Page 3 Advertisements Column 3

Southland Times, Issue 1155, 29 October 1869, Page 3

Building and Land Society's Rules- , When a shareholder receives an advance, he shall pay interest upon the full amouat, from the day of sale thereof, at the rate of 5 per cent, pel annum, payable along with his subscriptions, and he shall be Bubject and bound to pay fines foi arrears of interest at the same rate as, and in addition to, the fines hereinbefore provided witl regard to arrears of subscriptions. X. — SBCUBITY FOB MONET 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 intimated to him or her, such security as he oi she may consider necessary ; and upon the Com- ' mi t tee being satisfied that the property offered is 1 sufficient security, such property shall be . convoyed to the Trustees of the Society bj mortgage in the form hereunto annexed, which Bhall 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 property ; and a cheque on the Society's Bankers for the amouat agreed to signed by the J Secretary, and countersigned by the President as I Treasurer, shall be delivered to the party on the registration of the mortgage. . The Mortgagor shall have power to occupy or poaseas the property so mortgaged; to in-put and out-put tenants, and to draw the rents and proceeds thereof, so long a3 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, within two months after he has obtaiaed the right to s ach advance, such right shall be deemed to be forfeited, and it skull be competent for the Committee to offer the money again to competition, and the member who had obtained aright to such advance shall, from and after the time of the money being so sold again, cease to pay interest on the same, but shall be bound to pay to the Society the difference between the premium for which the money was. originally sold to him, and the sum for which it was so disposed of afterwards if at a less rate. Subject to the provisions of the sixth section of the " .Building and Laud Societies Act, 1866," the Committee may accept shares in the , Society as security for an advance to a member, ~-&nd the form of mortgage given in the schedule D hereto shall be sufficient for the purpose. Such advances on shares may be made at any time after the expiry of two years, from the commencement 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 preceding sales of the Society's funds. Provided also that not more than 20 per cent, of the estimated receipts of the Society between any two sales shall be advanced in such manner during the period between any such two Sales. In case any minor shall become entitled to an advance of 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 of the Society, shall be modified accordingly. i XI.— INSITBANOE. 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 lof the Society's funds ; but the "money so ! expended shall be refunded to the Society by the I mortgagor at the next monthly meeting ; and in case of the non-payment of money so expended, i 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 i office, subject to the approval of the Committee. XII. — ABBBABS TTPON PBOPBBTY..K: When any shareholder who has obtained an advance upon property allows his subscriptions, interest, fines, or any- disbursements 'male 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; oi which intimation, a certificate under the hand of the Secretary that such letter was either delivered to such shareholder, or left at his address, as 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. ' ' . ! 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 right and claim to the said property, and the Trustees or Committee shall be at liberty, without any process of law, forthwith to advertise the same for public sale, in such paper or pipers, and for such number of timeß, as they Bhall think fit, and thereafter to I sell Buch property by public auction; the proceeds of Buch Bale 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. i XIII. — SALE, SUBSTITUTION, OB REDEMPTION OF MOBTOAOBD 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 I of all dues thereon. A fee of two shillings per share shall be ] chaiged by the Society upon every such transfer. Any shareholder may redeem his 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 as regardß Mb or her withdrawal from the Society as a shareholder who has not obtaiaed an advance. Any shareholder who has obtained an advance may at any time repay any part of the sum advanced, such sum not being less than £25 ; an i from and after Buch 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 same. Shareholders shall be entitled to get one property substituted for another as the security for 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 TBANSFBB OP BHABBB OB ADVANCES. Any shareholder shall be at liberty to sell or transfer his or her share or shares on payment of two shillings per share. Shareholders entitled to an advance shall be allowed to sell or transfer the right to such advance upon paying two shillings per share. All Buch transfers must be in the form hereunto annexed. All unpaid fines shall be cleared off before further subscriptions are received.