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borrowed money, and depreciation of stock and plant, and all expenses of management, shall be applied as the meeting may determine. (1). To the payment of a dividend on the capital appear

ing to be paid upon the shares at such rate as the

meeting determine. (2). To the providing a reserve fund against contingencies

of future loss, and for equalizing future dividends. (3). In additions to the amount credited on the shares of

each member. (4). To any other purpose allowed by the Friendly

Societies Acts, or otherwise permitted by law. 2. If at any annual general meeting it shall be certified by the auditors, or by the consulting actuary at his triennial valuation, that the losses of the society have exceeded the profit earned, such excess shall be apportioned between the members in proportion to their shares, and deducted from the amount standing to their credit in the books of the society; and with respect to any debts of the society outstanding, should the circumstances of the society appear at any time to the committee to require it, no withdrawal of shares shall take place, until the same shall have been discharged.

3. At the end of the first three years, and every subsequent three years, a valuation of the liabilities and assets of the society shall be made by the consulting actuary, and if, after all losses and expenses shall have been satisfied, any surplus profit remain, arising from excess of assets over liabilities, the same shall be divided into two such parts as he shall recommend, whereof one part shall be appropriated to a permanent guarantee fund to meet future contingencies, and the other part shall be applied, as the consulting actuary may advise, in increasing the dividends during the next three years on the shares not in arrear for subscriptions or fines, in proportion to the amount thereof.


The society, in general meeting, shall from time to time appoint a manager, and fix his qualification, duties, and reinuneration. He shall in all respects act under the superintendence, control, and direction of the committee; but shall not be removed except by the society in general meeting. Subject thereto, he shall have charge of all the trading concerns of the society.


XXI.-APPOINTMENT OF TREASURER. The treasurer shall be appointed and removed in like

He shall take charge of the funds of the society, and render an account of the same to the committee, at least once in every month. He shall give such security as the committee determine for the due performance of his duties.


XXII.—APPOINTMENT OF SECRETARY. The secretary shall be appointed and removed in like

He shall keep minutes of all proceedings of the committee and of general meetings, and shall make all returns, and do all other things necessary to keep the society in compliance with the Acts of Parliament. He shall, in all respects, act under the superintendence, control, and direction of the committee.


AND CONSULTING ACTUARY. The committee may, from time to time, appoint and remove any other officers, clerks, and servants necessary for the transaction of the society's business, and fix their qualifications, duties, and remuneration.

A consulting actuary shall be appointed, to whom, whenever the committee think it necessary, questions arising under the rules shall be referred for calculation and settlement, as between members and the society.

XXIV.-APPOINTMENT OF COMMITTEE. 1. At a meeting of the society, to be held as soon as conveniently may be after its registration, a committee of nine members shall be appointed, three of whom shall retire at the next annual general meeting afterwards, when they shall be re-elected, or others appointed in their place.

2. The members to retire shall be those who have been longest in office, and members equally long in office shall retire in alphabetical order. The society, in general meeting, may remove a committee-man for cause shown, and elect another in his place.

3. Casual vacancies may be supplied by the committee, subject to confirmation, at the next ordinary general meet


ing. The committee shall regulate their own proceedings as they think fit, and shall meet at least once a month. Three shall be a quorum.



The committee may perform any act on behalf of the society not required by these rules to be performed in general meeting. They shall comply with all directions or resolutions of the society in general meeting. The society in general meeting shall, from time to time, fix their remuneration, which shall be divided among them in proportion to their number of attendances on the business of the society.


In the event of the committee deeming it advisable to work any of the mines or quarries belonging to the lands vested in the society, they shall first call a special meeting of the menibers of the society, and shall act in such manner as the majority of members present at such meeting shall determine.

XXVII.-SEAL. The common seal shall not be affixed to any document except by order of the committee, entered upon their minutes; it shall be countersigned by the secretary, and applied only in the presence of two of the committee, who shall sign their names as witnesses. It shall be in the custody of the secretary: The seal shall bear, legibly engraved on it at length, the registered name of the society, with the device of a

XXVIII.-CHAIRMAN. The committee shall, from time to time, appoint a chairman of their meetings, who shall take the chair at all general meetings, if he be present; if not, the members present shall appoint a chairman for the meeting.

XXIX.-LOANS. The committee may accept loans and sign promissory notes for the purposes of the society, but not to a larger

extent than of the capital, without the authority of a general meeting.

XXX.-ADVANCES. 1. Whenever the money of the society is employed in making advances, on the security of real or personal property, to the inembers, the order in which they shall receive the same shall be determined by the committee, who shall have full power to decide whether such advances shall be made by sale, rotation, or ballot, and whether with or without premium or commission.

2. The advances shall be for such terms, repayable by monthly or quarterly contributions, covering principal and interest, and at such rates as the committee from time to time direct.

3. Every member entitled to an advance shall furnish duplicate particulars of the property proposed as security, on a form to be given him by the secretary : and the security being accepted by the committee, who shall have been previously satisfied, where necessary, by the surveyor and solicitor of the sufficiency of the security offered, and all other preliminaries being arranged, the money agreed to be advanced shall be paid over to the member. In case the money is applied to the purchase of land, and afterwards to erect buildings thereon, the advance shall be made in such instalments as the surveyor shall advise.

4. No money shall be advanced by way of a second mortgage unless the prior mortgage be to the society.

5. If any member be desirous of ascertaining the amount which the society would be willing to advance on any proposed security in the event of his entitling himself to receive such advance, he shall give written notice to the secretary, and deposit with him the surveyor's fee, and the surveyor shall thereupon make his report to the committee, if required by them, and they shall announce to the member the amount they consider proper to be advanced on the property proposed as security.

6. When a loan is required for twelve years, not more than three-fourths of the value of the mortgaged property shall be advanced thereon, nor more than two-thirds of its value, when the loan is taken for any longer period.

7. Any member obtaining an advance from the society may continue to hold his unadvanced shares or cancel the same, in which latter case the amount due to him under the rule for withdrawals shall be returned to him in cash.



The expenses of every survey, valuation, and supervision by the surveyor of the society, of any buildings erected upon property mortgaged to the society, and of inquiry into title and all other expenses connected with the security, shall be borne by the member applying for or receiving the advance. The expenses of the mortgage (excepting the cost of stamps, registration, and other moneys paid out of pocket at the time by the solicitor or surveyor) may be repaid by an additional and proportional monthly subscription, extending over a period not exceeding calendar months. In case of default the amount due from time to time shall be chargeable on the mortgaged property, and be treated as repayments in arrear.



1. Should any member having become entitled to any advance as aforesaid, be desirous of purchasing property about to be sold by auction, and require the assistance of the society to enable him to pay the deposit money payable at such sale, the committee may, upon such member making his desire known to them in the form (D) annexed to these rules, order the surveyor to report, and the solicitor to investigate, the conditions of sale and the title of such property, so far as the same can be ascertained, upon payment of the usual fees; and may instruct the secretary to attend such sale, and (provided such member can buy such property at a price not exceeding the sum of money the society is willing to advance on such property) to pay the amount of deposit at such sale, the balance of the purchase money to be advanced when the conveyance and mortgage are completed ; provided that, if the member shall bid a larger sum than the sum awarded by the committee, the difference between the sum awarded by them and the sum agreed to be given for the property, shall be deposited by the member in the hands of the secretary, before any deposit is paid, and the committee shall take such legal security for such sums paid on deposit as they may be advised.

2. When any member shall be desirous of building, the

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