Investment shares shall be of the ultimate value of £50, as provided for in Rule I.

Every member shall, on taking up any share or shares, receive scrip for the same, signed by two of the Directors and the Manager.

Every member holding an investment share shall pay on each such share the sum of 5s. per month, until such share, with interest and profits, shall be of the value of £50, when it may remain at interest, subject to the rules. The payment shall be made at the offices of the Association before or at the monthly meeting, and if at the latter, between the hours of ten and four in the day and seven and nine in the evening. Every member neglecting to pay his subscription shall be fined for each share as follows:—3d. for the first month, 9d. for the second month, 1s. 9d. for the third month, 3s. 3d. for the fourth month, 5s. 3d. for the fifth month, 7s. 9d. for the sixth month, and thereafter a fixed rate of 3s. per month per share. Every member continuing to neglect the payment of his monthly subscriptions until the fines incurred thereby shall equal all the moneys invested by him, exclusive of the entrance and other fees, shall thereupon cease to be a member of the Association, and shall forfeit his interest therein. If any member shall be in arrear in respect of his subscriptions or fines for more than one month, every payment that shall afterwards be made, if not sufficient to discharge the whole thereof, shall be applied first to the liquidation of fines; after-wards, for the first monthly subscription due, and then in discharge of each subscription in arrear.

That all scrip which shall be issued by the said Association in respect of investment shares taken up between the 1st day of January and the 30th day of June in each year, shall bear date the 1st day of January in such year; and all scrip which shall be issued in respect of shares taken up between the 1st day of July and the 31st day of December in each year, shall bear date the 1st day of July in such year; and all applicants for such shares shall, on taking up the same, pay an amount equal to the subscriptions that would have been payable in respect of such shares had the same been taken up on the 1st day of January or the 1st day of July, as the case may be, preceding such application, with interest on such subscriptions at such rate as may be from time to time fixed by the Directors from the dates at which they would have been payable.

The Board of Directors may, in their discretion, receive subscriptions on investment shares in advance, and may allow such discount on such payments as they shall from time to time determine.

Whenever the money available for allotment shall exceed the

Repeated 1st dec.,1873

amount required for the purposes of the Association, the Board of Directors may (at a Special Meeting of the said Board to be convened for that purpose) resolve that no shares shall be page 11 issued for such period as shall be determined at such meeting, and a copy of such resolution shall forthwith be posted in the Office of the Association.

The Board of Directors may, from time to time, in their discretion (at a Special Meeting of the Board to be convened for that purpose), resolve that no Shares shall be issued for such period as shall be determined at such meeting, and such resolution or resolutions, from time to time, to rescind. Provided always that a copy of such resolution shall, from time to time, be posted in the offices of the Association; and provided further that, notwithstanding the passing of any resolution suspending the issue of Shares, it shall be lawful for the Directors to issue Shares to any applicant to borrow money from the said Association, and in case the loan to such applicant shall not be made, to cancel such Shares and return any fees that may have been paid in respect thereof.