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The Pamphlet Collection of Sir Robert Stout: Volume 7

Shareholders Allowed to Withdraw

Shareholders Allowed to Withdraw.

15. Investing shareholders shall, after holding any share or shares for upwards of twelve months, be allowed to withdraw the same, on giving written notice to the Secretary, at any monthly meeting, and shall be entitled to receive, at the end of one month from the receipt by the Secretary of such notice, the full amount of his contributions (exclusive of entrance fees and fines), together with such interest as by the books of the Society may appear to be due upon such share at the time of the last preceding annual balance, but in no case shall the Board be compelled to apply more than one-half of the monthly receipts in payment to withdrawing members. And it is further provided, that in the event of two or more shareholders giving notice at or about the same time, they shall be paid in rotation according to priority of notice, all subscriptions and fines ceasing, however, after the first subscription night subsequent to the receipt of such notice. In all cases, such member or members shall, before being entitled to receive the value of his or their shares, deliver up to the Secretary the scrip for cancellation.