Page 3 Advertisements Column 2

Southland Times, Issue 1157, 1 November 1869, Page 3

Building and Land Society's Bules. RULES OF TUB WESTERN DISTBIC BUILDING AND LAND SOCIETY. 1. — NASTR AND OBJECT OF THB BOCIBTT. This Society shall be called the Westen District Building and Land Society, and i established for the purpose of raising bj fortnightly subscriptions and otherwise, aa afte* mentioned, a fund from which to make advance to members to the value of their shares, to enabl them to erect or purchase one or more house o houses, or acquire freehold or leasehold estate to be mortgaged to the Society for the purpos of securing the repayments, by these rules pro vWed, and to facilitate the accumulation o small sums of money for those purposes, anc others provided for in the following rules. II. — BtfTBAHCB FEES. Eaoh member on admission shall pay an en trance fee of 2s 6d per share. 111. — SHABRS. The shares of the Society shall be of the ul timate value of £25 each. IV. — MIWOB3. Females (not being married) and minors may become members of the Society, but shall not b« allowed to hold any office. V. — BHABK StrBaCBTPTIOIfS. The subscriptions of the shareholders shall bt 2s per share per fortnight, and shall commence and be payable by erery shareholder upon th« thirteenth day of September next. For the purpose of receiving these subscriptions and all other payments due under these rules, attendance will be given in tho Court House, Riverton, or such other place as the Committee may lawfully appoint, from 7 to 9 on the evenings of every alternate Monday, upon which day the subscriptions shall be due and payable. The Committee shall furnish the shareholders with pass-books, wherein all payments made shall be entered and initialed by the Secretary or other person entitled so to do. Payments of subscriptions may be made in advance, for which discount at the rate of '2\ per cent per annum shall be allowed for periods of not less than six months. VI. — FIXB3. Any shareholder failing or neglecting to pay his subscriptions for two fortnights shall be fined 2d per share for every fortnight thereafter during the first half year he or she may continue in arrear ; 4d per share for every fortnight during the second half year; 6d per share for every fortnight during the third half year ; and so on, increasing 2d per share per fortnight for every I succeeding half year. When the fines on unadvanced shares shall equal tho amount of subscriptions paid by a member, the share or shares, and interest of such member in the Society, shall become forfeited and cease. All shares on which the entry money only has been paid shall be deemed to be forfeited and abandoned within one month after the same have been taken up. VII.— MEETINGS OF THB SOCIETY, The meetings of tho Society will be held in the Court House, Riverton, or elsewhere, as the Committee may appoint, upon notice and otherwise, as provided by law. A meeting of the Society, for giving advances of money, reading the minutes, and transacting the general business of the Society, shall be held on the first subscription night in October, December, February, April, June, and August, in each and every year. An Annual General Meeting of the Society shall be held on the first subscription night in October in each year, at which shall be submitted a report of its proceedings, and a general statement of the funds and effects of the Society, specifying in whoso custody or posbession the said funds or effects shall be then remaining, together with an account of all sums of money received and expended on account of the Society since the publication of the preceding periodical statement, and such periodical statement shall be attested by the Auditors, appointed as hereinafter mentioned, and shall be counter-signed by the Secretary, and ahall be printed, aad every member shall be entitled to receive a copy of such perioJical statement ; and at this meeting the office-bearers shall be elected. Every shareholder (minors and females excepted) residing within a radius of 1 mile from the i Resident Magistrate's Court House, shall attend the Annual General Meeting of the Society, or in detauit thereof pay a fine ot 2s 6d each meeting. A Special Meeting of the Society may be held from time to time, and at any time the Committee may appoint. It shall be competent for seven or more shareholders to sign a requisition to the President to Tonvene a Special Meeting of the Society, and the President shall do so by advertisement ia two consecutive numbers of any local newspaper or newspapers. But should a majority of the shareholders so convened decide that the meeting has been called on insufficient and 'frivolou* grounds, the parties calling it shall bear the expense thus occasioned. The object of every Special Meeting shall always be distinctly stated both in the requisition and notice, and no business shall then be entered upon except that for which the meeting has been convened. Fifteen members shall be a Quorum at any general or special meeting. It shall be iv the power of the Society at any such general or special meeting to appoint a Committee of shareholders for any special purpose. .Each shareholder present shall have one rote, and the President or the Member of Committee presiding in his absence, shall have a. deliberative as well as a casting vote. All decisions that may be come to by a majority, of the shareholders present at any meeting provided such decisions are in conformity with > the rules, shall be binding upon all shareholders. VIII. — MEETINGS OF COMMITTEE. Two members of Committee shall attend in rotation every subscription night, and shall keep a check on tie Secretary. Such members of Committee shall be paid Is per night for attendi ance, and fined 2s 6d for absence. I A General Meeting of the Committee shall be | held upon the first subscription night of each month, but the Secretary may call a special meeting of the Committee at any time he may consider necessary. Five shall be a Quorum. The Committee shall have power to examine and decide upon the securities offered by any member for an advance ; to order all sums of money to be paid ; and generally to carry the purposes of these rules into effect on behalf of the shareholders. Any member of Committee may be held to have resigned his office, if absent from two consecutive meetings of Committee, or if absent on any one subscription night when it is his duty to attend, unless he provide a substitute for such subscription night, who must also be a member of Committee ; provided always that notice ha» been sent by the Secretary to such member of such meetings, or of bis duty to attend upon such subscription night, aa the case may be. IX. — ADVASORS ASD IVTSBSST. >U1 the disposable funds of the Society shall on tue first subscription night in October, December, February, April, June, and August, at 9 o'clock precisely, be submitted for sale by competition among the members, And shall be allotted to the member offering the highest premium for the same, who shall receive the whole or such part thereof as may be equal to the amount oi the advance he ib entitled to receive in respect of his or her shares. The bidding shall be made to the President for the time being, and shall be commenced by any shareholder offering to taxe the money at the full value oi £25 per share ; and should there be no other bidder it shall be allotted to him. Should there, however, be more bidders, every bidder shall offer a premium, beginning with and advancing at the rate of not less than 2a per share, and the highest bidder shall be referred to the extent of his right. The premiums so offered in all cases, shall be deducted from the sum to be advanced.