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The Pamphlet Collection of Sir Robert Stout: Volume 7

I.—Name and Objects of the Association

page 4

I.—Name and Objects of the Association.

Name of the Association.

The Society shall be called "The Permanent Investment and Loan Association of Canterbury," and its business shall be confined to the Middle Island of New Zealand.

Objects of the Association.

Its objects are;—(1) To provide for its members the means of investment by monthly instalments, they allowing their payments to accumulate at interest and profit until such subscribed share shall be of the value of £50.

(2) To grant loans of money to members upon the security of freehold and leasehold properties, they repaying the sum borrowed, with interest thereon, by monthly, quarterly, or half-yearly payments, extending over a series of years, from six to fourteen years, at the option of the borrower, and in accordance with the tables referred to in these Rules, such payments to be secured by mortgage.