Page 4 Advertisements Column 1

Southland Times, Issue 1159, 5 November 1869, Page 4

Building and Land Society's Rules. RULE'S OF THE WESTERN DISTRICT BUILDING* AND LAND SOCIETY. 1. — NASTB AS© OBJECT OF THB SOCIETY. This Society shall be railed 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 or purchase one or more house or houses, or acquire freehold or leasehold estate, to be mortgaged to the Society for the purpose of securing the repayments, by these rules provided, and to facilitate the accu-nulation of Small sutna of money for those purposes, and others provided for in the following rales. II. — ENTBANCB FEES. Each member on admission shall pay an entrance fee of 2s 6d per share. 111. — 9HABES. Tho shares of the Society shall be of the ultimate value of £25 each. IV. — MINOB3. j "Females (not being married) and minors may become members of the Society, but shall not be allowed to lv.ld any office. V. — BHABB BTXB3CBIPTIONS. The subscriptions of the shareholders shall be 2s per shore per fortnight, and shall commence a"d be payable by every shareholder, upon the thirteenth day of September next. For the purpose of receiving these subscriptions nnd all other payments due under these rules, attendance will be given in , the Court House, Riverton. or 6uch other place as the Committee may lawfully appoint, from 7 to 9 on the evenings of eery alternate MoDday, upon which day the subscriptions shall be due and payable. The Committee shall furnish the shareholders with pass-bookß, wherein all payments made shall be entered and initialed by the Secretary or other person en t' tied so to do. Paymeiits of subscriptions may be made in advance, for which discount at the rate of %i per cent per annum shall be allowed for periods of not leas than six months. VI. — FINES. 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 succeeding half year. When the fines on unadvanced shares shall equal the amount of subscriptions paid by & 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. — MEETIKQS Of THB 6OCXRTY. The meetings of the Socjety will be held in the Court House, Biverton, or elsewhere, as the Committee may appoint, upon notice and otherwise, as provided by law. A meeting of the o'ociety, for giving advances of money, reading the minutes, and transacting the general business or the Society, Bhall be held qn 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 bu 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, Ep cifving in whose custody or possession 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 shall be printed, aad 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 excepted) residing within a radius of 1 mile from the Resident Magiaira'e's Court House, shall attend the Ani.ual Q-eneral Meeting of the Society, or in deiau't thereof pay a fine of 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 convene a Special Meeting of the Society, and the President shall do so by advertisement in two consecutive numbers of any local newspaper or newspapers. But should a majority of the shareholders so co" vened decide that the meeting has been called on insufficient and frivolous grounds, the parties calling it shall bear the expense thus occasioned. Tho 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 i: . the power of the Society at any such general or special meeting to appoint a Committee ot shareholders for any special purpose. Each shareholder present shall have one vote, ant. the f resi lent or .the Member of Committee presiding in his absence, shall have a deliberative aa w.-ll as a casting vote. All decisions that maybe come to by a majority, of ihe si landholders present at any meeting provided such decisions are in conformity with the rules, shall be binding upon all shareholders. VIII. — MEETINGS OF COMMITTEE. Tv.o members of Committee shall attend in rotation every subscription riujht, and shall keep a check on tie Secretary. Such members of Committee shall be paid Is per night for attendance, and fined 2s 6d for absence. A General Meeting of the Committee shall be held Ujion the first subscription night of each mouth, but the Secretary may call a special meeting of the Committee at -any time he may consider necessary. F=ve 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 o{ 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, it' absent from two consecutive meetings of Committee, or if absent on any one subscription nurht when it is his duty to attend, v >less Uo provide a substitute for such subscription nijfat, who must also be a member of Committee ; provided always that notice has been sent by the Secretary to bucli member of such meetings, or of his duty to attend upon such subscription night, as the case may be. IX. — ADVANCES AND INTBBES'f. All the • lisposab c funds of the Society shall on t c 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 eha'l 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 of the advance he ia entitled to receive in respect of his or h<--r shares. The bidding shall be made to the President for the ti ne being, and shall be commenced by any shareholder offering to taice the money at the full value o £25 per share ; and should there be no other biduer it shall be allotted to him. Should there, however, be more bidders, every bidder si Kill offer a premium, beginning with and advancing at the rate oi uotiess than 2s 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 advancedi