The Pamphlet Collection of Sir Robert Stout: Volume 7
Fines for Non-Payment of Subscriptions
Fines for Non-Payment of Subscriptions.
10. Any member omitting to pay the subscription on his investing shares on or before the several nights on which it shall become due shall, for the first omission, pay, in addition to his ordinary subscriptions, a fine of twopence a share; for the second omission, threepence a share; and fourpence a share for every subsequent omission, until he is under the stipulated number.
Borrowing members shall, in like manner, be subject to fines according to the following scale for each £25 :—
All fines that may be due from defaulting shareholders shall be paid out of the first money received by the Society from such shareholders, and be entered as such by the Secretary, notwithstanding the said money may have been tendered in payment of subscriptions or otherwise, and all fines paid shall go to the assets of the Society.