every such transfer. : Any shareholder may redeem hia or her property on which he or she has obtained an advance, on payment of the sum advanced upon security, and shall then be in the same position a 9 regards his or her withdrawal from the Society as a shareholder who has not obtained an advance. Any shareholder who has obtained an advance may at any time to repay any part of the sum advanced, such sum not being less than £25 ; ani from and after such part payment, interest upon the same shall cease, and the shareholder will then be in the same position respecting such released share or shares, as the case may be, as

if he or she had not received any advance upon the Bame. Shareholders shall be entitled to get one property substituted for another as the security lor an advance, at their own expense, and on payment of a fee of two shillings per share, provided the Committee shall consent thereto. XIV.— 'SALE OB TEAtfSFEB OP SHABS3 OS ADVANCES. Any shareholder shall be at liberty to sell or transfer his or her share or shires on paymeafc of two shillings per share. Shareholders entitled to an advance shall be allowed to sell or transfer the right to such advanoe upon paying two shillings per share. All such transfers must be in the form hereunto annexed. : ' All tynjfetid -fines shall be cleared off before further subscriptions are received. XV. — BALANCE OP BOOKS. The books of the Society shall be brought to a balance, and the profits ascertained, on the last subscription night in August in each year, and thereupon the net profits shall be applied as follows, viz., 80 per cent shall be credited in the books of the Society to each shareholder, in proportion to the number of shares he or she may hold fci the Society, and the balance of