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The Pamphlet Collection of Sir Robert Stout: Volume 7

Amended rules, as passed at a general meeting of shareholders ... January 12, 1875

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A. Amended Rules.

January 12, 1875

Rule IV. Monthly Meetings.

1. The Society shall meet on the third Monday in the month of June, 1874, and shall continue to meet on the third Monday in every month, except the same shall be a public holiday, in which case the meeting shall be held on the following day, at the Offices of the Society, Willis street, Wellington, or at such other place as the Board of Directors may from time to time appoint.

Clause 1, Rule 13, Investment Shares.

1. Investment Shares shall be of the ultimate value of £50, and Half Shares of the ultimate value of £25; and no member shall hold in his own right more than 100 Shares. Every member holding an Investment Share shall pay on each such share the sum of 2s. 6d. per week, or 10s. 10d. per month, until such share with interest and profits added shall be of the value of £50, and the holder of every half share shall pay on each such half share the sum of 1s. 3d. per week, or 5s. 5d. per month, until such share with interest and profits added shall be of the value of £25. The payments shall be made at the offices of the Society between the hours of ten and three in the clay, and the monthly payment not later than the third Monday in each month. Every member neglecting to pay the amount of his subscription by the due date shall be fined for each share or half share as follows:—3d. for the first month; 6d. for the second month; 9d for the third month; Is. for the fourth month, and so in proportion for any longer period. Every member continuing to neglect the payment of his weekly or page 2 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 Society, 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, afterwards for the first monthly subscription due, and then in discharge of each subscription in arrear.

Rule XVII. Directors may Borrow Money.

1. As often as it shall be deemed advisable, it shall be lawful for the Trustees, with the sanction and advice of the Board of Directors to take up money on Promissory Notes or Debentures such Promissory Notes or Debentures to be signed by the Trustees or one of them, and countersigned by the Manager for the time being the money to be raised on such Promissory Notes or Debentures to be paid over to the Board of Directors for the purposes of the Society. And for any sum so borrowed, it shall be lawful for the Board of Directors to pay interest out of the funds of the Society, at any rate not exceeding £10 per centum per annum: and the funds for the time being of the Society, and all property being vested in the Trustees of the Society, shall be security for, and primarily liable for, all moneys so borrowed. Provided always that no Trustee or Manager signing or countersigning such Promissory Notes or Debentures shall be personally liable thereupon or for the moneys thereby borrowed. The Board of Directors shall have power to borrow from the Society's Banker or other persons, such sums of money as may be necessary for making advances to the shareholders, and it shall be lawful for the Board to pay interest out of the funds of the Society for such advances at any rate not exceeding £10 per centum per annum provided that in no case shall any sum so borrowed exceed the estimated receipts of the Society for the ensuing six months.

Rule XIX. Investment of Money and giving Security. Clauses 1, 3, and 4.

Clause 1. The funds of the Society shall be primarily invested on the Mortgage of freehold and leasehold property and the Board of Directors shall from time to time by resolution declare under which of the four Tables A. B. C. and D. they are prepared to receive applications.

Clause 3. When the Board of Directors shall consider it necessary they shall give publicity to the amount of money at their disposal for investment, and the same shall be offered to the Shareholders in the order in which their applications are page 3 numbered. Each applicant shall give to the Manager a schedule, in accordance with the Form B appended to these Rules, setting forth his name, the amount required by him, full particulars of the nature and situation of the property offered as security, and at what rate per share per month, per three months, or per six months, he desires to repay to the Society the principal and interest of such loan, and shall in addition to the entrance fee lodge with the Manager a sum of one pound per centum as a deposit and in part payment of the moneys payable on such advance; and on such application being granted in full or in part, then he shall commence at the next monthly pay day subsequent to such application; or if the payments are three monthly or six monthly, then he shall commence at the next quarterly or half-yearly pay day as next hereinafter provided, as the case may be, to pay such sum per share per month, per three months, or per six months, as may be agreed upon; in terms of one or other of the subjoined Tables A. B. C. and D, which Tables shall be considered as forming part of these Rules, and such payments shall be made by such applicant whether his Mortgage shall have been executed or not. Provided that in the case of re-payments by quarterly or half-yearly instalments, if the first quarterly or half-yearly payment shall fall due within the period of three or six months from the date of such loan being completed, then the borrower shall be allowed interest, at the rate of £6 per centum per annum, upon the amount of such first payment for a period of time to be calculated from the quarterly or half-yearly pay-day next preceding such completion.

Clause 4, Tables.

Table A. Borrowers' Scale of Repayments.

This Table shows the Weekly, Monthly, Quarterly, or Half Yearly Repayments of Loans, from £25 to £250, including Principal and Interest, extending over a period of 6¼ years.

Repayments. Loan. Weekly. Monthly. Quarterly. Half-Yearly. £ £ S. d. £ s. d. £ s. d. £ s. d. 25 0 2 0 0 8 8 1 6 4 2 B 3 50 0 4 0 0 17 4 2 12 8 5 6 6 75 0 6 0 1 6 0 3 19 0 7 D 9 100 0 8 0 1 14 8 5 5 4 10 B 0 125 0 10 0 2 3 4 6 11 8 13 6 3 150 0 12 0 2 12 0 7 18 0 15 D 6 175 0 14 0 3 0 8 9 4 4 18 D 9 200 0 16 0 3 9 4 10 10 8 21 6 0 225 0 18 0 3 18 0 11 17 0 23 D 3 250 1 0 0 4 6 8 13 3 4 26 E 6 And larger sums in proportion.

Loans can also be effected for less than 6¼ years or to extend to 12 years on terms to be agreed in accordance with Rule XXII.

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Loan. 1 Year. 2 Years. 3 Years. 4 Years. 5 Years. 6 Years. 7 Years. 8 Years. 9 Years. 10 Years. 11 Years. 12 Years £25 2 5 0 1 3 5 0 16 2 0 12 7 0 10 6 0 9 1 0 8 2 0 7 3 0 6 9 0 6 3 0 5 11 0 5 7 50 4 10 0 2 6 10 1 12 4 1 5 2 1 1 0 0 18 2 0 16 4 0 14 6 0 13 6 0 12 6 0 11 10 0 11 2 75 6 15 0 3 10 3 2 8 6 1 17 9 1 11 6 1 7 3 1 4 6 1 1 9 1 0 3 0 18 9 0 17 9 0 16 9 100 9 0 0 4 13 8 3 4 8 2 10 4 2 2 0 1 16 4 1 12 8 1 9 0 1 7 0 1 5 0 1 3 8 1 2 4 125 11 5 0 5 17 1 4 0 10 3 2 11 2 12 6 2 5 5 2 0 10 1 16 3 1 13 9 1 11 3 1 9 7 1 7 11 150 18 10 0 7 0 6 4 17 0 3 15 6 3 3 0 2 14 6 2 9 0 2 3 6 2 0 6 1 17 6 1 15 6 1 13 6 175 15 15 0 8 3 11 5 13 2 4 8 1 3 13 6 3 3 7 2 17 2 2 10 9 2 7 3 2 3 9 2 1 5 1 19 1 200 18 0 0 9 7 4 6 9 4 5 0 8 4 4 0 3 12 8 3 5 4 2 18 0 2 14 0 2 10 0 2 7 4 2 4 8 225 20 5 0 10 10 9 7 5 6 5 13 3 4 14 6 4 1 9 3 13 6 3 5 3 3 0 9 2 16 3 2 13 3 2 10 3 250 22 10 0 11 14 2 8 1 8 6 5 10 5 5 0 4 10 10 4 1 8 3 12 6 3 7 6 3 2 6 2 19 2 2 15 10 And larger Sums in proportion.

Table B.

This Table shows the Monthly Repayment of Loan from £25 to £250, including Principal and Interest extending over a period of from, One to Twelve Years.

Loan. 1 Year. 2 Years. 3 Years. 4 Years. 5 Years. 6 Years. 7 Years. 8 Years. 9 Years. 10 Years. 11 Years. 12 Years. £25 2 5 5 1 3 9 0 16 6 0 12 11 0 10 9 0 9 4 0 8 4 0 7 7 0 7 0 0 6 6 0 6 2 0 5 10 50 4 10 10 2 7 6 1 13 0 1 5 10 1 1 6 0 18 8 0 16 8 0 15 2 0 14 0 0 13 0 0 12 4 0 11 8 75 6 16 3 3 11 3 2 9 6 1 18 9 1 12 3 1 8 0 1 5 0 1 2 9 1 1 0 0 9 6 0 18 6 0 17 6 100 9 1 8 4 15 0 3 6 0 2 11 8 2 3 0 1 17 4 1 13 4 1 10 4 1 8 0 1 6 0 1 4 8 1 3 4 125 11 7 1 5 18 9 4 2 6 3 4 7 2 13 9 2 6 8 2 1 8 1 17 11 1 15 0 1 12 6 1 10 10 1 9 2 150 13 12 6 7 2 6 4 19 0 3 17 6 3 4 6 2 16 0 2 10 0 2 5 6 2 2 0 1 19 0 1 17 0 1 15 0 175 15 17 11 8 6 3 5 15 6 4 10 5 3 15 3 3 5 4 2 18 4 2 13 1 2 9 0 2 5 6 2 3 2 2 0 10 200 18 3 4 9 10 0 6 12 0 5 3 4 4 6 0 3 14 8 3 6 8 3 0 8 2 16 0 2 1 2 0 2 9 4 2 6 8 225 20 8 9 10 13 9 7 8 6 5 16 3 4 16 9 4 4 0 3 15 0 3 8 3 3 3 0 2 1 8 6 2 15 6 2 12 6 250 22 14 2 11 17 6 8 5 0 6 9 2 5 7 6 4 13 4 4 3 4 3 15 10 3 10 0 3 5 0 3 1 8 2 18 4 And larger Sums in proportion.

Table C.

This Table shows the Monthly Repayment of loans from £25 to £250, including Principal and Interest extending over a period of from One to Twelve Years.

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Loan. 1 Year. 2 Years. 3 Years. 4 Years. 5 Years. 6 Years. 7 Years. 8 Years. 9 Years. 10 Years. 11 Years. 12 Years £25 2 5 10 1 4 1 0 16 10 0 13 2 0 11 0 0 9 7 0 8 7 0 7 10 0 7 3 0 6 10 0 6 5 0 6 2 50 4 11 8 2 8 2 1 13 8 1 6 4 1 2 0 0 19 2 0 17 2 0 15 8 0 14 6 0 13 8 0 12 10 0 12 4 75 6 17 6 3 12 3 2 10 6 1 19 6 1 13 0 1 8 9 1 5 9 1 3 6 1 1 9 1 0 6 0 19 3 0 18 6 100 9 3 4 4 16 4 3 7 4 2 12 8 2 4 0 1 18 4 1 14 4 1 11 4 1 9 0 1 7 4 1 5 8 1 4 8 125 11 9 2 6 0 5 4 4 2 3 5 10 2 15 0 2 7 11 2 2 11 1 19 2 1 16 3 1 14 2 1 12 1 1 10 10 150 13 15 0 7 4 6 5 1 0 3 19 0 3 6 0 2 17 6 2 11 6 2 7 0 2 3 6 2 1 0 1 18 6 1 17 0 175 16 0 10 8 8 7 5 17 10 4 12 2 3 17 0 3 7 1 3 0 1 2 14 10 2 10 9 2 7 10 2 4 11 2 3 2 200 18 6 8 9 12 8 6 14 8 5 5 4 4 8 0 3 16 8 3 8 8 3 2 8 2 18 0 2 14 8 2 11 4 2 9 4 225 20 12 6 10 16 9 7 11 6 5 18 6 4 19 0 4 6 3 3 17 3 3 10 6 3 5 3 3 1 6 2 17 9 2 15 6 250 22 18 4 12 0 10 8 8 4 6 11 8 5 10 0 4 15 10 4 5 10 3 18 4 3 12 6 3 8 4 3 4 2 3 1 8 And larger sums in proportion.

Table D.

This Table shows the Monthly Repayment of Loans from £25 to £250, including Principal and Interest, extending over a period of from 1 to 12 years.

Note.—In accordance with clause 1, Rule 19, as amended, the Board of Directors resolved, on Wednesday, January 20th, 1875, that they would, until further notice, only receive applications under Table D.

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The foregoing amended Rules, as on pages 1 to 5, were passed and adopted as the Rules of the "Permanent Equitable Building and Investment Society of Wellington," on the twelfth day of January, 1875.

Members. Andrew Orr, D. Anderson, W. Gibson,

Countersigned,

T. Kennedy Macdonald,

Secretary and Manager.

These are the Amended Rules, marked "A," referred to in the annexed Affidavit of Thomas Kennedy Macdonald, sworn this tenth day of May, 1875, before me,

John H. Shaw, A Solicitor of the Supreme Court of New Zealand.

I hereby certify that the foregoing Amended Rules of the Permanent Equitable Building and Investment Society of Wellington, are in conformity with law and the provisions of the Building and Land Societies Act 1866 and the amendments thereto.

Dated this 28th day of May, 1875.

J. G. Allan, Revising Officer of Building and Land Societies for the Province of Wellington

Affidavit.

In the matter of "The Building and Land Societies Act, 1866," and the amendments thereto,

I, Thomas Kennedy Macdonald, of Wellington, in the Province of Wellington, in the Colony of New Zealand, Accountant, make oath and say as follows:—
1.That I am the Secretary and Manager of the "Permanent Equitable Building and Investment Society of Wellington."
2.That the amended Rules of the said Society hereto annexed and marked A, were duly passed at a general meeting of Shareholders of the said Society, held on the twelfth day of January, one thousand eight hundred and seventy-five.
3.That in the passing of the said amended Rules as afore said the provisions of the Building and Land Societies Act and amendments thereto have been duly complied with.
T. Kennedy Macdonald. Sworn at Wellington aforesaid, this tenth day of May, one thousand eight hundred and seventy-five, before me, John H. Shaw, A Solicitor of the Supreme Court of New Zealand.