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The Pamphlet Collection of Sir Robert Stout: Volume 7

Borrowing Shares

page 16

Borrowing Shares.

32. As often as the invested funds of the Society shall amount to £25, or by anticipation—that is, before the funds actually amount to that sum—if the Board so determine, the same shall respectively be awarded to the applicants for loans, in the order in which these applications are numbered, on the following terms:—That applications for advances shall be made in form schedule B appended to these rules, and shall be numbered by the Secretary, and recorded by him in the presence of the applicants, according to the dates at which they are received, in a register to be kept by him for that purpose; and such applications shall be considered and decided by the Board in the order in which they are recorded. Should two or more members apply at the same time, the Secretary shall decide by the priority of such members joining the Society, and the Board shall, if satisfied with the security offered, make advances to the members for six, eight, ten, or twelve years; the principal and interest to be re-paid to the Society by monthly instalments or contributions, the first of which shall be due and payable at the first subscription meeting, after any portion of the advance has been received, at the rates and for the period hereinafter mentioned.

LOAN. 6 YEARS. 8 YEARS. 10 YEARS. 12 YEARS. £ £ s. d. £ s. d. £ s. d. £ s. d. 25 0 8 4 0 6 8 0 5 9 0 5 1 50 0 16 8 0 13 4 0 11 16 0 10 2 75 1 5 0 1 0 0 0 17 3 0 15 3 100 1 13 4 1 6 8 1 3 0 1 0 4 125 2 1 8 1 13 4 1 8 9 1 5 5 150 2 10 0 2 0 0 1 14 6 1 10 6 175 2 18 4 2 6 8 2 0 3 1 15 7 200 3 6 8 2 13 4 2 6 0 2 0 8

Table of Monthly Re-Payments.

Every member who desires to obtain an advance from the funds of the Society shall, previous to making application for a loan, pay 2s. 6d. per share, exclusive of entrance fee, on every share on which ho desires an advance; and if he has not sufficient money to his credit in the Society for all necessary expenses, he shall deposit such sum of money with the Secretary as will secure the Society against survey, legal, and other charges incurred on his behalf; and if no loan is effected, all expenses incurred shall be deducted from such deposit money, and the balance (if any) returned to the applicant; the entrance fee of Is. a share and the deposit of 2s. 6d. a share, herein provided to be paid, shall be over and above the payment for the number of years which the member shall elect in his application for advance; but if the whole of the loan applied for be refused by the Board, either on account of its ineligibility as security or deficiency of title, in that case, the deposit of 2s. 6d. a share will be returned to the applicant.

page 17

When any member has offered security by mortgage, and the same is approved and a mortgage executed as hereinafter directed, he shall have the money advanced in such proportions as the Board shall direct and see expedient in the course of building, and as there shall from time to time be sufficient security to the Society for the money advanced; but should any member be the owner or purchaser of freehold or leasehold property of sufficient value to the satisfaction of the Surveyor and the Board, he shall be entitled to the whole amount in one payment. Any shareholder who has applied for an advance, failing within one month after having received intimation from the Secretary that the Board has agreed to advance the amount required, to provide sufficient security, shall become chargeable with interest at the rate of ten per cent, per annum on the amount agreed to be advanced, until sufficient security be provided and the advance made; and in the event of such shareholder failing to provide sufficient security within three months of the aforesaid intimation, he shall forfeit all right to such advance, and shall, at the discretion of the Board, pay the interest aforesaid from the date of intimation, and all liabilities incurred by the Society on his account.

When a member who has received an advance on any share or shares has made all the payments secured by the mortgage deed executed by him, together with the lines and other charges that may have become payable thereon, he shall be entitled to a release of such mortgage, and the Trustees, with the advice of the Solicitor to the Society, shall deliver up to such member, or his legal representatives, the title deeds and other documents which shall have been deposited with them by such member as security, and shall, at his request and expense, endorse upon his mortgage deed a receipt for all moneys intended to be secured thereby, in form set forth in Schedule C appended; and such receipt shall be a sufficient discharge for all moneys paid pursuant to these rules, and the person or persons paying the same shall not be entitled to see the application thereof, or be accountable for its misapplication. The member entitled to a release can obtain the same (should ho so wish) by a re-conveyance, reassignment, or surrender, as the case may be preferred, by the Solicitor to the Society, at his own cost.