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The Pamphlet Collection of Sir Robert Stout: Volume 7

Members may Sell, Exchange or Redeem Property in Mortgage

Members may Sell, Exchange or Redeem Property in Mortgage.

38. If any member having borrowed a share or shares, and having duly secured the payment of his subscriptions and conformed to the rules in every particular in respect of such advance, by a mortgage of the premises purchased by means of such advance, or then belonging to him, and sell such premises, it shall be lawful for the purchaser to take the same, subject to such mortgage to the Society; and the purchaser shall henceforth become answerable to the Society for the payment of the subscriptions and other charges as the same shall become payable, and the Trustees shall, at the request and cost of such member, object to the approval of the Board, release him from all future liability in respect of such share or shares.

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If any member shall be desirous of having his property discharged from such debt, it shall be lawful for any member holding such share or shares, or so much thereof as shall be then unpaid, to transfer the same to some other promises of adequate value, dither belonging to himself or any other person willing to take the transfer of the shares and give security for the same, to be approved of by the Board on the reports of the Solicitor and Surveyor. And upon having such share or shares, or so much as shall then be due in respect thereof, secured on other premises, the Trustees for the time being shall, at the cost of the member, release and convey the premises for which other premises shall be substitute; and on the first-mentioned event shall also (but at the cost of such member) release him, if they see no objection, from all future liability in respect of the moneys thereafter payable upon the shares borrowed from the Society, and secured upon the premises sold, as before mentioned. And under this rule the Trustees shall be empowered (by the direction of the Board) at any period of the Society to release any portion of the property so mortgaged, on being satisfied, in manner before mentioned, that the remaining portion of the property so mortgaged is sufficient security to the Society.

If any member of this Society shall be desirous of repaying his share or shares borrowed in the Society, and shall give notice of such his desire to the Secretary, the Board shall allow such member to redeem his future payments due to the Society by the payment of a single sum, according to a fixed scale, calculated by a competent actuary, or persons appointed, as provided in Rule 31, and approved of by the Board, and in such case the Board are hereby authorised and empowered to receive the balance of each or any share in one such payment; and on such payment of each or any share, together with all fines and expenses due in respect of such share or shares, all payments to this Society on such share or shares shall cease. If all the shares borrowed are thus repaid, the Board shall direct the Trustees to deliver all deeds and other documents in their custody relating to the Society to the member, and at his cost to endorse a receipt or acknowledgment on such mortgage or security for such moneys, as provided in Rule 32.