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FORM OF RULES
INDUSTRIAL AND PROVIDENT (OR CO-OPERATIVE) LAND AND BUILDING SOCIETY, LIMITED,
UNDER THE ACTS OF 1867 AND 1871.
I.-OBJECT. This Society is established for the purpose of carrying on in common the trade of buying and selling land and of applying the profits for the objects herein set forth.
The society may from time to time erect any houses, cottages, or other buildings, on any lands from time to time held by the society, and may alter or pull down and again rebuild any buildings, whether erected by the society, or otherwise vested in it; and may manage, lay out, lease, and sub-lease (whether at rack-rent on building, mining, quarry; ing, or improving leases, or otherwise howsoever, and whether to members of the society or other persons), and may dispose of and sell from time to time, whether to members or other persons, any lands or buildings for the time being held by the society ; and may advance any moneys to members on the security of real or personal property, and
any mines or quarries in or under any lands vested in the society, and deal in, produce, or manufacture any of the materials employed in the construction of buildings, and may do all such things as are incidental or conducive to the attainment of the objects of the society, and the forms of conveyance, mortgage, agreement, and bond [contained in the schedule or others) directed from time to time by the committee, shall be used for carrying the purposes of the society into effect.
II.-NAME. The name of the society is “The Land and Building Society Limited."
III.-PLACE OF OFFICE. The registered office of the society is situated at [give address in full]; it shall not be changed except at a general meeting. The secretary shall give notice to the registrar of friendly societies of any change therein.
IV.-TERMS OF ADMISSION OF MEMBERS. Every member shall hold at least one share, upon each of which at the time of application for the same he shall pay at least
The committee may refuse to admit any person as a member at any time within one month after his application, and in such case shall return the amount paid. Every member shall pay
for a copy of these rules.
V.-MARRIAGE OF FEMALE MEMBERS. Any female member who may marry, shall give notice in writing thereof to the secretary, and of the christian and surname, place of abode, and profession or business of her husband ; and thereupon, unless she apply in writing to the society, pursuant to the provisions of sect. 5 of the Married Women's Property Act, 1870, to have her shares entered in the books of the society in her name as a married woman, as being entitled to her separate use, the shares of such female member shall be duly transferred into the name of her husband. Upon such transfer, the same fees and fines shall be payable as in other cases of transfer of shares. In case such notice as aforesaid shall not be given within one month after the marriage, a fine of
per share shall be paid by such member to the society, and a further fine of
per share for every additional month, which shall elapse before the shares are duly transferred to the husband.
VI.-MODE OF HOLDING MEETINGS. The society shall meet at its registered office on the
in the months of and in each year and such meetings shall be called “ordinary general meetings.”
in each year.
An annual general meeting shall also be held in the month of
A special general meeting may be called at any time by the committee of management, and shall be convened by them upon the written requisition of one-fifth in number of the members.
Seven days' notice of any special general meeting shall be given to every member, and shall specify the purpose for which the meeting is called, and no business not so specified shall be transacted at such meeting.
VII.—RIGHT OF VOTING. Every member shall have one vote, and no more. No member shall vote by proxy. The chairman shall have no vote unless the votes are equal, when he shall determine the question.
VIII.-MANNER OF MAKING OR ALTERING
RULES. New rules may be made, or any rule altered or rescinded, at a special general meeting called for the purpose.
IX.-SHARES. The share shall be of the amount of £ each, and a member may pay up the whole at once, or any part thereof by gradual subscription of shillings a month for the term of years selected. In default of due payment of subscriptions, interest upon the amount due at the rate of five pounds per cent. per annum shall be charged against the member, and he shall not be entitled to any dividend until the amount called for be paid. Fines of per month per share shall also be paid for each month's subscription in arrear.
In case of emergency the committee may require such additional sum (not exceeding months' subscription of the amount not paid up) to be paid up at once on the shares, as they may deem necessary.
X.-REGISTRATION OF SHARES. The secretary shall keep a book, in which shall be entered the name, address, and occupation of every member, with the number of shares held by him, and the distinguishing number of each share and the amount paid thereon, and also the date at which he became a member, or acquired the shares in question, and the date of transfer or withdrawal. If more than one person is registered as the holder of a share, any one of them may give effectual receipts for any payment made in respect thereof; but only the first on the register shall vote.
XI.-TRANSFER OF SHARES. The shares shall be transferable on payment of a fee of
per share, and subject to the approval by the committee of the proposed transferee. Transfers shall be made in the form in the schedule [or the shares numbered
only shall be “transferable” and the remainder numbered to shall be withdrawable” or the shares shall not be transferable].
XII.-CONFIRMATION OF TRANSFER (a). At the next ordinary meeting following a transfer of shares, it shall be submitted to the members for confirmation; and if not confirmed, shall be of no effect.
XIII.—WITHDRAWAL OF SHARES (6). The shares (numbered to which are not transferable, according to Rule XI) shall be withdrawable upon months' notice in writing. The member withdrawing shall be paid the sum standing to his credit in the books of the society, less such deduction, not exceeding ten per cent., as the committee may think necessary to protect the members remaining in the society against loss. The committee may pay the amount due to withdrawing members by monthly instalments not exceeding twelve; subject to the provisions of Rule XIX.
XIV.-AUDIT OF ACCOUNTS. At every annual general ineeting two auditors shall be appointed, who shall audit the accounts for the six months
(a) Rule XII only applies where the shares, or some of them, are transferable.
(6) Rule XIII only applies where the shares, or some of them, are withdrawable.
ensuing. They shall have free access to all books and documents of the society, and shall report to the next annual general meeting as to the results of their audit. They shall receive such remuneration as may be voted by the society in general meeting.
XV.-INVESTMENT. The committee may from time to time invest any portion of the capital_(not exceeding one-fourth) in or on the security of any Industrial and Provident Society, or Limited Liability Company, prosecuting the same business as this society, or some business ancillary thereto.
XVI.-NOMINATION. The secretary shall keep a book in which shall be entered the name of any person being the husband, wife, father, mother, child, brother, sister, nephew, or niece of a member whose interest in the society does not exceed fifty pounds, which person shall have been nominated by such member as the transferee of his shares on his decease.
XVII.-DEATH OF MEMBER.
Upon the death of any member whose interest in the society exceeds fifty pounds, or who has not delivered in a nomination, the executors, administrators, or assigns of such member shall be required within three months to elect, whether they, or one of them, or some person to be named by them, shall be registered as the holders or holder of the shares of the member deceased, or whether they will withdraw such shares, pursuant to Rule XIII.
XVIII.-BANKRUPTCY OF MEMBER. If any member become bankrupt, the trustee of his property shall be required to make the same election as last provided.
XIX.-MODE OF APPLICATION OF PROFITS.
1. At every annual general meeting the amount of net profit, or any part thereof, certified by the auditors to have been earned during the year, after providing for interest or