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The Pamphlet Collection of Sir Robert Stout: Volume 7

Triennial Investigation

Triennial Investigation.

31. Immediately preceding the close of every third year of the Society, or at such other time as may be determined, the Board may, if they deem it desirable, cause a survey to be made of any of the properties they hold, as security for advances, and obtain a report of the then value of the same; for which survey and report such fee shall be paid as the Board may decide. At the close of the third financial year of the Society, and of each succeeding year, an Actuary, if obtainable, or two competent shareholders to be appointed by the Board, and paid out of the funds of the Society, shall investigate the affairs of the Society, and the profits then made; and after all losses and anticipated losses have been provided for, the profit over and above the interest which has accrued on the investing shares, as provided for in Rule 12, shall be appootioned equitably to the investing and borrowing members. The interest on profits then ascertained to be duo to members shall be allowed to remain and accumulate, forming part of the general funds of the Society until, in the case of the investing members, such accumulated profits, together with the subscription money paid by them and the seven per cent, interest added from year to year, shall make up the sum total of £25; then all payments to the Society, so far as such share is concerned, shall cease and determine, and the amount of £25 for such share shall be paid by the Board to the shareholder; and in the case of the borrowing members, the surplus profit apportioned to the shares held by them and advanced on by the Society shall be applied, according to an equitable scale, to the reduction of the future payments, either in number or amount, at the option of each member. Provided always that no apportionment of surplus profits shall be made, excepting upon the certificate of a properly qualified Actuary, or two competent shareholders appointed to act in that capacity.