Public Notice, Committee shall be paid Is per night for attendance, and fined 2s G\ for absence. A General Meeting of Committee sh:ill be held upon the first subscription right of each I ; month, but the Sec-etary may call a special meeting of the Committee at any time he may consider necessary. Five shall be a Quorum. The Committee *hall 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 rales into effect on behalf of the shareholders. Any member of Commirtee may be 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 fir such subscription night, who must also be a member | of Committee ; provided always that notice has j been sent by the Secretary to such member of such mee'ings. or of his duty to attend upon such subscription night^as the case may be. IX. — ADTAXCE3 A>"~D INTEREST. [On and after the Ist April, 1873, any member or members, requiring t<i borrow from the "•'ociety, shall torward to the Secretary a written application, stating the amount he desires to borrow, and enc'osing, 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, ani all such 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 uDon the full amount, from the day of [allotmeut] thereof, at the rate of [S] per cent, per annum, pa* able alon;; with hi? subscriptions, and he shall be subject and bound to pay fines for arrears of interest [in] the same [proportion] as, and in addition to, the fines herein be ore provided with regard to arrears of subscriptions. X. — SECTJTSITY FOB MOXEY ADTAXCED. [TTpon the Committee being satisfied that any property offerei is sufficient security.] such property shall be conveyed to the Trustees of the Society by mortgage in [one ©r other of] the forms hereunto annexed, 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 Dee !s relating to the property ; and a check on the Society* Bankers for the amount agreed to, signed by the Secretary, and countersigned by the Presi lent as Treasurer, shall be delivered to the party ou the registration of the mortgage. The Mortgager shall have power to occupy or possess the property so mortgaged ; to in-put ani out-put tenants, and to draw the rents and proceeds thereof, so long ns these rules are complied with, but always without prejudice to the right of the Trustees over the -a ne. [Should any applicant for a loan fail to provide satisfactory security for the same within seven days of the receipt by the Secretary of his 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 in order of priority.] [Any member ftiling to complete his security for any sum allotted to him, shall p>y to the Society a fine of 1 per cent, on the sum allotted to him.] Subject to the provisions of the sixth section of t c " Building and Laud 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 obtaine t a currency of two \ears, from the period of the issue thereof.] In case any miDor shall become entitled to an advance of money, the committee may accept security ! or such advance from the parent or a friend of such minor, and in case such pareiit or j friend shall be one of the Trustees of the Society the mortgage shall be taken in the name of the other Trustees, and the form of mortgage deed provided by the Eules of the Society shall be modified accordingly. H. — ISSUE ANCE. Tha Secretary shall, under the direction of the Committee to be from time to time chosen accordin" to tnese rules, insure from loss by fire, in the name of the Trustees, all premises mortgaged or I assured to the Society, and continue such assurance from time to time for such an amount as the Committee may deem : ecessary and proper, and the Secretary shall pay ior such assurance out of j the. Society's funds; but the money so expended j shall be refunded to the Society by the rnort- j gagor at the next monthly meeting ; and in ease of the non-payment of money so expended, he or she shall be liable to the same fiuss as would be payable upon subscriptions in arrear for a similar amount. The mortgagor may direct the insurance to be effected in any fire insurance oilice, subject to the approval of the Committee. 111. — AEREAHS UPON PEOPESTY. When any shareholder who has obtained an advance upon property allows his subscriptions, interest, fines, or any disbursements made on his or her account to fall into arrear to an exte: t equal to three months' subscriptions and interest, it shall be in the power of the Trustees or Commitree to remove him or her from the possession or occupancy of tiie property om which the j aiivauce has been male, io eiuer into possession - t tuereoi themselves, to lee t'.e s uue, ana to iraw ! the rents thereof; and that by a letter under ;he I hanii of ihe Secretary, addressed to such sh^re \ ho.d-r, m.iuiatmg ihe siine, without any other j warning or le-.-al process whiiever ; of which J mtimiiion, a certificate v ter the iiati 1 ot the ecretarv tlr.it such .et.er Wjs tii iier aeiivere i to tU'-u" sliarern/.der, or ,le t at his address, as j entered m the buois of the Society, shall be the
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https://paperspast.natlib.govt.nz/newspapers/ST18730318.2.23.4.3
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Southland Times, Issue 1716, 18 March 1873, Page 2 (Supplement)
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1,079Page 2 Advertisements Column 3 Southland Times, Issue 1716, 18 March 1873, Page 2 (Supplement)
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