Directors.

13. Seven Directors shall be elected by the Shareholders at the first General Meeting of the Society, of whom two shall retire annually, but shall be eligible for re-election.

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14. Any vacancy occurring in the course of the year shall be filled up by the remaining Directors, but every person elected by the Directors shall retire at the first ensuing Annual Meeting of the Society.

15. A list shall be kept by the Secretary, of the order in which Directors are elected; and the retiring Members shall be struck off from the top of the list.

16. At the first Meeting of the Directors, after their election, they shall elect one of their own body as President for the current year; and in the event of his absence at any of the subsequent Meetings of the Directors or Society, a Chairman, for the evening, shall be appointed by the Directors present.

17. Two Directors shall attend, in rotation, every subscription night, and shall keep a check on the Secretary.

18. A General Meeting of the Directors shall be held on each subscription night, but the Secretary may call a Special Meeting of the Directors at any time he may consider necessary; four shall be a quorum, and the President, or in his absence the Chairman presiding, shall have a deliberative as well as a casting vote.

19. The Directors shall have power to examine and decide upon the securities offered by any Member for an advance; to order all sums of money to be paid; page 9 and generally to carry the purposes of these Rules into effect on behalf of the Shareholders.

20. The Directors shall be paid for their services, and fined for non-attendance, as may be agreed to by the Shareholders.

21. Any Director may be held to have resigned his office, if absent from two consecutive Meetings of the Directory.

22. If the Directors shall deem it advantageous to the Society to borrow money for the purposes of the Society, it shall be lawful for them to do so; provided the amount so borrowed at any one time does not exceed the prospective amount of six months' receipts.

23. All monies belonging to the Society shall be lodged in the names of the Trustees of the Society, in such bank as the Directors may from time to time appoint; and all drafts on the Society's Bankers shall be countersigned by the President.