Page 5 Advertisements Column 3

Southland Times, Issue 1713, 11 March 1873, Page 5 (Supplement)

Public Notice, Committed shall be paid Is per ikght for attendance, and fined 2s 6d for absence. A General Meeting of Committee shall be held upon th*> first subscription night of each month, but the Secretary may call a special meeting of tbe Committee at any time he may consider necessary. Five shall be a Quorum. Th« 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 maybe 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 has been sent by the Secretary to such member of such meetings, or of his duty to attend upon such subscription night, as the case may b«. IX. — ADVANCES AND INTEKBST. [On and after the Ist April, 1873, any member or members, requiring to borrow from the Society, shall forward to the Secretary a written application, stating the amount he desires to borrow, and enclosing, for the information and guidance of the Committee, his title deeds, or, failing this, full and complete particulars of the property he desires to offer as mortgage, security for the loan, and all Buch applications shall bear the Secretary's certificate, showing .the day and hour of receipt, and shall be recorded by him in a book to be kept for the purpose, and shall in all cases be dealt with in the order of priority of receipt.] , . ;< . ...;••■ When a shareholder receives an advance, he shall pay interest upon the full amount, from the day of [allotment] thereof, at the rate of [8] per cent, per annum, payable along with his subscriptions, and ke shall be subject and bound to pay fines for arrears of interest [in] the same [proportion] as, and in addition to, the fines hereinbetore provided with regard to arrears of subscriptions. X. — SBCTTEITT POB MONST ADVANCED. [Upon the Committee being satisfied that any property offered is sufficient security,] such property shall be conveyed to the Trustees of the Society by mortgage in [one «r other of] the forms hereunto asnexed, which shall be registered in the Register of Deeds for the Province at the expense of such shareholder, and afterwards deposited with the Trustees, together with all necessary Title Deeds relating to the property ; and a check on the Society's Bankers for the amount agreed to, signed by the Secretary, and countersigned by the President as Treasurer, shall be delivered to the party on the registration of the mortgage. The Mortgagor shall have power to occupy or possess the property so mortgaged j to in-put and out-put tenants, and to draw tbe rents and proceeds thereof, so long as these rules are complied with, but always without prejudice to the right of the Trustees over the ?atne. [Should any applicant for a loan fail to provide satisfactory security for tbe same within seven days of the receipt by the Secretary of hJB application, his right of priority shall lapse, and the Committee shall consider, and at their discretion, grant the application or applications for a -loan or loans next ia order of priority.] [Any member failing to complete his security for any sum allotted to him, shall pivy to the Society a fine of 1 per cent, on the sum allotted to him.] Subject to the provisions of the sixth section of tlie " Building and Land Societies Act, 1866," the Committee may accept shares in the Society as security for an advance to a member, and the form of mortgage given in the schedule D hereto shall be sufficient for the purpose. [Provided that no shares shall'be advanced on till they have obtained a currency of two vears, from the period of the issue thereof.] 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, and jo. c«tsa such paront or friend shall be one of the Tnutees of the Society the .mortgage shall be taken in the name of the other Trustees, and the form of mortgage deed provided by the .Rules of the Society shall be modified accordingly. .„. XX— INBSBANCS._. „ 7.. Tha Secretary shall, under the direction of, the Committee to be from time to time chosen according to these rules, iasure 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 bo expanded shall be refunded to the Society by the mortgagor at the next monthly meeting j 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 fora similar amount- The, mortgagor nwy direct, the insurance to be effected in any fire insurance office, subject to the approval of the Committee. XII. — ABEEABB TTPON PBOPBBTT. When any shareholder who has obtained an advance upon property allows his subscriptions, interest, fines, or any disbursements mode on his or her account to fall into arrear to an extei t equal to th.r«e , months' auosenptiojas and interest, it. shall be in the power of the , Trustees or Committee to remove him or her from the .possess jon : or Occupancy di ike property on which tk» advance hasbaen made* to. enter into possession thjer^o^.^o^aelresp.t^ let. the same, and to draw tb,iise s of.i and fhalj bv a letter, under the, hand of the Secretary, addressed to such shareholder, .ititimating the same, without; any other warning or •legal procew whatever ; -of whioh intii&atio.St.a, certificate under the hand of tno Secretary that euoh letter waseither delivered tosuch shareholder, or loft at his 'address, aa entered in tbe books oHhe Society, ahull be the