Page 2 Advertisements Column 3

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

Public Notice. 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, such sum not being less than £25 ; 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, as if he or she had not received any advance upon 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 Bhall consent thereto. XIV. — SALB OB TBANSFEB OF SHABES OB 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 allowed to sell or transfer the right to such advance upon paying two shillings per share All such trans 'ers must be in the form hereunto annexed. All unpaid fines shall be cleared off before further subscriptions are received. XV. — BEBEBVED PBOFITS ACCOUNT A. [The profits for the period from 23rd September, 1872, to 24th March, 1873, shall be ascertained not later than twffnty-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 hold by each, and the balance of 20 per cent, shad 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 ef each year's reserved profits ultimately divisible between the A shareholders shall be credited to " Reserved Profits" account A, the balance 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 is not otherwise specially provided for, shall be taken to be general profits of the Society for the year in which made.] XVI. — BALANCE OF BOOKS. The books of the Society shall be brought to a balance, and the profits ascertained, on the last subscription night in September in each year, and thereupon tbe 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 he or she may hold in the Society, [und 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, und 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 his pass book, and thereupon such member shall not have any further interest in the said " Reserved Profits" account. XVII. — SHAREHOLDERS WITHDRAWING-. [Any shareholder holding unadvanced Bhares shall be entitled to withdraw from the Society, a'ter 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 the bosks of the Society, on application in writing to the Committee, and shall be entitled to receive the amount of the subscriptions actually paid in by him to the Society upon such unadvanced shares, together with a proportion of the profits standing at his credit in the books of the Society, as at the immediately preceding annual balance, according to the length of tiaie he has be<m a hoi lor of such - unadvanced share-* — sharehol lers of tlnve years' standing receiving three-t ■•nths of the sail profits, four years four-tenths, and so on increasing one-tenth for each succeeding year. Th •■ remainder of the profits st in ling at the civd't of any shareholder withdrawing shill be credited to *' Reserved Profits" account [excepting in the withdrawal of A shares, when th 7 buhnsa of profits accruing to the Society shall ba credited to " Reserved Profits" account A .] Application? for withdrawal shall be consi lere 1 and granted by the Committee in the order of priority of the dates on whiah these applications shall have been received by the Secretary, and payment shall be made to such applicants assojn as the Committee shall have sufficient funds at their disposal, and not otherwise. XVIII.— AS TO MEMBERS BECOMING LUNATIC In case any member (not having receive i any advanc) becomes lunatic, or oi unsound mind (and as evidence thereof a medical practitioner's certificate shall be deemed sutficient), it shall h' 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 shall not be answerable for the misapplication or the nonapplication of the money so paid. XIX. — 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 administrators with all the benefits and under all the conditions thereto attached. Upon the death of a shareholder 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 be 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. — TRUSTEES. William Hugh Nurse, Esq., Samuel Hodgkinson, Esq., and Lanhlan M'Gillivray, Esq., and the survivors and survivor of them, or such other person or persons as may be appointed to act with or after them, or any of them, shall be the Trustees of the Society ; and in case of the death or resignation of any or aU of the before-named Trustees, the Committee shall cause to be called a special meeting of the shareholders, who shall appoint Trustees in his or their room, and all the interest and power of the original Trustees or Trustee, shall vest in such 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 belonging to the Society shall be lodged in the name of tho Trustees of the Society in such Bank as the Society may from time to time appoint. All deeds, writings, and securities to and from the Society shall be ma le and 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 bankers, or such person as the Committee may appoint. 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 others 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 wilful default, respectively. In case it shall be necessary or expedient to bring or defend any action, suit, or other proceeding at law or in equity, touching or concerning the property or assets, rights or claims of the 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 any member or officer of the Society, the same