Page 5 Advertisements Column 4

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

Public WoHee. 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 die rents at the .expense of the shareholder. . „ ■ When aay shareholder who has obtained, aa 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 right , and claim to the said property, and the Trustees or Committee shall be at liberty, without amy process .of law, forthwith to advertise the same for public sale, in such paper or papers, and for such number of times, as they shall think, fit, and thereafter to sell such property by public auction j the proceeds of such sale to. go to liquidating all the Society's claims against saoh shareholder, and any balance remaining shall be . handed to th« shareholder having so forfeited the property. The Committee shall not be bound to accept of partial payments on accoußt of such arrears or disbursements. XIII.— BAI.E, BTTBSTITtmOIf, OB RKDEMPTKOT OF MOBTOAaED PBOPBBTT. 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 rach shareholder ; and the purchaser shall thenceforth become answerable to the Society for the pay meat [ of. all dues thereon. . ■ A fee of two shillings per share shall be charged by the Society upon every such transfer. | Any shareholder may redeem his or her property on which he »r she has obtained an advance, on payment of the, sum advanced upon security, and shall then be in, the. same,. position i 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 i may at any time repay any part of the sum advanced, such sum not being less than £25 j and from and after such part payment, interest upon the same shall cease, and the shareholder will then be in the same position respecting such released share or share* , as the case may be, 1 as if he or she had not received any advance Ipon 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. — BALB OB TBJ^KSPBE OF SHABBB OB ADVANCES. ' ' ... , . i Any shareholder, shall be at liberty to sell or transfer his or her share or shares on payment of two per share- , , . : . . < > Shareholders entitled tj an-, advance shall be allowed to, sell or transfer the yighc to such advance upon paying two shillings per share. All such trans 'era must be in the form here* unto annexed. ..-...'... All unpaid fines shall be cleared off before further subscriptions are receivedw XV..— BESEBVBI* PBOFITS AOCOXTirr A. [The profits for the period from 23rd September,lß72, to 24th March, 1873j shall be ascertained not later than twenty-one days thereafter, and shall be attested bv the Auditors and Secretary, and 80 per cent, thereof credited TO the holders of A shares in proportion tti' the number of shares held by each, and the balanca of 20 per cent, shall be credited to " Re&erWd Profits Account," immediately after such credit the balance of " Reserved Profits Account" shall be transferred to " Reserved Profits Account A." The proportion ef each year's reserved profits ultimately divisible between the A shareholders shall be credited to " Reserved Profits" account A, the baknee of said account shall at all times vest exclusively in the holders of A shares, and shall at their termination be divided between the holders thereof in proportion to the number of their shares.} • •« •• [All profits, the division of which ia not otherwise specially provided (or, shall be taken to be general profits of the Society for the year in which made.j XVI. — BAIANCB OP BOOKS, The books of the Society shall be brought to a balance, and the profits ascertained, on tuVl&st eubscriptioD night in September in each year, and thereupon the net profits shall be applied as follows, viz., 80 per cent, shall be credited in the books of the Society to each shareholder, in proportion to the number of shares be or she may hold in the Society, [and to the period of issue of the shares during any year, shareholders of a full year one portion, and shareholders of six months half a portion, and the balance of 20 per cent, to " Reserved Profits" account.] [On the termination of a series of shares, a proportion of " Reserved Profits" account equal in amount to one-fourth of the total amount of profits credited to a member in his. pass . book, shall be debited to " Reserved Profits" account, and credited to the member in bis pass book, and thereupon 'such member shall not have any further interest in the said "Reserved Profits" account. , j „ XVII.— SIkABEHOLDBBS VITHDBAirnf&. ' [Any shareholder hplding. uxtadvancsd, share* shall be entitled to withdraw front, the Society,, aiter such shares shall have been ..current not less than three years, and} before the full sum of £25 per share stands to his. credit in tb.eboo.ks of the Society, on application in writing to the'OomA mittee* and -shall be .entitled to receive the aqiQUßt of the subscription* actually paid ia by him £o the Society upon euoh udsdvanced shares; together .with a proportion of the profits atandijtig at his credit in the books of the Society, as at the immediately preceding annual balance, according