Public Notice. ■to the length of time he has been a holder of such unadvanced shares — shareholders of three years' standing receiving three-tenths of the said profits, four years four-tenths, and so on increasing ; one-tenth for each succeeding year. The remainder of the profits standing at the credit of any shareholder withdrawing shall be credited to •" Reserved Profits" account [excepting in the ■withdrawal of A shares, when the balance of profits accruing to the Society shall !>e credited 'to " Reserved Profits" account A.] Applications for withdrawal shall be considered =and granted by the Committee in the order of priority of the dates on which these applications ahall 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 disposal, and not otherwise. XVin. — AS TO MEAfBEBS BECOMING IiTTKTATICS. In case any member (not having received any advance) becomes lunatic, or of unsound mind -(and as evidence thereof a medical practitioner's certificate shall be deemed sufficient), it shall be lawful for the Trustees to refund the amount paid in by such member, together with the same proportion of profits as members withdrawing are entitled to, and the Society ehall not be answerable for the misapplication or the nonapplication of the money so paid. XTX. — 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 ad«ministrators with all the benefits and under all the conditions thereto attached. Upon the death of holding shares on which 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 he the shareholder, and shall be liable to fulfil the whole obligations incumbent on such deceased shareholder to the time of his or her death. XX. — TBT7BTEE3. William Hagh Nurse, Esq., Samuel Hodgiinson, Esq., and Lachlan M'Gillivray, Esq., and the survivors and survivor of them, or each other person or persons as may be to act with or after them, or any of 'them, shall be the Trustees of the Society 5 -and in case of the death or resignation of any or all of the before-named Trustees, the Committee •hall cause to be called a special meeting of the shareholders, wbo shall appoint Trustees in his or their room, and all the interest and power of the original Trustees or Trustee, shall vest in euch new Trustees or Trustee immediately on his or their appointment, alone or jointly with the surviving or continuing Trustee or Trustees as <the case may be. All monies beloneing 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, writings, and securities to and from -tiitr ouviotj »UaU i/B maue aud taken In the name •of the Trustees for the time being ; those in favor of the Society shall be deposited in a box •or iron chest to be lodged with the Society's tankers, or such person as the Committee may 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 ethers 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 the 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 default, respectively. In case it stall be necessary or expedient to bring or defend any action, suit, or other proceeding at law or m equity, touching or concerning the property or assets, rights or claims of tke 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 *ny member or officer of the Society, the same shall 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 shall »be taken or defended until the approbation of the majority oi the Society present at % 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 Com- j vnittee for the time being are hereby authorised to execute and deliver, signed by the President and two of their number, for and on account and behalf of all the shareholders of tbis Society ; and which shall be as effectual to hind them and the pioperty and effects of the Society, as if made, executed, and delivered by each member thereof. xxi. — souoitob. A. Solicitor or Legal Agent may be appointed ■by the Society, who shall examine the Title J)eeds of property offered as security, and prepare mortgages and other writing* when accessary ; and furnish the Committee with all necessary instructions relating to such properties as may be ofiered or conveyed in security ; the cost of which shall be borne by the parties proposing such properties. XXII.— eiTBVETOE. A Surveyor may be appointed by the Committee, who shall examine all properties on which his opinion may be required ; and within one week after he has been requested t« value any property, he shall report thereou in writing to the Committee. He shall receive guch renimejratiOß tor his services as the Comoiitto* >uaj
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https://paperspast.natlib.govt.nz/newspapers/ST18730318.2.23.2.1
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Southland Times, Issue 1716, 18 March 1873, Page 1 (Supplement)
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1,002Page 1 Advertisements Column 1 Southland Times, Issue 1716, 18 March 1873, Page 1 (Supplement)
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