At all meetings members shall be entitled to vote as under:—

Members holding from	1 to 10 Investment Shares	1 vote
Members holding from	11 to 25 Investment Shares	2 votes
Members holding from	26 to 50 Investment Shares	3 votes
Members holding from	51 to 75 Investment Shares	4 votes
Members holding from	76 to 100 Investment Shares & upwards	5 votes

but no number of shares shall confer more than five votes. Upon the elections for Directors, members may vote by proxy, such proxy to be appointed by writing; but no vote by proxy shall be given on any other occasions. Provided always, that no member who shall not have paid at least three monthly subscriptions shall be entitled to vote in respect of such shares at any meeting.