XIII.—Investment Shares.

Investment Shares shall be of the ultimate value of £50.

Every member shall on taking up any share or shares receive scrip for the same signed by two of the Directors and countersigned by the Manager or managing Director and bearing the seal of the Society.

Every Member holding an Investment Share shall pay on each such share the sum of Five Shillings per month until such share with interest and profits shall be of the value of Fifty Pounds, when it may remain at interest subject to the rules. The payment shall be made at the office of the Society or at the offices of such agents as the Board may from time to time appoint before or at the monthly meeting, and if at the latter, between page 8 the hours of ten and four in the day and seven and nine in the evening.

Every Member neglecting to pay the subscription shall he 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, os. 3d. for the fifth month, and 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 monies 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.

All scrip which shall be issued by the said Society in respect of the Investment Shares hereafter taken up between the 1st day of March and the 31st day of August in each year shall bear date the 1st day of March in such year, and all scrip which shall be issued in respect of shares taken up between the 1st day of September in one year and the last day of February in the succeeding year shall bear date the said 1st day of September, 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 March, or on the 1st day of September 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 amount required for purposes of the Society, 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 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 this Society.

The Directors may also from time to time issue fully paid up shares at the value of Ten Pounds each in such quantities and at such times as they shall think fit. Such shares shall be called Capital Shares, but the term Investment Members shall include the holders of capital shares as well as of investment shares.