The Pamphlet Collection of Sir Robert Stout: Volume 88

V.—Management

V.—Management.

The Directors whose names are prefixed hereto, shall continue to [ unclear: be] the Directors of the Association, subject to retirement as [ unclear: hereinafter] provided.

Board of Directors

The Association shall he managed by a Committee of six persons, be called the Board of Directors : four to form a quorum.

Retirement of Directors.

One-third of the Board of Directors shall go out of office every ye in rotation, but be eligible for re-election. Each Director shall

[ unclear: be]

separately elected at the annual meeting, and any member

[ unclear: intending]

to offer himself as a Director at any annual meeting, shall

[ unclear: give]

Election of Directors.

notice in writing thereof, setting forth his name, address,

[ unclear: an]

occupation, to the Manager, at least fourteen days previously such meeting, and such notice shall forthwith be posted up in

[ unclear: the]

Offices of the Association, and advertised before the annual

[ unclear: meeting]

in one or more newspapers circulating in the Canterbury

[ unclear: District]

Qualification of Directors.

Every Director shall hold at least twenty A Capital shares, or

[ unclear: equivalent]

in B Investment shares. In the event of any vacancy

[ unclear: occurring]

in the number of Directors during the current year of office,

[ unclear: to]

remaining Directors shall till up their number provisionally until

[ unclear: the]

next annual meeting.

Appointment and duties of Chairman.

The Board of Directors shall elect a Chairman from their own body and such Chairman shall preside at all meetings of the Board Directors, and at all general or special meetings of the Association. In the event of the absence of the Chairman from any meeting of

[ unclear: the]

Board of Directors, or of the Association, the members of the

[ unclear: Board]

or of the Association present, as the case may be, shall appoint Chairman for such meeting. At every such meeting, whether of

[ unclear: Directors]

or Shareholders, the Chairman for the time being shall have original as well as a easting vote.

Meetings of Board.

The Board of Directors shall meet at least once in every month, such time and place as may be from time to time agreed upon, transact the general business of the Association, of which meetings least one clear day's notice shall be given. At every meeting of

[ unclear: the]

Board of Directors, the minutes of the previous meeting shall first read and confirmed; the Bank-book shall be then produced

[ unclear: are]

inspected, and the amount paid in since the last meeting declared

[ unclear: as]

entered as the first minute.

Special Meetings Bords.

The Chairman may call a special meeting of the Board of

[ unclear: Director]

at any time, stating its objects. Any three of the Directors may

[ unclear: also]

call a special meeting of the Board, upon giving seven clear days notice thereof to the Chairman or Manager, and stating its object.

Appointment of Auditor.

The Board of Directors shall appoint two members to act as Auditor of the Association, who shall audit the accounts of the Association,

[ unclear: one]

at least during each year, and sign the annual statement of

[ unclear: the]

Association's affairs, and such Auditors shall be required to inspect

[ unclear: all]

mortgages and other securities belonging to the said Association.

The Board of Directors shall order a full statement of the Associa

[ unclear: tions]

Statement of Accounts to be summitted annually.

affairs, specifying in whose custody or possession the funds or

[ unclear: effects]

of the Association shall be then remaining; together with an

[ unclear: account]

of all sums of money received and expended on account of

[ unclear: the]

said Association since the publication of the preceding peri-

[ unclear: odical]

statement, to be annually prepared and audited seven days

[ unclear: of]

least before the Annual General Meeting of the members at; which

[ unclear: such]

statement is to be submitted; and each member shall be entitled

[ unclear: to]

receive, upon application at the Association's Office, a copy of such

[ unclear: statement]

as audited, and a copy of the Directors' intended report, one

[ unclear: day]

at least prior to the General Meeting, for the submission of the

[ unclear: [ gap — reason: ilegible]me.]

The Board of Directors shall order the payment of all moneys due

Payment of moneys. How to be made.

[ unclear: [ gap — reason: ilegible]om,]

or to be advanced by, the Association; and all payments above 2 shall be made by them by cheques upon the Bankers, signed by

[ unclear: two]

Directors, and countersigned by the Manager. They shall, from me to time, inspect the books kept by the Manager. They may, if

[ unclear: they]

shall think fit, divide themselves into or appoint Executive

Executive Committees may be appointed.

[ unclear: committees,]

or an Executive Committee, consisting of two or more

[ unclear: directors,]

for the more convenient transaction of the business of

[ unclear: the]

Association, provided always that the Chairman for the time

[ unclear: being]

shall be ex-officio a member of every such Executive Committee,

[ unclear: the]

Board of Directors shall have power to appoint a Manager,

Board may appoint agents or other officers.

Agents

[ unclear: :]

other Officers, with such remuneration for their services as they shall

[ unclear: think]

fit. A sum of not less than £300 shall be annually allowed the Board of Directors for their services, which sum shall be

[ unclear: divided]

amongst them, according to attendance.
No Director shall vote on any question which relates to his individual

No Director to vote when personally interested.

[ unclear: interest]

or conduct, nor shall be be present when any such question

[ unclear: shall]

be put to the vote.
The Manager, Solicitors, and Bankers shall not be removed from

Removal of Manager, [ unclear: Solicit] or or Banker.

[ unclear: their]

respective offices but by a majority of two-thirds of the Directors resent at a special meeting called for that purpose; and whenever

[ unclear: any]

of the said officers shall resign or be removed from their said Bices, a majority of the Directors present at a special meeting, to be filled for the purpose, shall elect a successor or successors.