D.—No. 45.

10

REPORT OF THE BUILDING AND

19.— 1n what manner are the law costs for mortgages, total releases, partial releases, and approving of leases or tenancies mortgaged to the Society, regulated ? 1, 2. Mortgagor pays all. 15. Agreed scale of charges. la, Ib. Mortgagor employs any Solicitor. 16. No arrangement. " Bate exorbitant." 3. Fees regulated by fixed scale. 17, 18. Scale of charges. 4,5. Deeds prepared by Solicitor to Society, 19. Fixed rate of £3 3s. for mortgages. at expense of mortgagors. No arrangement. 20. Fixed rate of £2 2s. for mortgages. Begis6. Fee of £2 2s. for each deed. Eegistration tration, &c, additional. extra. 21. By uniform fee, arranged with Solicitor. 7. By arrangement between Directors and 22, 23. No arrangement. About £5 ss. is Solicitor. believed to cover all costs. 8. By contract with Solicitor. 24, 25. Society has forms of mortgage. 9. Mortgage, £1 lis. 6d. ; lease, £1 Is.; regis- 26. As No. 22. tration extra. 27. No arrangement, but subject to approval of 10. Solicitor charges about half-price. Committee. 11. Agreed scale of charges. 28. By arrangement with Solicitor. 12, 13,14. Agreement with Solicitor for mortgages 29. By fixed scale. only. 20. — In the event of a sale of mortgaged properly, do you give the defaulting mortgagor credit for a share of the profits in the same manner as you would a mortgagor releasing his security ? 1. Yes. 17. Yes. la, Ib. No. 18. Yes, if fines are charged. 2. No; profits are absorbed by fines before sale. 19, 20, 21. Yes. 3. Probably; it is not fixed, but may be, at least at 22. It is believed so. close of Society. 23. According to circumstances. 4. 5. Precisely the same. 24, 25. No experience. 6. No case occurred. 26. Yes. 7, 8, 9, 10, 11,12,13, 14, 15. Yes. 27. No. 16. Yes, if fines are charged. 28, 29. Yes. 21.— D0 you consider a borrowing member entitled to be a member of Committee or a Director ? 1, 2. Certainly. 10. Not without he holds two unrealized shares. la, Ib. Yes. 13, 14. Yes; decidedly. 4, 5. No; members of Committee must hold five 16. Yes ; otherwise the Society would be worked unrealized shares. for the benefit of investors only, and not 6. Yes ; realized members have a double interest equitably. in the well-doing of the Society. 18. Certainly. 7. Yes; so long as they do not constitute a 19. Committee should consist of both classes. majority. 24. On principle, no; in practice, they must be 9. Not the most eligible, but not to be avoided. admitted. Nos. la, 3, 8, 11, 12, 15, 17, 20-23 and 26-29, answer " Yes." 22.— Does the Society receive money by ivay of deposit? If so, on what terms? 4. Yes ; £50 and upwards, for six months, 6 per 13, 14. None has been offered. cent; under £50, or less than six months, 17. Yes; at 5, 6, and 7 per cent, for three, six, 5 per cent. and twelve months. 5. Not at present. 18. Yes ; at current rates, when required. 7. It did, but does not now. 22. No ; Eegistrar refused to certify to rule giving 8. Only as payments in advance —8 per cent, per power to receive deposits. annum allowed as discount. 23, 24, 25. No ; excepting payments in advance. 11. When there was use for the money —at 6, 7, 26. Yes ; would give 5 per cent, or 8 per cent, for six, nine, or twelve months. Nos. 1, la, Ib, 2, 3, 6, 9, 10, 12, 15, 16, 19-21, and 27-29, answer "No." 23.— Does the Society borrow money from its banker, or otherwise ? If so, from whom, on what security and on ivhat terms ? 3. Not as yet. 17. Not yet. 4, 5, 6. Occasionally from its banker on agreed 18, 19. From its bankers, or otherwise. terms. 20. From its bankers, and on debentures. 7. Occasionally promissory notes sometimes given. 21. From its bankers, or can do so privately. 8. From its bankers, on promissory notes or 22. From its bankers, or otherwise. security of deeds. 23. Has had no occasion to borrow. 9. Money of matured shares remains at interest. 25. No answer. 11. From bankers, when required. 26. Has borrowed privately. 13, 14. From its banker. 27. From its banker. 16. From bankers, when required. 29. May borrow on debentures, Nos. 1, la, Ib, 2,10,12,15, 24, and 28 answer " No."