XV.—Interest and Profits.

Interest on Capital Shares shall be allowed at the rate of £7per cent, per annum, payable to the holders thereof on the 28th day of February and the 31st day of August in every year.

Interest shall be allowed on Investment Shares at the rate of £7 per cent, per annum, and shall be added to each share monthly, the amount added each month being one-twelfth of a year's interest on the value of a share at the beginning of a year.

After provision for interest on the capital and investment shares, the profits shall be divided in the following manner:—One-fourth shall be carried to a reserve fund, and the remaining three-fourths divided proportionately between the capital and investment shares. The profits on the capital shares shall bo paid annually, but on the investment shares shall be added to their value as hereinafter mentioned.

At the close of the third financial year of the Society and of each succeeding year all investment shares of three years' standing shall, subject to the provisions of the foregoing clause, be entitled to an equable proportion of the profits which shall page 10 be then and afterwards annually added to their value, until such accumulated profits together with the subscriptions and the £7 per cent, interest added from year to year as above mentioned shall make up the sum total of £50, when such sum shall be paid over to the shareholders, but no profits shall be allowed on any fractional part of a year. But no profits shall be paid or added as above mentioned except upon the certificates of two competent persons to be appointed by the Board for the purpose and paid out of the funds of the Society.

The remaining one-fourth shall be carried to the credit of a fund to be called "The Reserve Fund," which shall accumulate and be appropriated as the Board of Directors may from time to time determine, subject nevertheless to the approval of the annual meeting.