Shares shall be of three kinds :—(A) Capital shares of £10 each, fully paid up. (B) Investment shares which shall be of the ultimate value of £50, as provided for in Rule II, Sub-section B. And shares to members borrowing moneys from the Association.

Every member shall, on taking up any A or B share or shares, receive scrip for the same, bearing the Corporate Seal of the Association, and signed by two of the Directors and the Manager. No preferential shares shall be issued.

Every member holding a B 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 the amount shall be repaid. The payments 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, page 8 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; afterwards, for the first monthly subscription due and then in discharge of each subscription in arrear.

All scrip which shall be issued by the Association in respect of B Investment shares taken up between the 1st day of January and the 31st day of December in each year, shall bear date the 1st day of January 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 first day of January 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 B Investment shares in advance, and may allow such discount on such payments as they shall from time to time determine.

The Board of Directors may from time to time, in their discretion (at & 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. 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.