Page 2 Advertisements Column 2

Southland Times, Issue 1719, 25 March 1873, Page 2 (Supplement)

Public Notice, VIII. — MEETINGS OE COMMITTEE. Two members of Committee shall attend in rotation every subscription night, and shall keep a check on "the Secretary. Such members of Committee shall be paid Is per night for attendance, and fined 2s 6d for absence. A General Meeting of Committee shall be held upon the first subscription night of each month, but the Secretary may call a special meeting of the Committee at any time he may consider necessary. Five shall be a Quorum. The 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 tbe shareholders. Any member of Committee 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 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 be. IX. — ADVANCES AND INTEBEST. [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 such applications shall bear »k. c..x.».r 7 ->o Lcitifluaie, snowing ttie 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 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. — SECUBITT POB MONET 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 or 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 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 aB 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 ; to in-put and out-put tenants, and to draw the rents and proceeds thereof, so long as these rules are complied with, but always without prejudice to the right of the Trustees over the i-ame. [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 failing 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 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 ü be advanced on till they have obtained a <*urr«™**y nf two years, 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 in case such parent or friend shall be one of the Trustees of the Society the mortgage shall be taken in the name of the other Trustees, and tlie form of mortgage deed provided by the Rules of the Society shall be modified accordingly. XI. — INSUEANCE. Tha Secretary shall, under the direct! m of the Committee to be from time to time chosen according to these rules, insure irom 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 i ecessary and proper, and the Secretary shall pay lor such assurance out of the Society's funds ; but the money so expended 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 for a similar amount. The mortgagor may direct the insurance to be effected in any fire insurance office, subject to the approval of the Committee. XII. — AEBEABS UPON PBOPEBTT. When any shareholder who has obtained an advance upon property allows his subscriptions, interest, fines, or any < isbursements 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 Committee to remove him or her from the possession or occupancy of the property on which the advance has been made, to enter into possession thereof themselves, to let the same, and to draw the rents thereof; and that by a letter under the hand of the Secretary, addressed to such shareholder, intimating the same, without any other warning or legal process whatever ; of which intimation, a certificate under the hand of the Secretary that such letter was either delivered to such shareholder, or left at his address, as entered in tbe books of the Society, shall be the 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 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 account to fall into arrear, and shad fail or neglect to pay the same, to an extent equal to three months' subscription and interest, he shall forteit all his interest in and right and claim to the said property, and the irustees 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. The Committee shall not be bound to accept of partial payments on account of such arrears or disbursements. XIII.— SALE, SUBSTITUTION, OB BEDEMPTION OF MOBTGAGED PBOPEBTT. It shall be lawful for any shareholder, with the consent of the Committe , 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 charged by the Society upon every such transfer. Any shareholder may redeem his or her property on which he er she has obtained au advance, on payment of the sum advanced upon * security, and shall then be in the same position