Page 4 Advertisements Column 3

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

twenty per cent shall be credited to " Reserved Profits" account. In the event of any lose arising to the Society, the amount of such loss shall be immediately debited to " Reserved Profits Account." XVI. — SHABEHOtDEBS WITHDBAWING. Any shareholder, holding unadranced shares, shall be entitled to withdraw from the Society, after it has been in existence for 3 yeavs, and before the full sum of £25 per share stands to his credit in the books fo the Society, on application in writing to the Coinraitee, and shall be entitled to receive the amount of the subscriptions actually paid in by him to the Society upon such un- rj advanced shares, together with a proportion of the profits standing" at his credit in the books of the Society, as at the immediately preceediiig annual balance, according to the length of time he has been a holder of such unadvanced shares; shareshoLlers of three yea\-s' standing receiving

three-tenths of the saidprofits ; four years, fourtenths ; and so on increasing one-tenth for each succeeding year. The remainder of the proflfcs standing at the credit of any shareholder withdrawing shall go to the general profits of tho Society for the financial year wherein he retires. 1 Applications for withdrawal shall be considered i and "ranted by the Committee in the order of • priority of the dates on which these applications shall have been received by the Secretary , and . payment shall be made to such applicants as soon j as the Committee shall have sufficient funds at their disposa', and not otherwise. XVII. — A3 TO MEMBEBS BECOMINGMTNATIO. In case any member (not having received any advance) becomes lunatic, or of unsound mind (and as evidence thereof a medical practitioner's certificate shall be deemed sufficient), it shall be lawful for the Trustees to refund the amount paid in by sujh member, together with the same proportion of profits aa as members withdrawing are entitled to, and the Society shall not be answerable for the misapplication or the non-application of the money so paid. .XVIII — DEATH OF SHABEffOLDEES. Shares of the Society, on which no advance has been made shall, on the death of a shareholder, belong to liis or her executors or adminafcrafcors with all the benefits and under all the conditions thereto attached. Upon the death of a shareholder holding shares on which, an advance has been made, tho party having right to the property in respect of which the advance ha 9 been made shall be deemed to he the shareholder, and shall be liable to fulfil

the whole obligations incumbent on snch deceased shareholder ot the time of his or her death. XIX. — TBU9TEES. , Esq., , Esq., and , Esq., and the survivors and survivor of them, or such other person or persons as may be appointed to act with or after them, or any of them, shall be the Trustees of the Society ; and in case of the death or resignation of any or all of the before-named Trustees, the Committee ahall cause to be called a special meeting of the shareholders, who shall appoint Trustees in his or theii' room, and all the interest and power of the original Trustees ov Trustees, shall vest in such new Trustees or Trustee immediately on his or their appointment, alone or jointly with th» surviving or continuing Trustee or Trustees as the case raaj. be. All monies belonging to the Society shall be lodged in the name of tbe Trustees of the Society in such Bank as the Society may from time to time appoint. All deeds, writings, and securities to and from the Society sha'l be made and taken in the name of tbe Trustees for the time being ; those in favor of the Society shall be deposited in a box or iron chest to be lodged with the Society's bankers, or such person as the Committee may appoint. The Trustees shall not bo answerable for the other, or others of them, or for the acts, deeds, neglects, or defaults of the other or others of them ; but each and every one of them only for his own actß, deeds, neglects, or defaults respectively ; and they or any of them shall not be accountable for any banker or other person with whom any part of *he money or property belonging to this Society shall ba deposited, or for any misfortune, loss, or damage, which may happen in the execution of the powers and trusts herein contained, or in relation thereunto, except the same shall happen by Or through their own wilful default, respectively. In case it shall be necessary or expedient to bring or defend any action, suit, or other proceeding at law or iii equity, touching or ing the property or assets, rights or claims, of the Society, or touching or concerning the breach or non-performance of auy of the articles, matters, and things herein contained, or of the conduct of any member or officer of the Society, the same shall be brought or defended by or in the name of the Trustees for the time being, and thay shall be indemnified from all loss or damage that may be sustained by them in consequence thereof; but no such proceedings shall be taken or defended until the approbation of the majority of the Society, present at a special meeting to be convened for that purpose, shall be first had and obtained. Upon the resignation of any Trustee or Trustees, he or they may require a bond or other deed of release ami indemnity frottt the Society, securing him or them from all future liability on account thereof, which bond or deed the Committee for the time being *re hereby authorised to execute and delivei', signed by the President and two of their number, for and on account and behalf of all the shareholders of this Society ; and which shall be as effectual to bind them and the property and effects of the Society, as if made, executed, and delivered by each member thereof, xx. — solioitjb. A Solicitor or Legal Agent may be appointed by the Society, who shall examine the Title Deeds of property offered as security, and prepare mortgages and other writings when necessary 5 and furnish the Committee with all necessary instructions relating to such properties as may be-offered or conveyed in security ; the cost of which shall be borne by. the parties proposing such properties. xxi. — Bxmvsxon. A Surveyor may be appointed by the Committee, who shall examine all properties on which his opinion may be required ; and within one week after he has been requested to value any property, he shall report thereon in writing to the Committee. He shall receive such remuneration for his services as the Committee may agree upon. Such remuneration shall be paid by the member whose property has been examined by such Surveyor. XXII. — ATXDITOBS. At the annual meeting of the 3ociety, one Auditor shall be appointed by the shareholders, and one by the. Committee ; and they shall assist the Secretary in allocating the annual profits of the Society ; and shall audit the accounts yearly in terms of Rule VII. The Auditors shall receive such fee as the Society may from time to time appoint. XXIU. — OFPICE BEABEBS. The affairs of the Society shall be conducted by a President and Committee, consisting of Nine Members, to be elected at tho first General Meeting of the Society. Six of the Committee shall retire annually, and their places shall be 1 supplied at the Annual General Meeting of the Society, to be held on the first subscription night in September each year. Any vacancy occurring in the course of the year shall be filled up by the ; remaining Members o£ Committee, but every 1 person efoaGfld by the Committee shall retire at \ the first ensuing Annual Meeting of the Society! Retiring Members shall be eligible for re-election ; A list shall be kept by the Secretary of the order in which Members of Committee are elected, and the retiring Members shall ba struck off from the top of the list. (See Meetings of Committee.) XXIV. — PBE3IDEJTT. The President (or in his absence the senior member of Committee) shall be Convener of all meetings ; and tae President (or in his absence the senior member ot Committee present) shall offer the funds of the Society for competition ; and shall also countersign as Treasurer all cheques upon the Society's Bankeri, He shall ",be elected