Page 4 Advertisements Column 1

Southland Times, Issue 1158, 3 November 1869, Page 4

Building aad land Society's Rules. EULE«I OF THE WESTERN DISTRICT BUILDING- AND LAND SOCIETY. 1. — NAME AND OBJECT OF THE SOCIETI". This Society shall be called the Western District Building and Land Society, and is established for the purpose^ of raising by fortnightly subscriptions and otherwise, as aftermentioned, a fund from which to make advances to members to the value of their shares, to enable them to erect ot purchase one or more house or houses, or acquire freehold- or leasehold estate, to be mortgaged to the Society for-tlie purpo3eof securing the repayments, by these rules pro--vtfed, and to facilitate the accumulation of small sums of money for those purposes, and others provided for in the following rules. II. — ENTRANCE IBKS. Each member on admission shall pay an entrance fee of 2s 6d per share. 111. — BHABEB. The shares of the Society shall be of the ultimate value of £25 each. IV. MINORS. Females (not being married) and" minors may become members of the Society, but shall not be allowed to h'.ld any office. V. — BHABE aUBSOBIFTIOira. The eubscriptionß of the shareholders shall be 2s per shnre per fortnight, and shall commence and be payable by every shareholder upon the thirteenth Hay of September next. For the purpose of receiving these subscriptions - and all other payments due .under, these rules, attendance will be given in the Court House, Biverton. or &nch other place as the Committee may lawfully appointj from-7 tty 9 on the evenings of e^ery alternate Monday, upon which day the subscriptions shall be due and payable.' ' The Committee £hall furnish, the. .shareholders with pasß-bookg. wherein all payments made shall be entered and initialed by the Secretary or other person entitled 80 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. — FINES. Any shareholder failing or neglecting to. pay his subscriptions for two fortnights Bhall be fined 2d per snare 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 succpeding halt' year. ' When the fines on unadvanced shares shall equal the amount of subscriptions paid by a member, the share or shares, and interest of such member in the Society, shall become forfeited and cease. ■ ' • • AU shares on which the entry money only has been paid shall be deemed to be forfeited arid abandoned within one month after the same have been taken up. - VII. — MEETIN-&S OP THE SOCIETY. The meetings of the 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 sub- . mined a report of ■ its proceedings, and a general 1 statement of 'the funds anu effects of the Society, ep cifying iiu-iwhoge custody or posbession the said funds or effects shall be then- remaining, together with ah account of all sums of money received and expended on account : of the Society since the publication of the preceding periodical statement, and ' sudh periodical statement shall be attested by the Auditors, appointed as hereinafter mentioned, and shall be counter-signed by the /Secretary, and shall be printed, and every member shall be entitled to receive a copy of such periodical statement ; and at this meeting the office-bearers shall : be elected. Every shareholder (minors and females exceptea) residing within a radius of 1 mile from the Eesident Magistrate's Court House, shall attend the -Annual General Meeting of the Society, or in deiau t 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 arequisitidn to the President tc convene a Special Meeting of the Society, and the President shall do so by advertisement in two^onsecutive numbers of any local newspaper o 1 newspapers. But should a majority of the shareholders so co-yened decide that tb< meeting has been called on insufficient anc • frivolous grounds, the parties calling it shall beai the expense thus occasioned. The object of every Special Meeting shall alwayi be didfcint-tly stated both in. the requisition anc notice, and no business shall then be entered upoi except that for which the meeting has beei convened. . *iiu-en members shall be a Quorum at an] general or special meeting. It shall be in the power of the Society at an; such general or special meeting to appoint i Committee ol shareholders for any special pur pose. ■ . iiach shareholder present shall have one vote anc the t resiient or the Member of Cominittet presiding in his absence, shall have a deliberative us w ll as a casting vote. All decisions that may be come to by a majority of ihe s. larch aiders present at any meeting provided such decisions are in conformity witt the rules, sli'al be bin ling upon all 'shareholders vm. — MEfirores.a* cqiuuttzbe.- i ; ; Two memW= oi Committee shall attend ir rotation every subscription night, and shall keep ' v check on tie Secretary. Such members oJ Committee shall be paid Is per night for attendance, and fined 2s 6J for absence. A General Meeting of the Committee shall be held upon the first subscription night of e'acb 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 membt-r for an advance ; to order all sums ol 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, v .less he provide a substitute for such subscription ni^ht, who must also be a member ol Committee ; provided always that notice has been sent by the Secretary to such member o/ such mtetings, or of hisuuty to attend upon such subscription night, as the case may be. „ . „.^. . IX.— ADVANCES AND.INTERE3I. All the disposable funds of the Society shall on t-ie 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, andshaJl 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 is entitled to receive in respect ot his or her shares. The bidding shall be made to the President for the ti ne being, and shall be commenced by any shareholder offering to tase 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 2s per share, and . the highest bidder shall be referred to .the extent of his right. . /.' • ii. ' '.''*'' '- '.'■ I'lie premiums so offered in all cases, shall b» deducted irom the sum to be advanced;