Page 3 Advertisements Column 3

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

Building and Land Society's Rulesji When a shareholder receives an advance, h shall pay interest upon the full amount, from th d»y of sale thereof, at the rate of 5 per cent, pt annum, payable along with hi* subscriptions, an he shall be subject and bound to pay five* fc a arrears of interest at the same rate as, and i 9 addition to, the fines hereinbefore provided wit y regard to arrears of subscriptions. a X.— 3EOUBIT7 FOB MONBY A»YA»OKD. c When a shareholder shall be entitled to receiv r an advance of money, he or she shall produce t '» the Committee at such time and place as may b c intimated to him or her, such security as he o '• she may consider necessary ; and upon the Com f mittee being satisfied that the property offered i i sufficient security, such property shall b conveyed fo the Trustees of the Society b; mortgage in the form hereunto annexed, whici shall be registered in the Register of Deeds fo the Province at the expense of such shareholder and afterwards deposited with the Trustees together with all necessary Title Deeds relating t. w the property; and, a cheque on the Society') Bankers for the amount agreed to signed by th< j Secretary, and countersigned by the President as ' Treasurer, shall be delivered to the party on the ' registration of tho mortgage. The Mortgagor shall have power to occupy oi possess the property so mortgaged ; to in-pul ' and out-put tenants, and to draw the rents and * proceeds thereof, so long as these rules are ' complied with, but always without prejudice to the right of the Trustees over the same. 1 In the event of any shareholder who hat > obtained a right to an advance not providing i security for the same as before stated, within two ' months after he has obtained tho right to s ich 1 advance, such right shall be deemed to bo 1 forfeited, aui it skill be competent for the Committee to offer the. money agaiu to competition, 1 and the member who had obtained aright to such ■ advance shall, from- and after tho time of the money being so sold again, ceuso 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' Land Societies Act, 1866," the Committee may accept shares in the Society as ' security for an advance to a member, and tho form of mortgage given in the schedule D hereto shall be sufficient lor 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 equalto 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, ani 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 Rales of the Society, shall be modified accordingly. Xl.— INSUBAWCB. 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 case 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. — ABBBASS UPON PROPKBTY. When any shareholder who has ..obtained an advance upon property allows his subscriptions, 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 trom 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 uuder 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 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 rigUt and claim to the said property, and the Trustees or Committee shall tf at liberty, without any process of law, forthwith to advertise the same for public sale, ia such paper or pipers, and for such number ot times, as they shall think fit, and thereafter to sell such property by public auction ; the proceeds of such 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 bouod to accept of partial payments on account of such arrears or disbursements. XIII. — SALE, SUBSTITUTION, OB BKDEMPTION OF MOBTGUOBD FBOPEBT7. 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 dues thereon. A fee of two shillings per share shall be chatged 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 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 repay any part of the sum advanced, such sum not being less than £io ■, an 1 from and after SUCh part payment, interest upon the same shall cease, and the shareholder , will then be in the same position respecting such i 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. — SAI>B OB TBANBFEB OF SHA&BJ OB ADVANCES. 1 Any shareholder shall be at liberty to sell or i transfer his or her share or shires on payment of . two shillings per share. Shareholders entitled to an advance shall be allowed to sell or transt'er the right to such advance I upon paying two shillings per share. ; All Buch transfers uiudt be in the form hereunto annexed. i All unpaid fines shall be cleared off before further eubeoriptionß are received.