Page 4 Advertisements Column 3

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

Building and Land Society's RulesXV. — BALANCE OF BOOKS. The books of the Society shall be brought to a balance, and the profits ascertained, on tho last subscription night in September in each year, and thereupon the net profits shall be applied as follows, vfz., 80 pee cent, shall be credited in the books of the Society to each shareholder, in proportion to tho number of shares he or she may hold in the Society, and the balance of twenty per cent, shall be credited to " Reserved Profits" account. On the termination of the Society, the amount standing at the credit of the 11 Reserved Profits " account shall be credited to each shareholder, in proportion to the number of shares he or she may hold in the Society. XVI. — SHABEHOLDBBS WITHDRAWING. Any shareholder, holding unadvanced shares, shall be entitled to withdraw from the Society, after it has been in existence for 3 years, and before the full sum of £25 per share stands to his credit in the books of the Society, on application in writing to the Committee, and shall be entitled to receive the amount of the subscriptions actually paid in by him to the Society upon such un- •■ alvanced shares, together with a proportion of | the profits standing at his credit in the books of the Society, as at the immediately preceding annual balance, according to the length of time he has been a holder of such unadvanced shares; shareholders of three years' standing receiving three-tenths of tho said profits ; four years, foartenths; and so on' increasing one-tenth for each succeeding year. The remainder of the profits standing at the credit of any shareholder withdrawing shall go to the general profits of the Society°for the financial year wherein he retires. Applications for withdrawal shall be considered and granted by tho 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 as the Committee shall have sufficient funds at their dispoaa 1 , and not otherwise. XVH. AS TO MEMBERS B8COM:iN0 ITTIfATIC. la case any member (not having received any advance) becomes lunatic, or of unsound mind (and as evidence thereof a medical practitioner's certificate shall bo 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 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 SHAREHOLDERS. Shares of the Society, on which no advance has been made, shall, on the death of a shareholder, belong to his or her executors or adminstrators with all the benefits and under all the conditions thereto attached. Upon the death of a shareholder holding shares on whiafi. an advance has been made, the party having right to the property in respect of which the advance has been made shall be deemed to be the shareholder, and shall be liable to fulfil the whole obligations incumbent on such deceased shareholder to the time of his or her death. XIX. — TRP3TEE3. William Hugh Nurse, Esq, Samuel Hodgkinson, Esq., and Lachlan ai'Gillivray, Esq., and the survivors and survivor of them, or such other person or persons as may be appointed to acf with or after them, or any of ; them, shall be the Trusses 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 their room, and all the interest and power of the original Trustees or Trustee, 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 may be. • All monies belonging to the Society shall be lodged in the name of the Trustees of the Society in such Bank as the Society may from time to time appoint. All deeds,jiK:ritingß,. and securities to and from the Society shaH be made and taken in the name of the Trustees for the time ; 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 a 9 the Committee may appoint. The Trustees shall not be 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 acts, 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 be 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 briqg or defend any action, suit, or other proceeding at law or in equity, touching or concerning the property or assets, rights or claims of the Society, or touching or concerning the breach or non-performance of any of the articles, matters, and things herein contained, or of the conduct of any member, or officer of the Society, the same etiall be brought or defended by or in the name of the Trustees for the time being, and they shall be 'indemnified from all loss or damage that may be sustained by them in consequence thereof ; but no such proceedings sh til 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 and indemnity from the Society, securing him or them from all future liability on account thereof, which bond or deed the Committee for tae time being are hereby authorised to execute and deliver, signed by the President and two of tneir 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. — solicitjb. 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 ; 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. — StTRVEYOB. A Surveyor may be appointed by the Committee, who shall examine all properties on which his opinion may be required ; and within one weed after he haa 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 w^ose property has been examined by such Surveyor. XXII.— ATJDITOB3. At the- annual meetingi 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. ; XXIII. OFFICE BEABBB3. The affairs of the Society shall be conducted by a President and Committee, consisting of .Nine Members, to be elected at the first (General Meeting of the Society. Six .of the Committee shall retire annually, and their places shall be supplied at the Annual General Meeting of the Society, to be held on the first subscription night in September each year. Any vacaucy occurring in the course of the year shall be filled up by the remaining Members of Committee, but every person elected by the Committee shall retire at the first ensuing Annual Meeting of the Society. , Jbtetirjng M«m*bers.«hall be eligible for re-election. 'A lift shaU jbekept by %he Secretary of the orderin which Memb«rf of Committee ar« sfootedj «nd