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Publ.c Notice sufficient evidence. But it shill 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 uerson to draw the rents at the expense of the shareholder. When any shareholder who has obtained an advance upon property allows his subscriptions, interest, and fines, or any disbursements made on his aocount to fall into arrear, and shad fail or neglect to pay the same, to an extent equal to three months' subscriptioa and interest, he shall forieit all his interest in an 1 right and claim to the said property, and the Trustees or Committee shall be at liberty, without any 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 ; the proc eds of such sale to go to liquidating all the Society's claims against such shareholder, and any balance remaining shall be handed to the shareholder having so forfeited the property. Tke Committee shall not be bound to accept of partial payments on accoußt of such arrears or disbursements. im. — SALE, STTBSTTTTTriOy, OB REDEMPTION OT MORTGAGED PROPERTY. It shall be lawful for any shareholder, with the consent of the Comtaitte •, 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 such shareholder ; and the purchaser shall thenceforth become answerable to the Society for the payment of all dues thereon. A fee of two shillings per share shall be chareed by the Society upon every such transfer. Any shareholder may redeem his or her property on which he or she has obtained an advance, on payment of the sum advanced upon security, and shall then be in the same position 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 may at any time repay any part of the sum advanced, su;h sum not being less than £25 ; and from and after such part payment, iaterest upon the same shall cease, and the shareholder will then be in the same position respecting such released share or share*, as the ease may be, as if he or she had not received any advance »pon the same. Shareholder* 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. — SALE OS TRANSFER OF SHARES OR ADVANCES. Any shareholder shall be at liberty to sell or transfer his or her share or shares on payment of two shillings per share. Shareholders entitled to an advance shall be al'.OWed tl» sell ur transfer fclre ri^lix 1-r. =uo!, advance upon paying two shilling? per share. All such transfers must be in the form hereunto annexed. All unpaid fines shall be cleared off before further subscriptions are received. IV. — RESERVED PROFITS ACCOTTXT A. [The profits for the period from 23rd September, 1872, to 24th March, 1373, shall be ascertained not later than twenty-one days thereafter, and shall be attested by the Auditors and Secretary, and 80 per cent, thereof credited to the holders of A shares in proportion to the number of shares held by each, and the balance of 20 per cent, shall be credited to " Reserved Profits Account," immediately after such credit the balance of " Reserved Profits Account" shall be transferred to "' Reserved Profits Account A." The proportion of each year's reserved profits ultimately divisible between the A shareholders shall be credited to " Reserved Profits" account A, the baknce of said account shall at all times vest exclusively in the holders of A shares, and shal! at their termination be divided between the holders therfof iv proportion to the number of their shares.] [All profits, the division of which 13 not otherwise specially provided for, shall be taken to be genera! profits of tbe Society for the year in which made.] XVI. BALANCE OF BOOES. The books of the Society be brought to a balance, and the profits ascertained, on the last subscription night in September in each year, and thereupon the vet profits shall be applied as fo.lows, viz., 80 per cent, shall be credited in the books ot the Society to each shareholder, in proportion to the number of shares he or she may hola in the Society, [and to the period of issue of the shares during any year, shareholders of a fidl year one portion, and shareholders of six months haif a portion, and the balauce of 20 ncr 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 amounc of profits credited to a member in his pass book, shall be debited to " Reserved Protits" account, and credited to the member in bis pass book, and thereupou such member shall not hare any further interest ia the said " Reserved Profits" account. XVII. — SHAREHOLDERS WITHDRAWING. [Any shareholder holding unadvauced shares ••hdil be entitled to withdraw from the t'ociety, aiter such shares ?hall have been current not less ih^in three \ears and] betore the full sum of £25 per ih ire siands to his credit in the books of the S >L-iecy, on application in writing to the Commi tee, and shad be entitled to receive the amount ot tne subscriptions actually paid in by hi 1: to the society upon such uoadvanced shares, together with a propottiou 01 the proiits standing nt iii-er-.- .it i:i the book.- of the Society, as at th iintncdiiicely preceding annual balance, accordin_

Permanent link to this item
Hononga pūmau ki tēnei tūemi

https://paperspast.natlib.govt.nz/newspapers/ST18730318.2.23.4.4

Bibliographic details
Ngā taipitopito pukapuka

Southland Times, Issue 1716, 18 March 1873, Page 2 (Supplement)

Word count
Tapeke kupu
989

Page 2 Advertisements Column 4 Southland Times, Issue 1716, 18 March 1873, Page 2 (Supplement)

Page 2 Advertisements Column 4 Southland Times, Issue 1716, 18 March 1873, Page 2 (Supplement)

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